The oil and gas industry is the drivetrain for a majority of economies across the world. Over the past half-decade, extensive investments in oil and gas projects have been observed across regions. Irreplaceable and extensively used refined products have spiked demand for the oil and gas across regions, cascading the effect to the demand for reinforced thermoplastic pipes (RTP).
Despite decline in demand for crude oil in FY20, which affected investments in the production of reinforced thermoplastic pipes, demand is anticipated to spike post 3Q21. Strong supply-side winds are expected to turn the tables towards the perkier side and provide a long-term wave to the market for reinforced thermoplastic pipes (RTP).
As per recent market intelligence analysis by an ESOMAR-certified market research and consulting firm, the global reinforced thermoplastic pipes market is set to expand at a healthy CAGR of more than 5% over the forecast period of 2021 to 2031.
Key takeaways from market study:
- The global RTP market is anticipated to add 1.6x value by 2031 as compared to 2021.
- HDPE captures a governing share of the market, and is set to create around US$321 million opportunity over the long-term forecast period.
- Oil and gas is the fastest-growing segment in the market, owing to rapid growth of production across Canada and the US.
- The Middle East and Africa is set to dominate market revenue in 2021, and is expected to gain 55 BPS in its market share by 2031.
- Water distribution end-use is anticipated to lose around 25 BPS over the forecast period of 2021 – 2031.
- The UK, Canada, and the US are key countries dominating demand for reinforced thermoplastic pipes.
“Market growth for RTP is set make moves in accordance with the tunes of oil and gas industry growth,” says a report analyst.
Key manufacturers of reinforced thermoplastic pipes are National Oilwell Varco, Inc., TechnipFMC, Shawcor Ltd., Baker Hughes a GE Company, Wienerberger AG, Saudi Arabian Amiantit Co, and H.A.T-Flex Group. The market is fragmented in nature, with the presence of global and local players in almost every part of the world.
These insights are based on a report on Reinforced Thermoplastic Pipes (RTP) Market by Fact.MR.
Read the article online at: https://www.worldpipelines.com/business-news/29072021/oil-and-gas-industry-to-account-for-high-demand-for-reinforced-thermoplastic-pipes/