Global Spoolable Pipes Market Expected to Reach $2,107 Million by 2023 - Allied Market Research
PORTLAND, Oregon and PUNE, India, January 24, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Spoolable Pipes Market by Matrix Type, Reinforcement Type, Application, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global spoolable pipes market was valued at $1,345 million in 2016 and is expected to garner $2,107 million by 2023, registering a CAGR of 6.7% from 2017 to 2023. In 2016, the onshore application accounted for approximately five-ninths share of the global market, in terms of revenue.
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Spoolable pipelines are flexible pipes used for the transport of crude and refined petroleum fuels such as oil, natural gas, and other fluids, including sewage, slurry, and water. These are thermoplastics or thermosets pipes with reinforcement of steel, fiber, or aluminum. The structural layer or the reinforcement offers high strength and impact & fatigue resistance, thereby increasing durability of the pipes. The lightweight and high design flexibility of thermoplastics enable easy installation of these pipes in various onshore, offshore, downhole, waste water treatment, and mining applications.
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Spoolable pipes were originally designed for aboveground onshore applications where corrosive conditions caused steel lines to fail within few years. Increased oil & gas production has led rise in adoption of spoolable pipes in onshore and offshore oil & gas transportation from wellheads to production facilities. Ease of installation of spoolable pipes and low cost as compared to steel pipes reduce the overall operational cost, thereby optimizing production output and maximizing the productive life of fields. However, high entry barriers for new entrants due to the time-consuming product approval cycles and stringent regulation for the design, construction, manufacturing, and operation of spoolable pipes may hamper the market growth.
In 2016, onshore application of spoolable pipes generated the highest revenue, growing at a CAGR of 7.1% from 2017 to 2023. Moreover, new discoveries of offshore oil & gas fields are anticipated to present numerous opportunities for the manufacturers.
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Key findings of the study
- LAMEA is expected to grow at the highest CAGR of 7.3% from 2017 to 2023, followed by Asia-Pacific.
- Thermoplastics matrix spoolable pipes accounted for the highest market share in 2016, and are expected to grow at the highest CAGR of 6.8%.
- In 2016, fiber reinforcement accounted for the highest revenue and is expected to grow at significant CAGR of 6.8%.
- In 2016, U.S. accounted for the highest market share, growing at a CAGR of 6.3%.
North America and LAMEA collectively contributed more than four-fifths of the global market share in 2016. Rise in onshore and offshore exploration activities, owing to increased energy demand, is expected to drive the market growth.
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The key players operating in the global spoolable pipes market are Airborne Oil & Gas B.V., Changchun Gaoxiang Special Pipes Co., Ltd., Flexpipe Inc., FlexSteel Pipeline Technologies, Inc., Future Pipe Industries (L.L.C.), Magma Global Limited, National Oilwell Varco, Inc., Pipelife International GmbH, Polyflow LLC, and Smartpipe Technologies.
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SOURCE Allied Market Research
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