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North American GRP Piping Market revenue to reach $1.9 Bn by 2027
Published Date: 2021-04-07
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North American GRP Piping Market size is expected to cross USD 1.9 billion by 2027, according to a latest forecast report by Graphical Research. Rising shale gas production in the United States and an increasing number of fresh and wastewater treatment projects are anticipated to propel the market size.
The increasing investments in wastewater treatment technology and strict government regulations governing effluent dumping practices are significantly driving GRP pipes installations across the region. Additionally, the high urbanization rate and increasing population of working-class people, especially in evolving economies are driving the growth of the utility sector. An increasing number of industries are substituting GRP pipes with traditional material, such as concrete, steel, and iron pipes. The transition is majorly supported by superior characteristics of these pipes, including lightweight material, strength, durability, anti-corrosion properties, and product stability over a wide pH range.
North America has been experiencing strong sustainable energy demand. Also, it holds a key position in the global oil & gas market and produces large volumes of hydrocarbons every year. It is estimated that the region consists of 6 percent of the world’s natural gas deposits and more than 14 percent of the global crude oil reserves. This is certain to boost exploration activities in North America and augment the demand for Glasfiber reinforced plastic pipes in the coming years.
On the other hand, the GR piping market observed a decline in consumption owing to the outbreak of COVID-19 disease around the world. The health crisis disrupted the industrial supply chain and negatively impacted the production schedules. A downfall in the demand along with a wide demand-supply gap plummeted the market revenue in 2020.
Browse detailed statistical insights from the report, “North America GRP Piping Market Size By Application (Wastewater, Chemicals, Oil & Gas, Water supply, Irrigation, Others), By Resin (Vinyl Ester, Polyester, Epoxy, Others), Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 – 2027” along with the table of contents (ToC) @
The vinyl ester resin segment is set to observe around 4.1% growth rate between 2021 and 2027. Resin properties, such as temperature stability, ability to endure extreme environmental conditions, and resistance to UV radiation are significantly driving product demand from several industries, including metal production, Flue-Gas Desulfurization (FGD), and chemical manufacturing plants.
Product applications in the oil & gas industry to obtain more than 38% of the portion in the North American GRP piping market attributed to increasing hydrocarbon exploration activities and surging oil & gas production owing to modern methods, such as hydraulic fracturing and horizontal drilling are catalyzing the market expansion. Accelerating energy demand driven by several demographic and social factors coupled with rising consumption of natural gas as a vehicle fuel is likely to augment the need for GRP pipes in the oil & gas sector over the foreseeable future.
The growing awareness of cost-saving benefits associated with the GRP pipe manufacturing process is attracting an escalating number of manufacturers in the market. Some of the key players include Enduro Composites, Inc., Future Pipe Industries, HOBAS, Hanwei Energy Services Corp., Harwal Group, Composite Pipes Industry LLC, Industrial Plastic Systems, FIBREX, and Karon Engineering Ltd.
The North American GRP piping market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2016 to 2027 for the following segments:
North America Market, By Resin
- Vinyl Ester
North America Market, By Application
- Oil & Gas
- Water supply
The above information has been provided for the following countries:
- North America