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The FRP Pipe Market size is forecast to reach US$4.3 billion by 2027 after growing at a CAGR of 4.5% during the forecast period 2022-2027. FRP pipes can be made using various types of resins which include thermosetting polyester resin, epoxy resin, vinyl ester resin, polyurethane resin, phenolic resin, and more. FRP pipes are used for a wide range of applications such as oil & gas, chemical & petrochemical, industrial water & wastewater, ducting and vent piping, slurry piping, power plants, and other applications. The government of the USA announced the continuation of operations of the Alaska LNG Liquefaction Plant project worth US$ 43 billion in 2020. The Alaska LNG represents a three-train liquefaction plant, gas treatment plant, an 800-mile pipeline. The facility is expected to export around 3.5 billion cubic feet of gas per day from Alaska’s North Slope gas fields and is scheduled to begin its operations in 2025. An increase in demand for oil and gas production along with an increase in demand for FRP pipes from the power industry acts as major drivers for the market. On the other hand, fluctuating prices of raw materials may act as a major constraint for the market.
There is no doubt that the COVID-19 lockdown has significantly reduced production activities as a result of the country-wise shutdown of construction sites, shortage of labor, and the decline of supply and demand chain all over the world. Studies show that the outbreak of COVID-19 sharply declined oil and gas production in 2020 due to a lack of operations across multiple countries around the world. A decline in production activities significantly reduced the production of liquid waste generated from these petroleum refinery sites, thus, affecting the market. However, a slow recovery in new development and production activities has been witnessed across many countries around the world since the end of 2020. For instance, in September 2020, the Indian Oil Corporation (IOC) had approved an investment of INR 1,268 crore (US$ 173.5 million) in order to set up a needle coker unit at the firm’s Paradip refinery in Odisha. The proposed unit is expected to have a total Calcined Needle Coke (CNC) production capacity of around 56-kilo tonnes per year. Likewise, Australia announced its Scarborough Gas Project and Pluto LNG Expansion worth US$ 11 billion to be resumed since 2020. The facility was built with a targeted capacity of 4-5 mtpa, which will be responsible for developing the gas from the Scarborough field, located 270km off the coast of Western Australia.
In this way, a slow and steady increase in oil and gas production activities will require the use of FRP pipes for piping systems in the oil & gas industry due to its excellent non-corrosive characteristics and abrasion resistance. This will eventually lead to a steady recovery of the market in the upcoming years.
FRP Pipe Market Segment Analysis – By Resin Type
The Epoxy Resin held the largest share in the FRP Pipe Market in 2021 and is expected to grow at a CAGR of 4.6% between 2022 and 2027, owing to the increasing demand for epoxy resin due to the characteristics and benefits it offers over other types of resin. For instance, it has a wide range of characteristics, easy processing, corrosion resistance and they are less affected by heat, water, and other factors as compared to thermosetting polyester resin, vinyl ester resin, polyurethane resin, phenolic resin, and other resins. Moreover, epoxy resin is easier to process, has high strength, high mechanical properties, low reduction during cure, along with good adhesion to all types of fibers, which makes it ideal for use in FRP pipes in comparison to other resins. Hence, all of these benefits are driving its demand over other types of resin, which in turn, is expected to boost the market growth in the upcoming years.
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FRP Pipe Market Segment Analysis – By Application
The oil & gas application held the largest share in the FRP Pipe Market in 2021 and is expected to grow at a CAGR of 4.8% between 2022 and 2027, owing to the increasing demand for FRP pipes for piping systems in the industry. For instance, Africa’s largest private project, the Rovuma LNG project worth US$ 33 billion started its operations in 2020. The Rovuma facility is estimated to produce an output of 15.2 million tons of LNG per year, along with an operational lifespan of 30 years. Kuwait also launched its new plant called Al Zour Refinery worth US$ 16 billion in 2020. It is capable of producing 100,000 barrels per day of low-sulfur fuel oil and it is expected to use more than 1.5 million b/d of crude and 300 MMcf/d of gas feedstock.
Since, FRP Pipes are composed of thermosetting polyester resin, epoxy resin, vinyl ester resin, polyurethane resin, phenolic resin, and more, are increasingly used as piping systems in the oil & gas industry due to their excellent non-corrosive characteristics, abrasion resistance, and low maintenance cost. Hence, an increase in upcoming oil & gas projects is expected to drive the market growth during the forecast period.
