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. The Global GRP Pipes Market Value was estimated at USD 4018.2 million in 2021. Glass Reinforced Plastic (GRP) Pipes Market reinforcements are incorporated in cured thermosetting polymers. Because of their anti-corrosion qualities, GRP is becoming more popular in the GRP Pipes Industry. The GRP Pipes Market Share is expanding as the petroleum sector expands, as well as its good utility for moving chemicals, a global focus on public utilities, and for delivering water for irrigation purposes. GRP pipes have inherent strength, are lightweight, and are weather-resistant, making them perfect for outdoor applications. Chemical corrosion resistance is excellent, and they are simple to make and install. They have excellent hydraulic properties, can be precision linked, and have a long service life.
The COVID-19 problem has wreaked havoc on the GRP Pipe Market Size. The outbreak had a significant influence on market growth, resulting in lower consumption of pipes and fittings among end-user sectors. Furthermore, supply chain interruptions and a labor shortage have reduced the value of new contracts in real estate construction projects over time. Industry companies have been obliged to reduce inventory and expenses due to a drop in consumption. Due to factory closures in the Asia Pacific and Europe, as well as strict lockdown measures, product producers have seen a decrease in the raw material outflow. On the supply side, some industries saw a significant decline in demand as a result of the advent of economic instability, resulting in lower costs and inventory. As a result, demand for GRP Pipes in many industries has fallen, thus impacting the market growth.
However, the Indian government has devised several infrastructure plans for the next 25 years to aid the country's economic growth. In the future years, these infrastructure developments are expected to fuel the GRP Pipes Market Growth in the United States.
Due to rapid industrial development and the presence of a large manufacturing sector in the region, the Asia-Pacific region accounts for a substantial portion of the worldwide GRP Pipes market. Because of the increasing demand for GRP pipes in the region's various induced industries, the markets in North America and Europe are likely to rise rapidly. . Expansions, investments, and contracts are just a few of their important initiatives over the forecast period. The key market players have been recognized as follows:
The major and the foremost driver for the global GRP Pipes Market growth is considered to be the growth in the oil and gas industry as they are very resistant to corrosion and are safe to use. The next main driver of the GRP Pipes Industry is the growth of the chemical industry in developing nations as GRP Pipes are corrosion-free of chemicals and are easy to install in the chemical industries. Also, Water delivery to suitable agricultural land is becoming increasingly important around the world and GRP Pipes have made it easy to do so. Furthermore, the majority of construction companies employ lightweight pipes, which lower the entire cost of transportation and installation. This is another component that drives the GRP Pipes Market Share on a very positive side. Last but not the least, in the many end-user sectors, rapid industrialization has increased the demand for lightweight and durable pipes which is completed with the help of the GRP Pipes.
The GRP Pipes market expansion is limited by the high cost of raw materials resulting in restraining the market. The GRP Pipes Market Value of new contracts in real estate construction projects has decreased due to supply chain disruption and a labor shortage. Industry companies have been obliged to reduce expenses and inventory due to a drop in consumption. Also, the repair and maintenance of the GRP Pipes require a skilled workforce and for that huge outsourcing and training are required which is a costly process. The Brittleness of the GRP Pipes also causes structural damages which also lead to more costs further.
The global GRP Pipes Market Share is being driven by several reasons. Some of these include the expansion of the petroleum industry, as well as a heightened awareness of the intriguing features of these pipes, such as their light weight, inherent strength, durability, making them ideal for outdoor use, high resistance to chemical corrosion, ease of installation and manufacture, and superior hydraulic characteristics. Additional factors driving the global GRP Pipes Market Revenue include the ability to be reliable and validity coupled, have a long service life, rising demand for lightweight, durable, and high strength. Glass-reinforced plastic pipes market share will grow as new potential uses for GRP piping to cost-effectively replace metal and ductile pipes in green building construction emerge. The urban sector's energy demand has been rising as the city's population has grown during the forecast period.
The Global Market for GRP Pipes has been bifurcated into various segments that will help the market to achieve the highest CAGR during the forecast period. The market has been segmented based on the following:
The global GRP pipes market is divided into various regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Over the projection period, the APAC region will remain at the forefront of the industry. The presence of fast-developing economies in the region, the growing utility sector, the availability of skilled labor, high demand from end-users, and favorable government regulations are compelling manufacturers to set up production facilities in the region, with China being the largest consumer of pipes, the presence of numerous chemical manufacturing companies.
Over the forecast period, Europe is expected to maintain the second-largest share of the worldwide GRP pipes market. The rising demand from the oil and gas industry and its utility sector, rising investments in regional infrastructure development, the presence of large industrial effluent treatment and chemical processing companies in Spain, the United Kingdom, France, and Germany, and rising natural gas export are all contributing to the global demand.
The report tells about a variety of factors that are propelling the global GRP pipes market share. Some of these include the expansion of the petroleum industry, increased awareness of the alluring features of these pipes, such as their light weight, inherent strength, durability, high strength, and resistance to adverse weather conditions, making them ideal for outdoor use, high resistance to chemical corrosion, ease of installation and manufacture, and superior hydraulic characteristics. Through the market, economic, and demographic profiles, the study also analyses the market potential and supports in designing the market entrance and expansion portfolio over the forecast period.
|Market Size||2030: USD 6552.1 Billion|
|CAGR||4.5% CAGR (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Resin, End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Saudi Arabian Amiantit Co. (Saudi Arabia), Future Pipe Industries (UAE), Hengrun Group Co., Ltd. (China), National Oilwell Varco (US), FLOWTITE Technology AS. (Norway), Columbus McKinnon Corporation (US), Sarplast SA (Switzerland), Weihua Group (China), Amiblu Holding GmbH (Austria), FIBREX - Fiberglass Pipe Manufacturer, FRP Pipes, GRP Pipes (US), Enduro (US), Beetle Plastics (US), Smit Group, LLC (US)|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
GRP pipes market is projected to grow at a 5% CAGR between 2022-2030.
GRP pipes market is predicted to touch USD 6552.1 Billion by 2030.
The APAC region is expected to dominate the GRP pipes market.
The oil and gas segment will lead the GRP pipes market.
Growing chemical industry and rapid urbanization are the key factors driving the GRP pipes market.