Report: Fiberglass Pipe Market to Exceed $6 Billion by 2025
9/21/2017
The global fiberglass pipes market is expected to grow to $6.19 billion by 2025, according to a new report by Grand View Research, Inc.
Reasons for the projected growth include:
- Robust growth in Asia Pacific’s shipping industry
- Increasing demand from the oil & gas, chemicals and irrigation industries, as pipes are exposed to various harsh environments during the transportation of natural gas and water supplies
Other key findings include:
- GRE pipe, an epoxy resin reinforced composite pipe, represented the largest fiberglass pipe segment in 2016 and is anticipated to grow at a rate of 5.3% over the forecast period due to an increasing need for pipes low in weight and possessing superior properties. GRE pipe revenue in the Asia Pacific region is expected to reach $1.44 billion by 2025.
- The GRP pipe segment is projected to experience the fastest growth in terms of value at a CAGR of 6.2% from 2017 to 2025, due to such characteristics as excellent degree of swelling, non-embrittlement, and water resistance. Growing infrastructural development activities in emerging economies are also expected to augment this growth.
- The oil & gas industry emerged as the largest end-use segment in terms of revenue in 2016 and is estimated to reach $2.41 billion by 2025.
- The U.S. fiberglass pipes market was valued at $562.9 million in 2016 and is estimated to reach $816.6 million by 2025.
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