GRP Pipes Market To Witness Tremendous Growth During Forecast Period 2021-2028
Research Reports
May 24, 2022
Market Overview:
In addition, the global GRP pipes market has been expected to increase at a CAGR of 5%, with a value of USD 6552.1 billion over the estimated forecast year of 2022-2028.
Fiberglass refers to a reinforced plastic material made from glass fibers embedded in a resin matrix. It is widely available in glass wool, direct and assembled roving, yarn, chopped strand, flattened sheets, etc. Fiberglass is lightweight, cost-effective, corrosion-resistant, durable, and provides high electrical insulation. It is widely adopted over conventional materials, such as aluminum and steel, based on improved energy efficiency and ecological sustainability. As a result, fiberglass finds extensive applications across diverse industries, such as construction, aerospace, defense, electronics, etc.
With rising environmental concerns, there is an increasing demand for lightweight composite materials to reduce carbon footprints across numerous industries. Moreover, the growing construction of smart infrastructures is also propelling the adoption of fiberglass for controlling overheating and maintaining room temperature. In line with this, several government bodies across the globe are increasingly investing in the sustainable development of green and energy-efficient buildings, thereby catalyzing the demand for fiberglass. Additionally, the rising number of refurbishment and remodeling activities has led to replacing conventional building materials with fiberglass in floor coverings, walls, windows, panels, etc., to provide better insulation and enhanced structural stability. Apart from this, significant growth in the renewable energy sector is further bolstering the product demand for manufacturing various electrical equipment to harness clean and safe energy sources, such as wind and tidal.
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Market Segmentation:
According to the latest GRP pipes market report, the market has been segmented into resin, end-use industry, and regional analysis. The market has been classified into four sections with the resin section: epoxy, polyester, vinyl ester, and others. With the end-use industry, the global market has been segmented into oil and gas, sewage, chemicals, irrigation, wastewater treatment, water supply, and others. According to the regional analysis, the market is divided into five sections: Asia-pacific, Europe, North America, South America, and the Middle East & Africa.
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Regional Analysis:
The Asia-Pacific region represents the largest GRP pipes market and is also forecasted to be the fastest-growing GRP pipes 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, due 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 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 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, the country’s chemical sector 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 the Asia-Pacific region is also expected to increase over the forecast period.
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Industrial News:
The global GRP pipes market is partially fragmented in nature. The major companies are Future Pipe Industries, Chemical Process Piping Pvt. Ltd., Graphite India Limited, Saudi Arabian Amiantit Co., and National Oilwell Varco.
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