The Reinforced Thermoplastic Pipes market revenues were estimated at US$ 2.8 Bn in 2020 and is anticipated to grow at a CAGR of 12.7% from 2021-2031, according to a recently published Fact.MR report. By the end of 2031, the market is expected to reach US$ 3.6 Bn.
Emerging well activities and rising investments in water and wastewater systems are likely to bolster the global sales of the reinforced thermoplastics pipes market in the forthcoming decade. Furthermore, end use industries are looking to leverage lightweight, durable and corrosion resistant piping material, which will significantly broaden expansion prospects in the forthcoming decade.
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How is the Oil and Gas Industry Influencing Demand for Reinforced Thermoplastic Pipes?
Major end-use industries such as oil and gas were among the first ones to venture into reinforced thermoplastic pipe applications in large-scale manufacturing processes.
Over the past half-a-decade, extensive investments in oil & gas projects have been undertaken across regions. Irreplaceable and extensively used refined products have spiked demand for oil & gas across regions, cascading the effect to the global demand for reinforced thermoplastic pipes.
According to IEA, planned investments in upstream oil and gas have been slashed under pressure from the collapse in oil prices and demand. However, it long term market conditions appear largely optimistic.
The potential to withstand extreme conditions increases the lifetime of oil pipelines, and the ability to control the operating costs, lead time, compliance, ease of installation, maintenance costs, total costs of ownership, has made it a popular choice in the oil and gas industry over the years.
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Key Takeaways from the Market Study
Competitive Landscape
Prominent manufacturers of RTP are taking bold steps to expand their businesses globally. For instance, technological advancements, mergers and acquisitions, rising investments in R&D activities.
Key players in the Reinforced Thermoplastic Pipes Market
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Market Segments Covered in Reinforced Thermoplastic Pipes Industry Analysis
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