PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1126507
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1126507
According to Stratistics MRC, the Global Glass Reinforced Epoxy (GRE) Pipes Market is accounted for $2.62 billion in 2022 and is expected to reach $4.02 billion by 2028 growing at a CAGR of 7.4% during the forecast period. GRE, which stands for Glass-reinforced epoxy and is sometimes known as Fiber glass, is a generic term for a fiber-reinforced plastic that uses glass fibre. The threads may be randomly aligned, flatten out into a slab, or interlace to create a texture. GRE Glass fibres, which are also known as Fiber Reinforced Plastic (FRP) Composite, are used to reinforce pipes in mass production. When constructing pipes that are usable and endurance maximised, glass fibre reinforced plastic (GRP) or glass fibre reinforced epoxy (GRE) are the best options.
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%.
Lightweight properties and demand in end-use industries
These pipes are frequently utilised for offshore applications such as brine water transportation, dredging, and gas transportation due to their lightweight qualities and good chemical resistance. Additionally, they are utilised in down hole tubing, transmission of potable water, fire mains, pipelines in chemical and power facilities, and other applications. Other industrial uses for it include water injection, gas transportation, water tubing, sanitary sewers, fire fighting lines, and casing. The major factors expected to drive the market growth are the protuberant demand in end-use industries such as petrochemical & refineries, marine, mining, and hydropower plants.
Susceptible attack of chemicals
Despite having advantageous qualities, GRE pipes eventually lose their flexural strength as they age and become more vulnerable to chemical attacks, which lead to the development of microcracks. These pipes are also more susceptible to impact damage because of their fragile nature, which can lead to material failure. These elements are anticipated to hinder market expansion and provide difficulties for competitors.
The durability and dependability of GRP goods, such as fittings and Amiable pipes, demonstrate their value in terms of company budgets: Because they don't require heavy lifting equipment or on-site welding, GRP goods save time and money. They also often have long maintenance-free service lives, which will act as market drivers and expand favourable chances for the industry's growth rate.
Fluctuation in the cost for raw materials
Fluctuation in raw material costs, resulting in a variance in end-product rates During the forecast period, it is predicted that this factor will restrain the market's expansion for Glass Reinforced Plastics (GRP) piping systems. Furthermore, health-related considerations prevent the usage of GRP plastic. The two most popular techniques utilised in the production of GRP pipes are filament and centrifugal casting winding. The pipe's outside diameter remains constant during centrifugal casting, which results in high-quality products. Additionally, this procedure is not very profitable, thus it is projected that it would slow market expansion.
Due to the COVID-19 epidemic, the global market for glass reinforced epoxy pipes is anticipated to reach USD million in value in 2022 and USD million in 2028, with a CAGR of% throughout the course of the analysis period. Standard GRE Pipe, which in 2021 accounted for% of the global market for Glass Reinforced Epoxy Pipes, is anticipated to reach USD million in value by 2028, rising at a revised% CAGR throughout the post-COVID-19 period, fully taking into account the economic change brought on by this health crisis. While Oil and Gas was the market leader by Application, accounting for over percent of the market in 2021, it changed to an% CAGR during the course of the projected year.
The filament winding is expected to be the largest during the forecast period
Based on the process type, the market is classified into Filament Winding, Centrifugal Casting and Others. In the market for GRE pipes, filament winding continues to be the key manufacturing method of choice. Additionally, the process type dominates the whole market for FRP pipes. The capacity of filament wrapping GRE pipes to endure pressure over 200 bars and temperatures beyond 100 degrees Celsius allows them to meet the criteria for severe environments. The helical filament winding method is used to produce the majority of GRE pipes.
The oil & gas segment is expected to have the highest CAGR during the forecast period
Based on the application, the market is segmented into Oil field, Chemical/Petrochemicals, Water Treatment and Sewage Services and Mining Industry. The oil field segment is futher classified into Brine transmission and desalination, Oil & gas transmission, Fire water/fire protection pipe, Offshore cooling water and drainage and Others. Oil & gas transmission is captured to be more profitable and predicted to record a strong CAGR during the forecast period. The market for GRE pipes is primarily driven by oil and gas products. The oil and gas sector makes substantial use of GRE pipes. GRE pipes are frequently used in refineries, petrochemical plants, oil fields, and transportation of crude oil. Growing urbanisation and infrastructure construction in developing nations present potential for market expansion for GRE pipes.
Region with highest share:
North America is anticipated to hold the highest share during the forecast period. Due to recent advancements in the shale oil field, the area is one of the main exporters of crude oil. Gas and crude oil are transported by GRE pipes. Another prosperous region for the sale of GRE pipes is Asia Pacific. Rapid industrialization and urbanisation are occurring in nations like China, India, Malaysia, and Indonesia. The Asia Pacific region has a sizable petrochemicals industry. This is anticipated to increase demand for GRE pipes in the near future. The market for GRE pipes is extremely lucrative in the Middle East and Africa. Natural resources like coal, oil & gas, and other priceless minerals are abundant in the area. A considerable sum of money is being invested in the development of these resources. Additionally, infrastructure improvements and development in the natural gas field are likely to create opportunities for the GRE pipes market in the near future.
Region with highest CAGR:
The Asia Pacific care management solutions market is one of the fastest-growing regions and also records highest CAGR during the forecast period. Asia-Pacific is expected to dominate the glass reinforced plastics (GRP) pipes market in terms of market share and revenue. This is a result of the region's rising demand for pipes made of glass-reinforced plastic (GRP). China leads the market for glass reinforced plastic (GRP) pipes, which is a result of the region's expanding oil and gas development operations as well as increased government mandates for industrial processing, effluent collection, and recycling.
Key players in the market
Some of the key players profiled in the Glass Reinforced Epoxy (GRE) Pipes Market include Amerplastics, Amiantit Fiberglass Industries Limited, Megha Engineering & Infrastructures Limited, EPP Composites Pvt. Ltd., HOVOY Composite, National Oilwell Varco, Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd., Shawcor Ltd, Kemrock Industry And Exports Limited, Tamdidpipes-Kingdom Of Saudi Arabia, GRE Composites, Smithlinecomposites, Hengrun Group Co., Ltd, NOV Fiber Glass Systems, Saudi Arabian Amiantit Co., iMPREG Group, FIBREX, Future Pipe Industry, Advancedpiping
In November 2019, FSN Capital V, a North European Private Equity firm, signed an agreement to acquire iMPREG Group, a manufacturer of GRP pipe headquartered in Germany.
In March 2017, Diamond Fiberglass, a manufacturer of glass fibre reinforced vessels headquartered in the US, successfully acquired the Fibrex Corporation, a player in GRP pipe business.
Resin Type Covered:
Process Types Covered:
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Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.