FRP Pipe Market Segment Analysis – By Geography
The Asia Pacific held the largest share in the FRP Pipe Market in 2021 up to 30%. The consumption of FRP pipes is particularly high in this region due to its increasing demand from the oil and gas sectors in the region. For instance, the Ministry of Petroleum and Natural Gas (MoPNG) announced that activities related to 8,363 Oil & Gas projects worth INR 5.88 lakh crore (US$ 80.47 billion) have resumed in India since April 2020. According to recent insights published by NS Energy in 2021, 512 oil & gas projects are scheduled to start operations from 2021 to 2025 in China. One of the largest projects includes the Yantai Expansion terminal worth US$ 1.1 billion which has an overall capacity of 487 billion cup feet (bcf). The operations are expected to begin in 2025. Hence, new upcoming oil & gas projects have increased the demand for FRP piping systems to be used in such projects due to their excellent non-corrosive characteristics, abrasion resistance, and low maintenance cost. This, in turn, will lead to market growth in the upcoming years.
FRP Pipe Market Drivers
An increase in oil & gas production is most likely to increase demand for the product
Continuously increasing demand for oil and gas supplies from the industrial, commercial, and residential sectors is a key driver of market growth. For instance, Nigeria announced the start of its project called Dangote Refinery and Polypropylene Plant worth US$11 billion which is expected to begin its operations by 2022. The facility is expected to process different grades of crude including shale oil, along with a production capacity of 104,000 b/d of diesel, 153,000 b/d of gasoline, 4,109 b/d of LPG, 73,000 b/d of jet fuel, and 12,300 b/d of fuel oil. Similarly, Russia completed its project called Nord Stream 2 Gas Pipeline worth US$ 10.8 billion in 2021. The pipeline has increased the gas capacity of the Nord Stream route to 110 billion cubic meters per annum. Hence, an increase in demand for oil and gas production activities in various countries across the world will also increase the demand for FRP piping systems to be used in these production sites, thus, leading to market growth during the forecast period.
An increase in demand from the power industry is most likely to increase demand for the product
FRP pipes and equipment are commonly used for many applications in the power industry such as slurry piping, cooling tower pipes, circulating water systems, stacks and chimney liners, process vessels, and storage tanks. For instance, in 2019, the Florida Public Service Commission approved the commencement of a combined project for the development of two new gas-fired power plants in order to meet the future power demand of cooperative electric consumers. Seminole Electric Cooperative is responsible for the construction of a new 1.1 GW plant in Putnam County, which is expected to be completed by the end of 2022. Meanwhile, Shady Hills Energy Center is responsible for building a new 573 MW natural gas facility in Pasco County. Likewise, in 2019, the Comision Federal de Electricidad (CFE), a state power utility company of Mexico, approved the construction of three natural gas-fired power plants with an overall capacity of 1720 MW. Hence, an increase in such new power projects is expected to increase the demand for FRP piping systems to be used in these power plants, thus, resulting in the growth of the market in the upcoming years.
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FRP Pipe Market Challenges
Fluctuating prices of raw materials may cause an obstruction to the market growth
Shortage and lack of availability of key raw materials along with a significant increase in prices are causing disruption in the UK, Europe, and other regions across the world. For instance, BCF’s monthly raw material prices survey shows a sharp increase in prices for epoxy resins during the first quarter of 2021, an increase of 60% in comparison to the third quarter of 2020. Other raw materials prices are also expected to increase by 2022. Furthermore, in December 2021, AOC, a global supplier of specialty resins and solutions, announced a price increase of €200 (US$ 236.5) per ton for its complete collection of polyester, epoxy, and vinyl ester resins sold in Europe, the Middle East, and Africa. Hence, fluctuating prices of such raw materials that are used in the production of FRP pipes may confine the market growth.
FRP Pipe Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the market. FRP Pipe Market top 10 companies include:
Chemical Process Piping Pvt Ltd.
HengRun Group Co. Ltd.
China National Building Material Company Limited
Future Pipe Industries
National Oilwell Varco
In October 2020, Lesso Group launched a new product, continuous fiberglass reinforced thermoplastic pipe in an event held in Xingtai City, China. The main motive of the product launch was to showcase the production and innovation capacity of Lesso Group to its distributors and customers all over the country.
In October 2019, NOV acquired Denali Incorporated, a leading company in fiberglass-reinforced plastic products and technologies. The main motive of this acquisition was to enhance the company’s business portfolio and to provide superior products to its consumers.
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Epoxy Resin technology in FRP Pipe Market is expected to see the fastest growth, especially during the forecast period. Its wide range of characteristics and advantages such as corrosion resistance, heat resistance, and abrasion resistance made it stand out in comparison to other types of resin in the market.
Oil & gas application in FRP Pipe Market held the largest share in 2021, owing to the increasing demand for FRP piping systems in the industry.
Asia-Pacific dominated the FRP Pipe Market in 2021, owing to the increasing demand for FRP pipes from the natural gas production sectors of the region.
A. Fiberglass Pipes Market
B. Flexible Pipe Market
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