IMARC Group, a leading market research company, has recently releases report titled “Flexible Pipe Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global flexible pipe market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Flexible Pipe
The construction of a flexible pipe involves a composite structure that incorporates multiple materials, allowing it to undergo significant deflections without sustaining damage. This design consists of leakproof thermoplastic barriers and corrosion-resistant steel wires, which provide the pipe with the ability to withstand high pressures, exhibit flexibility, and exhibit exceptional dynamic performance. The pipe’s characteristics enable easy spooling on reels for efficient transportation, reduce installation time and technical complexity, and provide adaptability to seabed conditions and potential reuse. Consequently, the flexible pipe finds wide-ranging applications in various industries, including chemical processing, power generation, oil and gas, and water treatment.
How Big Is the Flexible Pipe Market?
The global flexible pipe market size reached US$ 1.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1.6 Billion by 2028, exhibiting a growth rate (CAGR) of 4.1% during 2023-2028.
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What are the growth prospects and trends in the flexible pipe industry?
Currently, there is an upsurge in global exploration activities driven by the growing demand for energy and valuable metals. This, along with the increasing utilization of non-corrosive pipes in the oil and gas sector, serves as a primary driver for the market. Furthermore, the expanding application of flexible pipes in horizontal drilling and lateral drilling to access new reservoirs contributes to market growth.
Technological advancements in drilling processes that enable exploration in remote locations, unconventional formations, and deep-water regions also have a positive impact on the market. The rising demand for petroleum in the transportation sector, driven by the increasing number of passenger cars worldwide, presents lucrative opportunities for market players.
Moreover, the utilization of flexible pipes for transferring gases or hot liquids is growing due to their high durability and heat resistance. Additionally, the adoption of engineering-grade flexible materials in offshore and onshore activities is on the rise, thanks to their lightweight nature and high tensile strength.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Raw Material:
- High-density Polyethylene
- Polyvinylidene Fluoride
Breakup by Application:
Breakup by End Use Industry:
- Oil and Gas
- Water Treatment Plants
- Chemical and Petrochemicals
- Food and Beverages
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Baker Hughes Company
- Chevron Phillips Chemical Company LLC
- Continental AG
- DuPont de Nemours Inc.
- Evonik Industries AG
- FlexSteel Pipeline Technologies Inc.
- General Electric Company
- NOV Inc.
- Pipelife Nederland B.V. (Wienerberger AG)
- Prysmian S.p.A.
- Shell Plc
- Solvay S.A.
- Strohm B.V.
- TechnipFMC Plc
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