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Asia Pacific FRP Pipe Market | Covid-19 Impact Analysis
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s FRP pipe market realities and future market possibilities in Asia-Pacific for the forecast period of 2021 to 2026. After a continuous interest in our global FRP pipe market report, we have attenuated our research focus on the Asia-Pacific’s FRP pipe market, a market with undiscovered potential. The report estimates the short- as well as long-term repercussions of the COVID-19 pandemic on the demand for FRP pipes at the regional as well as country-level. Also, the report provides the possible loss that the industry will register by comparing pre-COVID and post-COVID scenario. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of low-hanging fruits available in the market as well as formulate growth strategies.
Asia-Pacific’s FRP Pipe Market: Overview
FRP (fiberglass-reinforced plastic) pipes have a brilliant journey over the eons and have undoubtedly emerged as one of the most promising alternatives of steel and aluminum pipes. FRP pipes offer a long list of benefits over their counterparts including 75% lower weight than steel pipes, the most prevailed type across industries. The lower weight of FRP pipes allows companies to quickly install pipes, substantially reducing the overall installation cost. Furthermore, FRP pipes have low thermal insulating property; only about 1/100 to 1/1000 that of traditional steel, which means they effectively maintain the temperature of liquids inside the pipe.
Additionally, these pipes feature superior design ability; hence, can be fabricated in various designs for different applications. Other noticeable advantages are easy to repair, low maintenance cost, corrosion resistance, and easy to handle. The non-toxicity property of FRP pipes is considered an ideal for potable water application. They are also extremely aging resistant and can withstand years of outdoor usage and can service for years without compromising their safety factor while maintaining 1.8 times of its pressure class.
Impact of COVID-19 on the Asia-Pacific FRP Pipe Market
The Pandemic caused a severe blow in the demand for composite materials, especially in the second quarter of 2020. All the major markets for composite materials including transportation, aerospace, construction, and pipe & tank are recording unrecoverable dent in their growth trajectory with huge short-term as well as long-term repercussions.
Among all regions, Asia-Pacific is estimated to mark the least decline in the wake of the Pandemic followed by the quickest recovery, forming an overall V-shaped recovery. It is also estimated that there will be sequential growth till 2026 in most of its major markets, translating into the overall CAGR of 5.6% during 2021-2026, highest among all the regions.
Asia-Pacific’s FRP Pipe Market Share Analysis
Industrial is Estimated to Maintain its Leading Position in the Region’s FRP Pipe Market
Based on the application type, the market is segmented as oil & gas, industrial, water/wastewater, and marine & offshore. The industrial segment is further bifurcated into chemical, power & desalination plants, and others. Analogously, water/wastewater into sewer & stormwater, water transmission & distribution, drainage, and others, and marine & offshore into marine and offshore.
Industrial occupies the lion’s share of the region’s market for FRP pipes and is estimated to maintain its leading position in the years to come. Chemical plants are the major demand generators of FRP pipes in the region, followed by power & desalination plants. Water/wastewater is another major application of FRP pipes in the region. High investment in water/wastewater infrastructure of the major economies, such as China and India, is propelling the growth shafts of FRP pipes in the region. The region’s market is considered to be fiercely competitive with the presence of over 100 companies in the region to serve both local as well as export markets.
Polyester is the Most Dominant Resin Type
Based on the resin type, the market is classified as polyester, vinyl ester, and epoxy. Polyester is likely to remain its unassailable dominance in the Asia-Pacific’s FRP pipe market during the forecast period. The Asian FRP pipe is fiercely competitive where cost plays a crucial role in the selection of material as well as suppliers. Polyester resin is considered an ideal material for the fabrication of FRP pipes in the major markets, especially China and India, mainly because of its lower cost than epoxy and vinyl esters and adequate mechanical properties. Vinyl ester and epoxy resins are increasingly gaining ground in the region’s market.
Filament Winding is the Most Dominant Manufacturing Process Type
Based on the manufacturing process type, the market is classified as filament winding, centrifugal casting, hand lay-up, spray lay-up, and others. Filament winding is likely to remain the most dominant as well as the fastest-growing manufacturing process in the Asia-Pacific’s FRP pipe market during the forecast period. There is also a huge dominance of hand layup and spray layup processes, solely because of their low equipment cost. However, there has been an incessant shift from the open mold process to the filament winding process in the region’s FRP pipe market.
China Will Continue Maintaining its Leading Position in the Region.
Among major markets for FRP pipes in the region, China is estimated to log the minimal losses with the country already started showing an early sign of market recovery. The country is also likely to substantiate its position in the global marketplace in the years to come. Also, several Chinese FRP manufacturers are increasingly focusing on the export to the matured markets. Also, a rise in the awareness level of governments about the FRP pipe benefits, such as durable, excellent corrosion resistance, longer life, low maintenance cost, high-pressure resistance, etc. over traditional ones is further pushing the demand for FRP pipes in the country.
India currently has a very low penetration of FRP with a huge reliance on traditional pipes. However, the past ten years had been brilliant for the FRP pipe market participants, recording a gradual transition from metal and cement pipes to FRP pipes in various applications. Industrial and water/wastewater prove to be the biggest growth engines for FRP pipes in India. Aging pipeline infrastructure and expansion of the pipeline network assure the future growth potential of FRP pipes in the country.
The supply chain of this market comprises raw material suppliers, FRP pipe manufacturers, and end-use industries. The key players in the market are Amiantit Fiberglass Industries Limited, EPP Composites Pvt. Ltd., Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd., Future Pipe Industries, Graphite India Limited, Hengrun Group Co. Ltd., Hanwei Energy Services Corp., Reliance Composites, HOVOY Composite, and SUZHOU JIUMEI FIBER GLASS Co, Ltd.
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all three countries and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The Asia-Pacific’s FRP pipe market is segmented into the following categories.
Asia-Pacific’s FRP Pipe Market, By Application Type
Asia-Pacific’s FRP Pipe Market, By Resin Type
Asia-Pacific’s FRP Pipe Market, By Diameter Type
Asia-Pacific’s FRP Pipe Market, By Manufacturing Process Type
Asia-Pacific’s FRP Pipe Market, By Pressure Rating Type
Asia-Pacific’s FRP Pipe Market, By Country
Report Customization Options
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