Thermoplastic Pipe Market to Expand at a CAGR of ~5% Assessment for the Driving Factors, Size, Revenue, Segments, Expansion, Demand, and Opportunities During 2023-2035

Thermoplastic Pipe Market

Global Thermoplastic Pipe Market Key Insights 

During the forecast period of 2023-2035, the global thermoplastic pipe market is expected to reach an estimated value of ~USD 10 billion by 2035, by expanding at a CAGR of ~5%. The market further generated a revenue of ~USD 3 billion in the year 2022. Major key factors propelling the growth of thermoplastic pipe market worldwide are the growing demand for corrosion resistant pipelines, and rising use of thermoplastic pipes in treatment of waste water.

Market Definition of Thermoplastic Pipe

Thermoplastic pipes are made of a polymer substance that has been chemically altered and extensively produced from plants. In contrast to metal pipes, these pipes do not rust and require less maintenance, thus they are becoming more and more popular in the oil and gas extraction industry. The pipes serve as a crucial substitute across many piping and plumbing solutions owing to several benefits, in addition to preventing corrosion. High-density polyethylene (HDPE), polypropylene (PP), poly (vinyl chloride) (PVC), and polystyrene are a few of the most significant thermoplastics. These polymers have a wide range of potential structural uses, including wire and light-duty utility.

Global Thermoplastic Pipe Market: Growth Drivers 

The growth of the global thermoplastic pipe market can majorly be attributed to the growing focus in generating renewable energy. Renewable energy sources, such as hydropower, solar, and wind power, account for about 30% of the world’s electricity. By 2030, renewables would supply more than 60% of the increase in energy demand and make up 35% of the electricity mix, with solar PV accounting for more than 15%. Hence to satisfy the growing demand the renewable energy is stored with the help of hydrogen energy storage. Renewable energy generation, such as wind and solar, with integrated hydrogen production necessitates further offshore and onshore hydrogen transport. Hence owing to this the preference for thermoplastic pipes are expected to boost has they have greater adaptability, flexibility, and lightness. Additionally, the growing production of oil and gas is also estimated to drive the growth of the market. For instance, as of June 2021, the U.S. Energy Information Administration reported that the average amount of new-well oil produced per rig was 1,029 barrels/day. For new-well gas, the volume was 1,031 barrels/day. This thermoplastic pipes could withstand extreme conditions and are corrosion free, hence its popularity in oil and gas industry is growing.

Global Thermoplastic Pipe Market: Restraining Factor 

In the oil and gas industry, interior linings made of thermoplastic pipes are employed as a new anti-corrosion tactic. Thermostatic pipes are, however, innately vulnerable to slow degradation from creep, fatigue, penetration, processing flaws, and improper installation. Additionally, the mechanical properties of thermoplastic pipe are more susceptible to changes in temperature and particular conditions, which would also reduce their ability to withstand fracture as loading durations increases. Hence the nature of thermoplastic pipe is estimated to hinder the growth of the market.

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Global Thermoplastic Pipe Market Segmentation   

  • By Type (Thermoplastic Composite Pipe [TCP], and Reinforced Thermoplastic Pipe [RTP])
  • By Polymer Type (PVC, PVDF, PP, PE, and Others)
  • By Application (Oil & Gas, Municipal, Mining, Chemical, and Others)

The oil & gas segment is anticipated to hold the highest share over the forecast period. The growth of this segment can be attributed to growing usage of thermoplastic in oil & gas industry. There has been growth in production of oil and gas which is expected to boost the growth of this segment further boosting the market growth. For instance, in 2021, there were 89.9 million barrels of oil produced daily globally. Further, the oil and gas industry spends USD 1.37 billion annually to repair pipeline corrosion, a cost that is increasing as a result of metal pipes and higher recovery rates from older fields. Hence to reduce this cost, industries are expected to replace steel pipes with thermoplastic pipes owing to its resistivity.

  • By Region

The Asia Pacific thermoplastic pipe market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions, backed by growing population, rising water and energy demand, and the surge in growth of urbanization in the region. The International Energy Agency estimates that Southeast Asia’s overall energy demand has increased by more than 80% since 2000. Every year, the region’s electricity demand rises by 6%. Further, by 2040, Southeast Asia’s total energy demand would be increased by 60%.

The market research report on global thermoplastic pipe also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa). 

Key Market Players Featured in the Global Thermoplastic Pipe Market 

Some of the key players of the global thermoplastic pipe market are Advanced Drainage Systems Inc., Georg Fischer Piping Systems Ltd., Chevron Phillips Chemical Company, IPEX Inc., Airborne Oil & Gas B.V., Pipelife Nederland BV, Future Pipe Industries, Master Tech Company FZC, AMIANTIT Service GmbH, Prysmian Group, and others. 

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