According to a new research report by Global Market Insights Inc., the Glass Reinforced Plastic (GRP) Piping Market size will exceed USD 7.27 billion by 2027. Rapid industrialization in Asia Pacific will escalate glass reinforced plastic piping demand in the near future.
Increasing sustainable trends in water transmission will influence market growth
Rapid urbanization and growing working-class population, especially in developing nations, are major factors driving the utility sector. Advancements in wastewater treatment technology and stringent effluent dumping laws have escalated the installation of GRP piping. Rising popularity of GRP piping due to its superior lightweight and anti-corrosion properties over a wide pH range has increased its substitution with traditional iron, steel, and concrete pipes. These reinforced pipes are highly durable and offer an extended shelf life.
The glass reinforced plastic piping market is witnessing an increasing utility of GRP piping in the power generation sector such as nuclear and hydroelectric power plants due to its easy installation, excellent hydraulic flow characteristics, high longitudinal compressive loads, and visual inspection friendliness. The installation of real-time monitoring systems in GRP pipes enables enhanced water management leakage detection. These composite pipes weigh only 1/4th of ductile iron pipes, resulting in cost efficiency in installation, handling, transportation, nesting, etc., thereby reducing carbon footprints.
Glass reinforced plastic pipes are not easy to recycle due to their multi-phase nature as they involve multiple components including fiber reinforcement, resin matrix, and fillers. The recycling technologies that are used to resolve this issue have not been proved economically viable.
The GRP piping industry is subjected to several social microeconomic factors such as climate change & the public demand for sustainable development, volatility in the labor markets, and the emergence of complex value chains, and offshoring. However, the market for glass reinforced plastic piping is anticipated to increase with the ever-growing need for energy and water resources.
Rising installation of GRP piping in remarkable projects including Ras Al-Khair, Saudi Arabia desalination plant, and Aydin Kocarli-Bagarasi Irrigation Project will escalate product consumption in the coming years. The industry exhibits a medium degree of forwarding integration as some manufacturers are engaged in distribution. Companies including Saudi Arabian Amiantit Company, SUPERLIT, FIBREX, and Harwal Group have strong distribution channels and a geographical presence across the entire value chain of glass reinforced plastic piping.
Growing awareness of operational cost-saving benefits offered by GRP piping in the Asia manufacturing industry will create lucrative opportunities for industry players. Several multinational corporations are relocating their manufacturing base to harness potential resources and to register their presence in the Asia market. Increasing global trade activities, a high influx of foreign investments, and rapid urbanization will escalate the glass reinforced plastic piping market consumption in the region.
Browse key industry insights spread across 320 pages with 371 market data tables & 30 figures & charts from the report, “Glass Reinforced Plastic (GRP) Piping Market Size, By Resin (Epoxy, Polyester, Vinyl Ester), By Application (Oil & Gas, Chemicals, Wastewater Treatment, Irrigation, Water Supply), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The ongoing COVID-19 crisis has disrupted the entire supply chain network, ranging from raw material procurement to final product delivery to end-users in the overall industry. A steep decline in production capacity due to the implementation of lockdown in the top G7 nations has shrunken product demand during the period. A decline in sales with a wide demand-supply gap of raw materials will adversely impact the glass reinforced plastic piping market share. Moreover, the market will face several technological and social restraints related to recycling thermoset composite wastes over the forecast timespan.
Vinyl ester resin to acquire a high growth rate in the GRP piping industry
The vinyl ester resin segment will hold a revenue of USD 1.12 billion in the overall market by 2027. These resins are gaining popularity in the industrial sector, such as metal production, chemical plants, and Flue-Gas Desulfurization (FGD), owing to their resistance to UV radiation, temperature stability, and the ability to withstand harsh environmental conditions. Vinyl ester resin imparts flame-retardant properties to composites, making it an ideal choice in the petrochemical industry.
The oil & gas industry will exhibit promising growth
The oil & gas application segment held a market share of over 38.6% in 2020 and will grow at a stable growth rate of 4.5% through 2027. Escalating shale gas exploration & production activities along with the stability in hydrocarbon prices will accelerate onshore operations. The revelation of new hydrocarbon reserves and the initiation of several halted projects will propel product demand. Increasing energy demand owing to social & demographic factors and the growth of non-conventional natural gas production will drive the glass reinforced plastic piping market growth in the oil & gas sector in the coming years.
Proliferating industrial manufacturing will create growth opportunities in North America
North America is projected to account for a significant market share of 26.5% in the overall market by 2027. The region is witnessing a strong demand for sustainable energy. North America has a strong presence of oil & gas reserves. The region accounts for 6% of the global natural gas deposit and over 14% of the world’s crude oil reserve, which will increase exploration activities and spur the glass reinforced plastic piping market sales. Continuous technological advancements in manufacturing plants to develop new processes and increase operational efficiencies have led to the popularity of reinforced composite piping technology in the region.
Research & innovation resulting in new product development will increase market competitiveness
The glass reinforced plastic piping industry is fragmented with major players contributing close to 50% share in the overall market. Some of the major players in the competitive landscape include Saudi Arabian Amiantit Company, HOBAS, Fibrex, and Plasticon Composites. Joint ventures, geographical expansion, and new product launches are the prime strategies to achieve a competitive edge and strengthen the foothold in the market.
In 2018, HOBAS commercially launched a new product line of GRP pipes equipped with an extremely durable protective layer composed of PU resin with customizable thickness. This special layer was designed by the company to make pipes extremely resistant to impacts, abrasion, chemical attack, and corrosion.