Allied Market Research recently published a report, "Global Flexible Pipes Market by Raw Material (High-density Polyethylene, Polyamide, Polyvinylidene Fluoride, and Others) and Application (Onshore and Offshore): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global flexible pipe industry was pegged at $0.8 billion in 2019, and is projected to reach $1.2 billion by 2027, growing at a CAGR of 4.7% from 2020 to 2027.
Drivers, opportunities, and
restraints:
Technological advancements in
drilling activities drive the growth of the global flexible pipe market.
However, stringent regulation in the oil & gas industry hampers the market.
On the contrary, surge in exploration of horizontal wells is expected to create
lucrative opportunities for the market players in the coming future.
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COVID-19 scenario: The
outbreak of COVID-19 has greatly affected the global flexible pipe market.
·
Lockdown in various countries and shortage of
labor have temporarily suspended the manufacturing of advanced materials.
·
Dearth of raw materials and disrupted supply
chain has affected the manufacturing of flexible pipes.
HDPE segment dominated the
market:
By raw material, the HDPE segment
held the largest share in 2019, accounting for nearly two-fifths of the global
flexible pipe market. However, the PVDF segment is projected to register
the highest CAGR of 5.1% during the forecast period, as it has the
characteristic stability of fluoropolymers when exposed to harsh thermal,
chemical, and ultraviolet environments while retaining the properties of a
conventional thermoplastic material.
Onshore segment to garner
highest CAGR through 2027:
By application, the onshore
segment is projected to portray the highest CAGR of 4.7% during the study period,
due to high demand for flexible pipe in onshore extraction and processing
activities that involves several flammable gases, chemicals, and materials.
However, the offshore segment held the largest share in 2019, contributing to
more than half of the global flexible pipe market. Flexible pipe helps in
drilling activities in water which makes it reliable and safe choice in
offshore applications.
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Pipes Market @ https://www.alliedmarketresearch.com/request-for-customization/6904?reqfor=covid
North America held
largest share:
By region, the global flexible
pipe market across North America held the lion's share in 2019,
accounting for more than one-third of the market, owing to presence of large
number of corporations in the region and creased activities in oil & gas
industry and energy transmission. However, the market across Asia-Pacific is
anticipated to register the highest CAGR of 5.1% during the forecast period,
due to expansion in the oil and gas industry and highest number of patents
files by countries such as China, Japan, Australia,
and South Korea.
Major market players
·
Baker Hughes Company
·
National Oilwell Varco, Inc.
·
FlexSteel Pipeline Technologies, Inc.
·
Magma Global Ltd.
·
Pipelife Nederland B.V.
·
Shawcor Ltd.
·
Technip FMC Plc.
·
Airborne Oil & Gas B.V.
·
ContiTech AG
·
Prysmian Group
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