Global fiber reinforced plastic pipe market was valued at $ 2.1 billion in 2017 and, according to the Trends Market Research, is going to reach $ 3.52 billion by 2026. A Compound Annual Growth Rate (CAGR) is expected to be 6.67 % during a forecast period.
Fiber reinforced plastic (FRP) is a composite material which is made of the polymer matrix reinforced with different fibers like glass, carbon, and basalt.
The FRP pipe market is growing due to the increased demand for strong, lightweight pipes, the cost-effectiveness of the technology, and demand from oil & gas industry.
The report covers the main application scopes of fiber reinforced plastic pipes:
- Oil & Gas
- Other Applications
The chemical is the largest application category in the FRP pipe market. In 2017 its market share was more than 40.0%.
The main benefits of composite pipes for this application is the ability to withstand high temperatures and corrosion resistance.
The researchers investigated the technological processes used to manufacture FRP pipes:
- Centrifugal Casting
- Filament Winding
- Other Process
Filament winding is the leader among technological processes. It is cost effective, well suited to automation without the need of any human intervention – factors increasing the growth of the filament winding segment in the fiber reinforced plastic pipe market.
Epoxy is the most popular polymer matrix material, which is considered very eco-friendly compared to other materials.
The Asia Pacific is the largest as well as the fastest growing market in the fiber reinforced plastic pipe market. The market growth drivers are the rise in construction, and oil & gas activities in the region.
According to the researchers unstable raw material prices and the lack of product awareness are factors limiting the growth of the market.
Basalt fiber is successfully used, for example, by WAVIN Ekoplastik for reinforcing polypropylene pipes designed to distribute cold and hot drinking and industrial water, air conditioning and heating systems.
Growing demand in basalt fiber will contribute to the global basalt fiber market growth, which is expected to exceed $400 million by 2025.