The fiberglass pipes market was valued at US$ 4,431.10 million in 2022 to US$ 5,692.52 million by 2028; it is expected to grow at a CAGR of 4.3% from 2022 to 2028.
MARKET ANALYSIS
Fiberglass pipes are manufactured by contact molding or filament winding process, using glass fiber reinforcement and resin systems such as polyester, epoxy, and phenolic resin. Fiberglass pipes have been commonly used to transport petroleum products and natural gas. Fiberglass pipes are composite pipes with excellent resistance against corrosive environments, including soils, hydrocarbons, salt water, H2S, and chemical compounds, which can be encountered in any oil field. Fiberglass pipes are extremely durable, have a small friction coefficient, and exhibit less wear, due to which it is highly preferred in oil and gas applications. Fiberglass pipe is an excellent and cost-efficient choice for water supply and wastewater applications, with long-term maintenance and low pump operating costs due to corrosion-related friction loss.
GROWTH DRIVERS AND CHALLENGES
The increasing installation of oil & gas pipelines across the globe has aided the market growth of fiberglass pipes. Fiberglass pipes are considered a reliable and cost-effective alternative to steel pipes for onshore and offshore corrosion control in the low to high-pressure oil & gas sector. The oil & gas industry is reporting increasing fuel demand due to rapid economic growth and rising oil utilization for applications such as feedstock and power generation. In 2021, Russia was among the top five largest energy producers and consumers in the world, producing 595.2 million tons of crude oil, of which 286.6 million tons were exported, according to the report published by Bruegel AISBL in 2023. The report also revealed that crude oil is exported by two main routes—pipeline and oil tanker at sea. According to the report released by Center for Eastern Studies in 2023, the government of Russia planned to boost the gas exports to China accounting for shipment of 98 billion cubic meters of gas per year, partially achieved through a planned Power of Siberia-2 pipeline, by 2030. Moreover, the rising demand for fiberglass pipes from chemical industry is another factor aiding the growth of fiberglass pipes. The fluctuation in prices of raw materials poses a challenge to the fiberglass pipes market. Fiberglass is extensively used in several industries such as energy, electronics, automotive, transportation, construction materials, and infrastructure building materials, due to its high strength, lightweight, and design flexibility. The cost of raw materials, fuel, and labor increased significantly in 2021, which raised the fiberglass production costs.
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Fiberglass Pipes Market: Strategic Insights
Market Size Value in US$ 4,431.10 million in 2022 Market Size Value by US$ 5,692.52 million by 2028 Growth rate CAGR of 4.3% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Fiberglass Pipes Market: Strategic Insights
| Market Size Value in | US$ 4,431.10 million in 2022 |
| Market Size Value by | US$ 5,692.52 million by 2028 |
| Growth rate | CAGR of 4.3% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
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REPORT SEGMENTATION AND SCOPE
The "Global Fiberglass pipes Market Analysis to 2030" is a specialized and in-depth study with a major focus on the global market trends and growth opportunities. The report aims to provide an overview of the global market with detailed market segmentation by resin type, end-use, and geography. The global fiberglass pipes market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of fiberglass pipes worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the fiberglass pipes market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the fiberglass pipes market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global fiberglass pipes market, which helps understand the entire supply chain and various factors affecting the market growth.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
SEGMENTAL ANALYSIS
The global fiberglass pipes market is segmented on the basis of resin type, and end-use. Based on resin type, the fiberglass pipes market is segmented as, polyester, epoxy, phenolic, and others. On the basis of end-use, the market is classified as, oil and gas, sewage, chemicals, agriculture, and others. Based on resin type, the polyester segment accounted for a significant share. Polyester resin is a polymer that is simple to use and economical and is a major component in many industries. It is the most frequently used pultrusion resin in the composite manufacturing sector, as these are highly adjustable when it comes to the construction of polymer chains. Epoxy resins are used by manufacturers to produce Glass Reinforced Epoxy (GRE) pipes, utilized in the marine and offshore, oil & gas and petrochemical markets. Phenolic resin is used to manufacture fiberglass pipes for the oil & gas industry because of its high resistance properties. The others segment of resin type includes vinyl ester resins and polyurethane resins. Based on end-use, oil & gas segment accounted for a major share owing to a consistent rise in oil and gas exploration and production. Fiberglass pipes are highly recommended in sewage treatment due to their superior strength-to-weight ratio and resistance to corrosion. Fiberglass pipes are consumed in chemical plants to transport chemical liquids and industrial gases.
REGIONAL ANALYSIS
The report provides a detailed overview of the global fiberglass pipes market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. Asia Pacific accounted for a significant share of the market and valued at more than US$ 1,000.00 million in 2022 and estimated to reach approximately US$ 2,000.00 million in 2028. Asia Pacific region is a prominent market for fiberglass pipes owing to growth in the chemical and oil & gas sectors and a rise in urbanization, leading to increased demand for sewage systems. According to the International Council of Chemical Associations (ICCA), the Asia Pacific chemical industry is the largest contributor to the region’s GDP and employment, generating 45% of the industry's total annual economic value and 69% of all jobs supported. The rise in foreign direct investments also leads to regional economic growth, further bolstering industrialization in the region. Europe is also expected to witness considerable growth valued at approximately US$ 950.00 million in 2022, attributed to the increasing utilization of fiberglass pipes from various industries, including oil & gas, chemicals, and water & wastewater treatment.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
The report provides a detailed overview of the global fiberglass pipes market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America.
In March, 2023, Future Pipe Industries (Egypt) received a Certificate of Appreciation from the company’s strategic business partner Petrobel Petroleum Co, for installation of GRE crude oil transition line from tanks to Petrico (Egypt).
In February, 2022, Future Pipe Industries expanded its manufacturing facility in Saudi Arabia by adding two new production lines of FlexstrongTM, a high-pressure spoolable pipe, with diameter up to 6 inches.
IMPACT OF COVID/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION
The report provides a detailed overview of the global fiberglass pipes market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The COVID-19 pandemic adversely impacted the global economy and slowed the growth of various industries such as oil & gas, chemicals & materials, and agriculture. The shutdown of multiple manufacturing plants and factories in North America, Europe, Asia Pacific, South America, and the Middle East & Africa disrupted the global supply chain. Many companies announced possible delays in product deliveries and projected a slump in their product sales. In addition, travel restrictions imposed by countries in Europe, Asia Pacific, and North America hindered business collaborations and partnership opportunities. All these factors hampered the progress of the chemicals & materials industry and restrained the growth of various markets related to this industry. In 2021, businesses regained their production capacities as the governments of various countries eased out the previously imposed restrictions. Moreover, an increase in COVID-19 vaccination drives eased the situation leading to a rise in business activities across the world. The start of operations in the manufacturing units positively impacted the fiberglass pipes market. Further, manufacturers could overcome the demand and supply gap by operating at total capacity. Moreover, the export and import volumes in the chemicals & materials industry are projected to increase significantly in the coming years due to the relaxation of border and trade restrictions.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
Some of the key players operating in the fiberglass pipes market include, Amiblu Holding GmbH, Chemical Process Piping Pvt Ltd, EPP Composites Pvt Ltd, Fibrex LLC, Future Pipe Industries LLC, Gruppo Sarplast Srl, Kuzeyboru AS, Lianyungang Zhongfu Lianzhong Composites Group Co Ltd, NOV Inc, Saudi Arabian Amiantit Co, Sunrise Industries (India) Ltd, Poly Plast Chemi Plants (I) Pvt Ltd, Plasticon Germany GmbH, and Kurotec-KTS GmbH, among others.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Resin Type, and End-Use
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The major players operating in the global fiberglass pipes market are NOV Inc, Lianyungang Zhongfu Lianzhong Composites Group Co Ltd, Amiblu Holding GmbH, Saudi Arabian Amiantit Co, and Plasticon Germany GmbH, among others.
Based on the resin type, the polyester fiberglass pipes segment accounted for the largest revenue share. Polyester is simple to use, economical and is a major component in many industries. It is the most frequently used pultrusion resin in the composite manufacturing sector, as these are highly adjustable when it comes to the construction of polymer chains. These factors are driving the segment demand, hence surging the market growth.
The adoption of fiberglass pipes in wastewater systems, is expected to provide lucrative growth opportunities to the global fiberglass pipes market during the forecast period.
The rising demand for fiberglass pipes in chemical industry and increasing installation of oil & gas pipelines, are some of the key driving factors for the fiberglass pipes market.
Based on end use, the fiberglass pipes market for chemicals is the fastest-growing segment. Fiberglass pipes are used in chemical plants to transport chemical liquids and industrial gases. They are a better solution for transporting chemicals with high pH value and are also cost-efficient.
Asia Pacific market dominated the fiberglass pipes market in 2022 and is expected to continue to be the largest segment by 2028. Asia Pacific region is a prominent market for fiberglass pipes owing to growth in the chemicals, and oil & gas sectors and a rise in urbanization, leading to increased demand for sewage systems. Moreover, the growing investments in pipeline projects in the region are expected to drive the fiberglass pipes market during the forecast period.
The List of Companies - Fiberglass Pipes Market
- Amiblu Holding GmbH
- Chemical Process Piping Pvt Ltd
- EPP Composites Pvt Ltd
- Fibrex FRP Piping Systems
- Future Pipe Industries LLC
- Gruppo Sarplast Srl
- Kuzeyboru AS
- Lianyungang Zhongfu Lianzhong Composites Group Co Ltd
- NOV Inc
- Saudi Arabian Amiantit Co
- Sunrise Industries (India) Ltd
- Poly Plast Chemi Plants (I) Pvt Ltd
- Plasticon Germany GmbH
- Kurotec-KTS GmbH
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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