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Oil & Gas 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 oil & gas FRP pipe market realities and future market possibilities for the forecast period of 2021 to 2026. After a continuous interest in our paragon reports on the FRP Pipe market, FRP Tank market, GRE Pipe market, and GRP Pipe market, we have come up with another comprehensive study on the OIL & GAS FRP PIPE market, one of the high-value markets in the FRP Pipe & Tank family. The report estimates the short- as well as long-term repercussions of the COVID-19 pandemic on the demand for oil & gas FRP pipe market at the global-, 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.
Oil & Gas FRP Pipe Market: Highlights
In the oil & gas industry, GRE pipes are used in a multitude of applications including flow lines/injection lines, transfer lines, fire water lines, high-pressure CO2 and saltwater injection lines, light chemical lines, tank battery pipes, downhole tubing, and casing liners. FRP pipes offer a pool of advantages, such as lightweight, durability, corrosion resistance, chemical resistance, high level of stiffness, freedom of design, and low maintenance & installation cost, over their archrivals. Ultra-deep drilling and hydraulic fracturing require corrosion-resistant, lightweight, and high-strength solution. FRP pipes provide a longer lifespan and minimize the need for buoyancy in these applications. FRP pipes are preferred in natural gas distribution as they are easy to install and allow long pipe network installation.
World energy demand continues to rise in the long run with increased exploration and production activities in both, onshore and offshore. The non-corrosive characteristic of FRP piping systems positions them as the materials of choice for efficient fluid transportation in a wide range of applications in all pressures, temperatures, and mediums.
Impact of COVID-19 on the Oil & Gas FRP Pipe Market
The pandemic has taken all the major end-use industries in its clutch with the oil & gas industry is proving to be its biggest prey. A significant decline in oil prices aggravated the oil price war between two major countries. Later, all the major oil-producing countries had no option except to curtail the production of crude oil and natural gas. Also, such trends are severely affecting future expenditure on oil & gas extraction and production projects.
The impact of such trends is also being noticed on the demand for FRP pipes in the oil & gas industry. It is estimated that the demand for FRP pipes in the industry will plunge by a double-digit rate in the year 2020 in the wake of the pandemic, taking the market well below its 2015-market value. The recovery will take place from 2021 onwards, help the market stakeholders to quickly heal the loss endured because of the pandemic. Overall, the oil & gas FRP pipe market is estimated to rebound at a healthy pace (5.1% CAGR) over the next five years.
Oil & Gas FRP Pipe Market Share Analysis
Flow Line is the Most Dominant Application Type
Based on the application type, the market is segmented as flow lines, downhole tubing and well casing, transmission lines, and others. Flowline is likely to remain the most dominant application in the market during the forecast period. The oil industry stakeholders are increasingly relying on water injection to maintain production levels. As flow rates and injection pressures increase so do the corrosion and erosion challenges. GRE pipe being non-corrosive making it ideal for use in these applications.
Epoxy Remains the Apple of Choice in the Market.
Based on the resin type, the market is classified as epoxy resin and other resins. The epoxy (GRE pipe) segment is further bifurcated into based on the curing agent type as aliphatic Amine, aromatic Amine, and anhydride. Epoxy is estimated to remain the dominant resin system in the market in the coming five years. GRE pipes have a high chemical and corrosion resistance as well as excellent mechanical, physical, and thermal properties. GRE pipes are capable to handle high pressure & temperature and resist corrosion caused by CO2, H2S, and saltwater, making them a preferred choice in oil & gas application.
Filament Winding is the Most Dominant Manufacturing Process Type
Based on the manufacturing process type, the market is classified as filament winding, centrifugal casting, and others. The filament winding process is estimated to remain the most dominant manufacturing process in the market during the forecast period. The filament winding process allows continuous fiber reinforcement in the circumferential direction of the pressure pipe where the principal stress applies, resulting in high-performing product development at a lower cost. All the major FRP pipe manufacturers are increasingly relying on the filament winding technology to fabricate FRP pipes.
Asia-Pacific will maintain its leading position
In terms of region, North America is projected to remain the largest market during the forecast period with the presence of several FRP pipe manufacturers in the region. The COVID-19 outbreak has significantly curtailed the oil demand, which in turn may affect the expenditure of exploration and production in the coming years.
The USA will maintain its leading position in North America in the coming years. As of February 2020, there were 50,000 miles of oil & gas pipeline under construction globally, out of which 19,709 miles in Asia-Pacific and 17,716 miles in the USA. So, the USA and Asia-Pacific accounted for over 75% (37,000 miles) of activity.
Asia-Pacific is likely to heal up with the fastest pace in the post-pandemic market developments. China is estimated to maintain its leading position in Asia-Pacific in the years to come. Currently, the demand for GRE pipes in the Indian oil & gas industry is negligible but is estimated to grow with leaps and bounds in the coming years.
The supply chain of this market comprises raw material suppliers, FRP Pipe manufacturers, distributors, and end-users. The key players in the market are Amiantit Fiberglass Industries Limited, EPP Composites Pvt. Ltd, Farassan Man. & Ind. Company, Daqing Harvest Longwall High Pressure FRP Co., Ltd., Future Pipe Industries, HOVOY Composite, Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd., National Oilwell Varco, and SUZHOU JIUMEI FIBER GLASS Co., Ltd.
Key strategic alliance in the market:
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 Oil & Gas FRP Pipe market is segmented into the following categories.
Oil & Gas FRP Pipe Market, By Application Type
Oil & Gas FRP Pipe Market, By Pipe Diameter Type
Oil & Gas FRP Pipe Market, By Pressure Type
Oil & Gas FRP Pipe Market, By Resin Type
Oil & Gas FRP Pipe Market, By Manufacturing Process Type
Oil & Gas FRP Pipe Market, By Region
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
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