The global glass fiber reinforced plastic (GRP) piping systems market is anticipated to reach USD 2.60 billion by the end 2025. It is projected to grow at a CAGR of 5.5% over the forecast period. Increasing adoption of GRP piping systems in offshore and onshore oilfields and wide application of these products across various industries is the major driving force for the market growth. In addition, rising production and exploration activities of hydrocarbons is further expected to fuel the market growth over the forecast period.
Properties such as corrosion resistant, abrasion resistant, durability, and high strength are projected to boost the demand for GRP pipes across gas and oil refineries and desalination plants. Moreover, these pipes offer high insulation, thereby, projected to propel the demand among the gas and oil refineries that witness transmission of combustible fluids on a daily basis.
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Rising adoption of GRP piping products across several industries and sectors such as power generation, aerospace, wastewater treatment plants, fire protection, and sewage and drainage systems is projected to augment the growth of the market. Moreover, rising number of end-user sectors such as construction, water treatment, automotive, and gas and oil is anticipated to pave the way for this market across different regions. This growth is attributed to its high strength and structure that enables high capacity transmission of different fluids.
The market is highly competitive in nature owing to large number of players operating in the market that target various niche segments. Moreover, these players are focusing on developing products that can sustain high turbulences, pressure, and temperature.
Further key findings from the report suggest:
• In 2017, the epoxy resins segment held the market share of 51.9% across the global GRP piping systems market.
• The segment of vinylester resins is projected to grow significantly with a CAGR of 5.4% over the forecast period owing to its anti-corrosive and abrasion resistant properties.
• The elbows product segment is projected to attain a CAGR of 5.9% over the forecast period.
• In 2017, Asia Pacific held the revenue share of 20.8% across the global market owing to rising government initiatives and infrastructure projects to cater to rising demand for energy.
• Leading players in this industry are focusing on strategic initiatives such as joint venturing, collaborations, agreements, partnerships, and R&D to gain a competitive advantage over other competitors and to expand their market reach.
Global GRP Piping Systems Market: Key Players
Saudi Arabian Amiantit Co., HOBAS, Plasticon Composites, STEULER-KCH GmbH, Protecciones Plásticas S.A. (Protesa),PPG Industries, Inc., FIBREX, Abu Dhabi Pipe Factory (ADPF), and Hedley Industrial Group.
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