SELBYVILLE, Del., March 18, 2021 /PRNewswire/ -- Based on Global Market Insights Inc., report, the global Glass Reinforced Plastic Piping Market was estimated at $5.46 billion in 2020 and is slated to exceed $7.27 billion by 2027, registering a CAGR of 4.5% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
The highly fragmented nature of the glass reinforced plastic piping results in low market concentration. However, several global multinational companies, such as HOBAS, Fibrex, SAAC, etc., hold a decent share in the market. The market functions on regulatory standards and long-term supply agreements between raw material manufacturers and buyers. Key trends observed in the GRP piping market are large number of raw material suppliers, least threat of forward integration, and abundance of raw materials availability.
Request for Sample Report: https://www.gminsights.com/request-sample/detail/2696
Glass reinforced plastic piping has emerged as the next-gen optimal solution in the piping industry. Its innovative engineering not only increased the investment returns but also extended shelf life as compared to conventional pipe materials. Development of new business centers in emerging economies has stimulated the deployment of GRP pipes in various end-users such as wastewater, chemical processing, oil & gas, agriculture processing, sea water, industrial water, etc.
COVID-19 crisis has disrupted the GRP piping value chain. Product manufacturers experienced a decline in outflow of raw materials due to stringent lockdown measures and shutdown of factories in Europe and Asia Pacific. The supply side witnessed considerable drop in several industries on the onset of economic instability, leading to reduced inventory and costs.
The oil & gas sectors to lead the trail by 2027:
The oil & gas industry will influence the GRP piping market share and is anticipated to grow at a CAGR of 4.5% by 2027. The oil & gas industry is a major consumer of GRP pipes in various applications such as refinery piping, exploration, crude oil transmission, sub-sea piping, gas transmission lines, etc.
The polyester resin segment will grow at a decent growth rate and register a revenue share of over USD 1.20 billion by 2027. These are cost-effective resins with quick curing time and low coefficient of thermal expansion. They impart high strength and durability to the structure and the preferred choice in GRP pipe fittings such as reducers, tees, and elbows.
The irrigation industry will reach USD 255.3 million by 2027. To maintain a high productivity and competitive market, farmers are now focusing on more profitability and energy optimization, which can be achieved using effective piping systems for water use. Modernization in irrigation solutions along with low maintenance cost, extended lifespan, and anti-corrosion properties of GRP pipes will escalate the glass reinforced plastic piping market penetration in the irrigation sector.
Request for customization of this report: https://www.gminsights.com/roc/2696
MEA and Asia-Pacific region to witness remunerative growth:
The Middle East & Africa is expected to grow at a CAGR of 4.6% through 2027. Rising expenditure in infrastructure development in the fast-developing economies of Saudi Arabia, the UAE, Egypt, and Turkey will have a significant influence on the regional market growth. High government and private spending in green building construction to enhance the infrastructure throughout will accelerate the glass reinforced plastic piping market growth.
Asia Pacific will account for the largest market share of 36.18% in the global market by 2027. The growing construction industry, rising population, and income levels are expected to drive the regional market growth. The predominance of low-cost raw material suppliers in China and other Southeast Asian countries will escalate the glass reinforced plastic piping market.
Leading market players:
Prominent market players analyzed in the glass reinforced plastic piping industry include Saudi Arabian Amiantit Company, Veplas d.d., Future Pipe Industries, Enduro Composites, HOBAS, Harwal Group, Hanwei Energy Services Corp., Composite Pipes Industry, Dubai Pipes Factory, Graphite India Limited, Plasticon Composites, Fibrex, Sarplast, Smithline Reinforced Composites, Industrial Plastic Systems, and China National Building Material Company.
Strategic collaboration, establishment of joint ventures, new product development, and mergers & acquisitions are the major strategies of industry players to enhance profitability and gain competitive benefits.
About Global Market Insights Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision makers.
GRP Piping Market Statistics - 2027
SOURCE Global Market Insights Inc.