According to the new market research report “Flexible Pipe Market by Raw Material (HDPE, PA, and PVDF), Application (Offshore and Onshore), and Region (North America, Middle East & Africa, Central & South America, Asia-Pacific, and Europe) – Global Forecast to 2022″, The flexible pipe market is projected to grow from USD 880.8 Million in 2016 to USD 1,111.3 Million by 2022, at a CAGR of 4.0% during the forecast period. The growth of this market is driven by high investments in the oil & gas exploration and production industries.
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Flexible pipes are manufactured by using materials such as HDPE, PA, and PVDF, among others. Based on raw material, the HDPE segment accounted for the largest share of the flexible pipe market in 2016. This segment is projected to grow at the highest CAGR between 2017 and 2022. The high demand for HDPE is mainly attributed to its low cost and excellent physical properties.
The offshore application segment has been witnessing significant growth in recent years, owing to the increase in deepwater, ultra-deep water, and subsea exploration activities. Moreover, the price of offshore flexible pipes is higher as compared to the flexible pipes used in onshore applications. The increasing applicability of flexible pipes in products such as coiled tubing and risers for offshore production activities contributes to the growth of the flexible pipe market in offshore application.
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Flexible pipes are made of various distinct layers; these pipes are primarily used as an alternative to rigid steel flow lines and risers in the oil & gas industry. The flexible pipe market is expected to reach USD 1,111.3 Million by 2022, at a CAGR of 4.0% between 2017 and 2022. Increase in deepwater oil drilling activities, acceptance of engineering-grade flexible materials, rise in demand for non-corrosive pipes in the oil & gas industry, and technological advancements in drilling processes are key factors propelling the growth of the flexible pipe market. Moreover, the discovery of new offshore reserves in the Gulf of Mexico, Ghana, and French Guiana provides lucrative growth opportunities to manufacturers of flexible pipes.
Key companies profiled in this report includes National Oilwell Varco, Inc. (U.S.), Technip Inc. (France), Prysmian Group (Italy), GE Oil & Gas Corporation (U.K.), Shawcor Ltd. (Canada), Pipelife Nederland B.V. (Netherlands), Airborne Oil & Gas B.V. (Netherlands), Magma Global Ltd. (U.K.), ContiTech AG (Germany), and FlexSteel Pipeline Technologies, Inc. (U.S.). The increase in offshore drilling activities has resulted in the high demand for flexible pipes, which, in turn, encouraged companies to adopt several business strategies to strengthen their position in the flexible pipe market between 2013 and 2017. Companies such as GE Oil & Gas Corporation (U.K.), Technip Inc. (France), Airborne Oil & Gas B.V. (Netherlands), Magma Global Ltd. (U.K.), and Prysmian Group (Italy) have adopted expansions, joint ventures, new product launches, contracts, and innovations as key growth strategies to enhance their market share and expand their presence in the flexible pipe market.
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In May 2016, Magma Global Ltd. (U.K.) launched its Integrated Deployment Package (IDP) system. This flexible pipe deployment and retrieval system is designed for high pressure hydraulic pumping from the back-deck of small vessels. This development strategy helped the company enhance its product portfolio in the flexible pipe market.
In January 2014, GE Oil & Gas Corporation (U.K.) established a logistic base in Rio de Janeiro (Brazil). The company further invested USD 100 million for the establishment of a modern logistics base, which is primarily designed to load and unload installer ships. These vessels carry heavy equipment, including large reels of flexible pipes, and target the mobilization and maintenance of oil wells.
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