The global market for fiberglass pipes is expected to grow at a CAGR of over 4% during the forecast period. The major factor driving the market studied is increasing oil & gas production. On the flip side, high raw material costs are hindering the growth of the market.
- The Chemical industry is expected to account for the largest share of the fiberglass pipes market over the forecast period.
- Asia-Pacific region is expected to dominate the global fiberglass pipes market and is also forecasted to be the fastest-growing market during the forecast period owing to the increasing consumption for countries such as China and India.
Key Market Trends
Increasing demand from the Chemical Industry
- Fiberglass pipes are used in the chemical industry owing to its properties such as hard and brittle nature, transparency, high-temperature resistance, corrosion resistance, large transport flow, and easy installation among others.
- Rise in demand for chemicals, mainly in manufacturing, may boost the growth of the chemical industry, which further boosts the demand for fiberglass pipes in the coming years.
- The chemical processing industry has been growing all over the world in recent times. Asia-Pacific holds the largest chemical processing industry globally. Countries such as China, India, and Japan among others has been growing in recent years as numerous chemical projects have reached completion, with some projected expected to be completed over the near time.
- Additionally, the United States has been witnessing strong growth in the chemical industry, due to improvement in major end-user markets leading to a rise in demand for chemicals.
- Access to cheaper and more abundant feedstock and energy resources is further increasing the profitability of United States chemical industry. Such lucrative growth of chemical industry in the country has attracted investment into the sector, which has led to noteworthy chemical expansion and greenfield projects in the country.
- Therefore, owing to the above-mentioned factors, the demand for fiberglass pipes is expected to grow from the chemical industry over the coming years.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region represents the largest market for fiberglass pipes and is also forecasted to be the fastest-growing market over the forecast period.
- China is the largest importer of oil and gas. The primary energy consumption in the country is dominated by coal. However, owing to air pollution and environmental concerns, the country is employing policies to increase the share of the gas, and reduce the share of coal in the total energy mix, which further is expected to increase the demand for fiberglass pipes for transportation in the country in coming years.
- China is a hub for chemical processing, accounting for a major chunk of the chemicals produced globally. The country contributes more than 35% of global chemical sales. Many major companies in the market have established their chemical manufacturing plants in China.
- The chemical processing industry in India is highly diversified and manufactures about 70,000 products. The country is the 3rd largest chemical producer in terms of volume in Asia and 7th by output globally. According to India Brand Equity Foundation (IBEF), the chemical sector of the country is expected to double to reach about USD 300 billion by 2025 with a cumulative growth of 20%.
- Therefore, with the rapidly growing end-user industries, the demand for fiberglass pipes in Asia-Pacific region is also expected to increase over the forecast period.
The global fiberglass pipes market is partially fragmented in nature. The major companies are Future Pipe Industries, Chemical Process Piping Pvt.Ltd.(CPP), Graphite india Limited, Saudi Arabian Amiantit Co., and National Oilwell Varco among others.
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