FRP, also known as Fiberglass Reinforced Plastic material is made up of fiberglass and thermosetting resins. The essential element utilized in making FRP products is the amalgamation of resin and glass fibers. The selection of the resin type majorly relies on the environmental circumstances specified by the consumer and chemicals involved.
The global FRP pipe market is growing at a significant pace. The market is expected to evolve at a CAGR of 4.48% during the forecasting years. To analyze the market, 2018 is considered as the base year and the forecasting period is from 2019 to 2027.
FRP pipes is considered to be a key development in the piping sector, especially in power plants industries. The varied benefits of FRP pipes is anticipated to be the major driver in the adoption of the market across the globe. One of the prime advantage of FRP pipes compared to stainless steel is in micro-tunneling. Also, It is estimated that it can reduce the cost of maintaining the fire protection system drastically.
The growth of the FRP pipes market is attributed to factors such as surge in the growing trend for strong, light in weight pipes, lucrative technology and the growing need for FRP pipes in the oil and gas sector.
The FRP pipes market is tackling many challenges. The key reasons destressing the advancement of the global market are unstable raw material prices, inadequate awareness of the FRP products, restriction on fiberglass pipe that are equipped in transporting hydrocarbons and regulatory challenges.
Inkwood Research has studied the global FRP pipes market in four major regions, which include North America, Asia Pacific, Europe and rest of the world. Furthermore, each region is sub-segment into key contributing countries for detailed analysis of the region.
The Asia Pacific is the leading region in the global FRP pipes market. It is contributing the lion share in the year 2018 and is anticipated to continue its dominance by growing at the highest CAGR throughout the forecasting period of 2019-2027. The emerging economies in the region such as China, India and Japan has a rapidly growing demand for energy. The increasing preference for using natural gas instead of coal is also a new trend witnessed in the region. To transport this natural gas, pipeline is considered to be the most affordable option, thus, increasing the need to develop pipeline infrastructure. All these factors are responsible for creating potential opportunities for the FRP pipes market in the APAC region.
The top players such as Enduro Composites, Inc., Fibrex FRP piping systems, Ershigs, Inc. (Denali incorporated), Sarplast SA, Saudi Arabian Amiantit Company, National Oilwell Varco, Inc. and Sekisui Chemical Co., Ltd. are operating in the global FRP pipes market.