GRP Pipes Market 2022: Industry CAGR, Competitive Analysis, Industry Dynamics & Estimation By Forecast 2028

GRP Pipes Market

The Global GRP Pipes Market Value is estimated to be valued at USD 3,826.9 Million during the historic forecast period that ended in 2019. The Global GRP Pipes Market Size is expected to cross USD 6552.1 Billion by 2028 at a CAGR of 5% during the forecast period ending in 2028.

Segmentation

By Resin: The GRP Pipes Market can be divided based on their constituent resin into three categories, namely epoxy, polyester, and vinyl ester. Of the three, the largest market share belongs to epoxy GRP pipes due to their utility in the petroleum and chemical industries. Epoxy GRP pipes offer enhanced strength, great corrosion resistance against both chemicals and the environment, as well as a very long service life. They are used to transport crude oil, petroleum, gas, chemicals, and chemical waste.

Polyester GRP pipes are inferior to epoxy GRP pipes in all categories except cost and ease of manufacturing. This ensures the use of polyester GRP pipes within the utility and agricultural sectors. The growing demand to supply water to arable land and a fast-growing utilities sector due to rapid urbanization are driving the polyester GRP pipes market. Vinyl ester GRP pipes are between epoxy and polyester GRP pipes in terms of quality and cost. They offer superior impact resistance and flexibility, making them ideal for use in stress environments.

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By End-Use: The oil gas industry is the largest market within this segment, and it is rapidly growing. Oil and gas transportation is carried out either by pipelines or by tankers, with pipelines being far more cost-effective. More than 70% of the of the crude oil gas within the US was shipped by pipelines in 2014. Innovations in the GRP pipes market is ensuring the steady growth of this percentage and it is acting as a driver for this market.

Chemical industries see much value in GRP pipes due to their corrosion resistance. They are used to transport chemicals as well as chemical waste. The urbanization being witnessed globally is also causing an increase in the utility sector, a key component of which is water supply and wastewater management. GRP pipes are used extensively to facilitate both. Irrigation is essential in the agricultural sector due to the ever-increasing demand for agricultural produce to feed an ever-increasing human and livestock population.

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Key Players