Thermoplastic Pipe Market Growth Trajectory Through 2024-2033

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The Thermoplastic Pipe Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Thermoplastic Pipe Global Market Report 2024, The thermoplastic pipe market size has grown strongly in recent years. It will grow from $3.04 billion in 2023 to $3.23 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to regulatory changes, infrastructure development, global economic conditions, environmental concerns.

The thermoplastic pipe market size is expected to see strong growth in the next few years. It will grow to $4.1 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to growing oil and gas industry, rising adoption of renewable energy, increasing usage of thermoplastic pipes, government regulations for safely transporting oil and natural gases. Major trends in the forecast period include material advancements, hybrid solutions and composites, adoption of advanced manufacturing techniques, innovation and competition.

Increasing demand from the oil and gas industry for corrosion-resistive is expected to propel the growth of the thermoplastic pipe market going forward. Pipeline corrosion is the oxidation and electrochemical disintegration of a pipe’s structure. The use of thermoplastics in the production and transportation of oil and gas is emerging as a practical and reliable corrosion-mitigation solution. These pipelines are lighter and more resistant to corrosion than metals, allowing oil and gas corporations to explore and produce from deeper offshore oilfields. For instance, in January 2023, according to the Association for Materials Protection and Performance (AMPP), a US-based non-profit organization, the yearly cost of corrosion to the oil and gas sector in the United States is estimated to be $27 billion, with others estimating the global annual cost of corrosion to the industry to be more than $60 billion. Therefore, increasing demand from the oil and gas industry for corrosion-resistive drives the thermoplastic pipe market.

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The thermoplastic pipe market covered in this report is segmented –

1) By Product Type: Reinforced Thermoplastic Pipes (RTP), Thermoplastic Composite Pipes (TCP)

2) By Polymer Type: Polyethylene (PE), Polypropylene (PP), Polyvinylidene Fluoride (PVDF), Polyvinyl Chloride (PVC), Other Polymer Types

3) By Application: Onshore, Offshore

4) By End-User: Oil And Gas, Water And Wastewater, Mining And Dredging, Utilities And Renewables

Major companies operating in the thermoplastic pipe market are focusing on technological innovation such as reinforced thermoplastic pipe (RTP) technology. Reinforced Thermoplastic Pipe (RTP) technology is a type of pipe technology that enables faster installation, reduced time to first production, and lower lifecycle emissions over traditional steel pipelines. For instance, in November 2023, Baker Hughes Company, a US-based energy technology company, launched its new PythonPipe portfolio, which is a reinforced thermoplastic pipe (RTP) technology. The PythonPipe portfolio consists of American Petroleum Institute 15s-qualified, flexible, and non-metallic RTP with various sizes, materials, and liner options. It offers up to a 60% reduction in installation time and is available at one-fifth the cost of comparative steel installation. Additionally, it can achieve up to a 75% reduction in carbon emissions throughout its lifecycle, up to an 80% reduction in maintenance costs, and up to a 60% reduction in the required crew.

The thermoplastic pipe market report table of contents includes: