Increasing Installation of Oil & Gas Pipelines Drives Global Fiberglass Pipes Market
The fiberglass pipes market was valued at US$ 4,431.10 million in 2022 to US$ 5,692.52 million by 2028; it is estimated to grow at a CAGR of 4.3% from 2022 to 2028.
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 diverse range of pipeline applications in the sector includes oil separation, enhanced oil recovery systems, oil production processes, transportation, and underground piping. The wide range of applications of fiberglass pipes such as fiberglass-reinforced epoxy pipes and fiberglass-reinforced polyester pipes can be attributed to its properties such as corrosion and pressure resistance, long service life, lightweight, high strength, nontoxic nature, and other mechanical properties.
Fiberglass Pipes Market Size, by Region, during 2022–2028
Fiberglass Pipes Market Forecast to 2028 - Global Analysis by Resin Type (Polyester, Epoxy, Phenolic, and Others) and End-Use (Oil and Gas, Sewage, Chemicals, Agriculture, and Others)
Fiberglass Pipes Market Size Report and Global Analysis by 2028
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In the oil & gas industry, the fuel demand has increased due to rapid economic growth and a rise in 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 the Center for Eastern Studies in 2023, the government of Russia planned to boost gas exports to China, accounting for the shipment of 98 billion cubic meters of gas per year, partially achieved through a planned Power of Siberia-2 pipeline, which will be completed by 2030.
According to the Energy Information Administration’s Liquids Pipeline Projects Database, the US recorded the completion of 14 petroleum liquids pipelines in 2021. Furthermore, 6 out of 14 projects were newly constructed pipelines, 5 projects were the expansion of existing pipelines, 2 projects were a reversal of pipeline direction, and 1 project involved modification in commodity carried in the pipeline. The report revealed the completion of two crude oil pipeline projects in the US in the first five months of 2022. Thus, the increasing installation of oil & gas pipelines across the world drives the demand for fiberglass pipes.
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, and Kurotec-KTS GmbH are the key players operating in the global fiberglass pipes market.
Impact of COVID-19 Pandemic on Global Fiberglass Pipes Market Growth
The shutdown of glass fiber and resin manufacturing units disturbed global supply chains, finished product manufacturing activities, delivery schedules, and product sales. Various companies witnessed delays in product deliveries and a slump in product sales in 2020. Moreover, bans imposed by governments of various countries in Europe, Asia Pacific, and North America on international travel compelled companies to discontinue their collaboration and partnership plans temporarily. All these factors hampered various industries in 2020 and early 2021, thereby restraining the growth of different markets.
In 2021, businesses regained their production capacities as 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 restart of operations in the manufacturing units positively impacted the fiberglass pipes market. Further, manufacturers were able to overcome the demand and supply gap by operating at full 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.
The "Global Fiberglass Pipes Market Analysis to 2028" is a specialized and in-depth study of the chemicals & materials industry, focusing on the global fiberglass pipes market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The global fiberglass pipes market is bifurcated on the basis of resin type and end-use. Based on resin type, the market is segmented into polyester, epoxy, phenolic, and others. Based on end-use, the market is segmented into oil and gas, sewage, chemicals, agriculture, and others. In 2022, the oil and gas segment dominated the global fiberglass pipes market, and the chemicals segment is expected to be the fastest-growing segment during the forecast period.
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