Flexible Pipe Market Worth 1,111.3 Million USD by 2022
PUNE, India, June 16, 2017 /PRNewswire/ --
The report "Flexible Pipe Market by Raw Material (HDPE, PA, and PVDF), Application (Offshore and Onshore), and Region (North America, Middle East & Africa, Central & South America, Asia-Pacific, and Europe) - Global Forecast to 2022", published by MarketsandMarkets™, the market is projected to grow from USD 880.8 Million in 2016 to USD 1,111.3 Million by 2022, at a CAGR of 4.0% during the forecast period.
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Browse 68 market data tables and 57 figures spread through 123 pages and in-depth TOC on "Flexible Pipe Market - Global Forecast to 2022"
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The growth of this market is driven by high investments in the oil & gas exploration and production industries.
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The HDPE segment is projected to lead the flexible pipe market during the forecast period
Flexible pipes are manufactured by using materials such as HDPE, PA, and PVDF, among others. Based on raw material, the HDPE segment accounted for the largest share of the flexible pipe market in 2016. This segment is projected to grow at the highest CAGR between 2017 and 2022. The high demand for HDPE is mainly attributed to its low cost and excellent physical properties.
The offshore segment is the largest application segment of the flexible pipe market
The offshore application segment has been witnessing significant growth in recent years, owing to the increase in deepwater, ultra-deep water, and subsea exploration activities. Moreover, the price of offshore flexible pipes is higher as compared to the flexible pipes used in onshore applications. The increasing applicability of flexible pipes in products such as coiled tubing and risers for offshore production activities contributes to the growth of the flexible pipe market in offshore application.
The flexible pipe market in the Middle East & Africa is projected to grow at the highest CAGR during the forecast period
The flexible pipe market in the Middle East & Africa is projected to witness the highest growth during the forecast period. This growth is mainly driven by the increase in onshore and offshore oil & gas exploration activities in Saudi Arabia, the UAE, and Nigeria, among other countries. Moreover, in Angola, Kaombo project is being executed for ultra-deep water offshore oil & gas exploration, which is estimated to take approximately three years for completion. In Tanzania, both onshore and offshore exploration projects are in the pipeline. All these factors have contributed to the growth of the Flexible Pipe Market in the Middle East & Africa.
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Key players operating in the flexible pipe market are National Oilwell Varco, Inc. (U.S.), Technip Inc. (France), Prysmian Group (Italy), GE Oil & Gas Corporation (U.K.), Shawcor Ltd. (Canada), Pipelife Nederland B.V. (Netherlands), Airborne Oil & Gas B.V. (Netherlands), Magma Global Ltd. (U.K.), ContiTech AG (Germany), and FlexSteel Pipeline Technologies, Inc. (U.S.).
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