According to a recent thermoplastic pipe market report by Future Market Insights (FMI), the thermoplastic pipe market was valued at US$ 2.5 Bn in 2021, is projected to reach US$ 8.5 Bn by 2032, and is anticipated to grow at a CAGR of around 4.5% over the projected period of 2022-2032.
The immediate consequence of the COVID-19 pandemic resulted in a decrease in demand for thermoplastic pipes that are being used to transport oil and gas to end users' locations.
Furthermore, the pandemic has disrupted the water treatment industry, of which thermoplastic composite pipes are an essential element.
Industrial operations were halted due to the implementation of strict lockdown procedures. In addition, the thermoplastic piping systems’ operation was constrained by a lack of manpower and a decline in logistical operations.
The growing use of RTP pipe in the water and wastewater treatment industries is expected to drive up demand for thermoplastic pipes worldwide.
Given the rising importance of deep and ultra-deepwater oil and gas production and exploration operations as demand for fossil fuels has increased, offshore drilling and production activities are likely to grow at a faster rate than onshore activities during the next five years. As a result, the application of thermoplastic composite pipe in offshore products, including flowlines, umbilicals, and risers, is expected to drive the thermoplastic pipe market in the oil and gas industry.
Reinforced thermoplastic pipes (RTP) are being utilized to replace medium-pressure steel pipes in the oil and gas industry.
Due to their cost-effectiveness and good chemical resistance capabilities, many types of thermoplastic pipes made from engineering thermoplastic grades such as polyethylene (PE) and polyvinyl chloride (PVC) have been widely employed.
Higher thermoplastic composite pipes offer better abrasion resistance, are less flammable, and emit less smoke and harmful fumes. Still, they come at a higher cost of raw materials and fabrication. Thermoplastic composite pipes are 20–100 times more expensive than steel pipes, making them unsuitable for items like pipes. This has become the most prevalent roadblock for the thermoplastic pipe business.
As shallow-water oil and gas resources run out, thermoplastic pipe manufacturers are turning to deep- and ultra-deepwater off the shores of Brazil, Norway, Angola, and the United States.
Since thermoplastic composite pipes are lighter than flexible steel pipes, they may be installed using less complex and costly equipment. The flexibility of the pipes, which may be transported to the job site in long coils, and the possibility of using no-dig technology to install them assist in minimizing jointing and traffic interruption. As a result of the advantages of implementing flexible thermoplastic composite pipes in deep- and ultra-deepwater applications, the thermoplastic pipe market is anticipated to grow.
Large-scale production of thermoplastic composite pipes is challenging because of the standardisation, contributing to the overall high cost of thermoplastic pipes.
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