According to a new report published by Allied Market Research titled, “Flexible Pipes Market by Raw Material and Application: Opportunity Analysis and Industry Forecast, 2019–2026,” the global flexible pipes market size was valued at $0.8 billion in 2019, and is anticipated to generate $1.2 billion by 2027. The market is projected to experience growth at a CAGR of 4.7% from 2020 to 2027.
Flexible pipes and tubes are widely used to transport oils or other liquids from one location to the other, especially through the seabed, or at construction sites and ores. Flexible pipes are being used across various industry verticals, due to benefits associated with them such as high-pressure control, lightweight, leak resistance, and lower price. The technical and cost advantages these pipes offer are further expected to replace the usage of steel equipment for new exploration activities during the forecast period.
Ongoing focus of the oil & gas companies on unconventional sources for oil & gas has led to offshore and subsea developments. These developments are enabling movement into deeper waters and more challenging environments. Furthermore, the maintenance and repair costs are high in oil & gas industry, which propel the use of flexible pipes to reduce the maintenance cost, as they are resistant to breakage. Thus, flexible pipes are found to be ideal, as they play a key role in increasing the productivity, life expectancy, and profitability of onshore and offshore wells.
However, stringent restrictions that are imposed to curb the adverse effects of plastic materials on the environment and implementation of rigid regulations on oil & gas drilling activities restrict the growth of the flexible pipe market.
The global flexible pipes market is segmented into on raw material, application, and region. Depending on raw material, the market is divided into high-density polyethylene, polyamide, polyvinylidene fluoride, and others. The applications covered in the study include onshore and offshore. Region wise, the flexible pipes market analysis is done across North America, Europe, Asia-Pacific, and LAMEA. The flexible pipes market share was dominated by North America, and is expected to grow at a CAGR of 4.7%, owing to high demand for flexible pipes from the region.
The key players operating in flexible pipes industry are National Oilwell Varco, Inc., Baker Hughes Company, Magma Global Ltd., FlexSteel Pipeline Technologies, Inc., Shawcor Ltd., Pipelife Nederland B.V., Airborne Oil & Gas B.V., Technip FMC Plc., Prysmian Group, and ContiTech AG.
Key findings of the study
Global flexible pipes market size is provided in terms of revenue.
Japan is projected to grow at the highest CAGR of approximately 5.4%, in terms of revenue, during the forecast period.
By application, the onshore segment is anticipated to grow with CAGR 4.7%, in terms of revenue, during the forecast period.
U.S. and China dominated the market with a revenue share of over 20.3% and 7.0% in 2019.
A comprehensive analysis of the factors that drive and restrain the flexible pipes market growth is provided.
The qualitative data in this report aims at the flexible pipes market trends, dynamics, and developments in the flexible pipes industry.
The flexible pipes market forecast and estimations are based on factors impacting the market growth.