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Flexible Pipes Market-Latest Trends, Forecast, and Opportunity Analysis

 


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The market for flexible pipes is likely to be prosperous in the coming years with significant growth opportunities in the entire market value chain. It is estimated that the global flexible pipes market is likely to recover in the coming years and will register a healthy CAGR of 5.3% during the forecast period. Recovery of oil & gas activities across regions coupled with an increasing acceptance of flexible pipes in various applications is the factor proliferating the growth of the market, owing to their cost effectiveness and superior performance than steel pipes. Additionally, the introduction of stringent government regulations is further propelling the demand for flexible pipes. As per Baker Hughes estimates, the worldwide rig count grew by 27.3% from the last year to reach an average of 2,029 rig counts in 2017.

A flexible pipe is a hollow structure designed to transfer fluids or liquids from one location to another. It is widely used in offshore and onshore oil and gas exploration as well as in production process. Technological advancements are serving the evolution of flexible pipes. Corrosion is one of the major downsides allied with metal piping systems. It ensures both inside and outside the pipe; thus, significantly impeding the hydraulic efficiency. HDPE pipes do not corrode or rust and are unaffected by any biological growth, thus, offering extended service life and continuing cost savings. Flexible pipes are widely used for conveying liquids and fluids, such as crude oil. They can operate even under high pressure and temperature conditions.

Insights By Raw Material Type:

Based on the raw material type, the flexible pipe market is segmented as HDPE, PA, PVDF, and Others. HDPE currently dominates the market and is expected to remain the most dominant segment over the next five years. The material type is also likely to be the fastest-growing segment during the forecast period of 2018 to 2023, propelled by its cost-effectiveness and outstanding physical properties.

Insights By Application Type:

Based on the application type, the flexible pipes market is segmented as offshore and onshore applications. Offshore applications dominate the market and are expected to maintain its dominance over the next five years as well. The application type is also likely to witness the higher growth over the next five years, propelled by a host of factors including an increased acceptance in various applications, such as risers, as well as increasing penetration in deep-water, ultra-water, and subsea applications.

Insights By Region:

Based on regions, North America is expected to remain the largest market for flexible pipes during the forecast period. Recovering oil & gas exploration activities is the major factor behind the dominance of the region in the market. Technological advancements in horizontal and pad drilling along with the richness of shale oil and gas are the other factors powering the growth of the global flexible pipes market in the region. The region is likely to be the fastest-growing market during the forecast period as well.

The Middle East & Africa, the second largest market, is expected to maintain its dominance in the coming five years, driven by Saudi Arabia, the UAE, and Nigeria. Recovering oil & gas activities in the region is primarily driving the demand for flexible pipes in the coming years.

The supply chain of this market comprises raw material suppliers, flexible pipes manufacturers, distributors, and oil & gas companies. Some of the key flexible pipe manufacturers are National Oilwell Varco, Inc. , GE Oil & Gas Corporation, Magma Global Ltd. , FlexSteel Pipeline Technologies, Inc. , Shawcor Ltd. , Pipelife Nederland B. V. , Airborne Oil & Gas B. V. , Technip FMC Plc. , Prysmian Group, and ContiTech AG. The development of advanced products and formation of mergers & acquisitions are the major strategies adopted by the major players in order to remain competitive and to quickly gain the market share.

Source- https://stratviewresearch.com/362/Flexible-Pipes-Market.html

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