GRP piping market revenue by vinyl ester resins will observe the significant gains surpassing CAGR 5% in global industry through 2024. These are less absorbent of water than polyester resins due to a more tightly bonded structure of the side groups and are suitably used in the organic solvent environments.
GRP Piping Market is forecast to reach USD 8 billion by 2024. GRP piping are manufactured from selected resins tailored to offer unique features such as corrosion resistance, light weight, durability and lower temperature properties. These pipes serve as a medium for supplying drinking water, wastewater, chemical processing, agriculture processing, sea water, industrial water, electrical processing, etc. In 2017, approximately 31% of energy used across the globe was met by oil-based fuels. Increased energy demand owing to social & demographic factors and growth of non-conventional natural gas production will drive the demand of GRP piping in oil & gas industry in coming years.
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According to UNESCO in 2015, over 90% sewage was discharged directly into water bodies in emerging economies. Around 2 million tons of sewage and other effluents were drained into the global water bodies in the same year. Such incidences have degraded the water quality and the aquatic ecosystem, triggering the need for water treatment across the world. Government of several countries have been undertaking waste water treatment projects to prevent further water pollution. For instance, in September 2016, European Union and India had signed the memorandum of understanding for water partnership. Main purpose of the memorandum was to give an opportunity to global players for implementing better technologies and resources to treat waste water via the India-EU cooperation. Thus, growing global demand for wastewater treatment will increase the application of glass reinforced plastic piping, propelling higher returns over the next few years.
Portable water segment will also witness growth in forecast period owing to growing consumer awareness regarding sanitation and health related issue from polluted water. Chemical industry also holds significant market share of global glass reinforced plastic piping market and is estimated to grow with rising demand from end-user industry.
Browse key industry insights spread across 407 pages with 371 market data tables & 30 figures & charts from the report, “GRP (Glass Reinforced Plastic) Piping Market Size By Resin (Epoxy, Polyester, Vinyl Ester), By Application (Oil & Gas, Chemicals, Wastewater Treatment, Irrigation, Water Supply), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Poland, Russia, China, Japan, India, Australia, Indonesia, Thailand, Brazil, Mexico, Colombia, Saudi Arabia, UAE, Turkey, Egypt, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
MEA exhibits highest potential in terms of growth rate in overall GRP piping market. Saudi Arabia is one of the leading nation among the region, driven by oil & gas companies majorly concentrated in the region. North America will also witness exponential growth over the years with increase in demand from oil & gas companies.
Global glass reinforced plastic piping market has been led by prominent players for instance, Enduro Composites Inc, Harwal Group, Graphite India Limited, Saudi Arabian Amiantit Company SAAC, Composite Piping Industry LLC (CPI), HOBAS, etc. These companies held a potential market share in 2017 and have diverse products.
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