The flexible pipe market is on a strong growth trajectory, rising from $1.11 billion in 2023 to $1.17 billion in 2024, reflecting a CAGR of 5.2%. Factors contributing to this growth include the expansion of the oil and gas industry and compliance with environmental regulations. Looking ahead, the market is projected to reach $1.44 billion by 2028, with a CAGR of 5.3%. Trends include customization, integration of subsea systems, and the adoption of smart pipe technologies.
Major Driver In The Flexible Pipe Market
The surge in demand for oil and gas is a driving force behind the flexible pipe market's growth. Oil and gas, essential fuels extracted from the earth's surface, necessitate the use of flexible pipes in the industry to address technical requirements and overcome geometric constraints related to water. Notably, a report from the Australian Petroleum Production and Exploration Association in 2021 revealed that in 2020, Australia's petroleum liquids output experienced a modest increase, reaching 169 million barrels, marking a 2% rise from the previous year. Additionally, a report by the Petroleum Planning & Analysis Cell (Ministry of Petroleum & Natural Gas) in May 2021 highlighted a 15.5% increase in petroleum product production compared to May 2020, following a 30.9% surge in April 2021. Consequently, the escalating demand for oil and gas is set to drive the flexible pipe market's growth. It is imperative to consider the market size for the years 2023, 2024, and 2028 to gain a comprehensive understanding of the industry's trajectory.
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Flexible Pipe Market Competitive Landscape
PT Elnusa Tbk, Continental AG, Schlumberger Limited, FlexEnergy LLC, Flexitech Group, Baker Hughes, Evonik Industries AG, Prysmian Group, Solvay S.A., DuPont de Nemours Inc., Saipem S.p.A., NOV Inc., National Oilwell Varco, TechnipFMC plc, Wienerberger AG, Wavin B.V., Cosmoplast Industrial Company LLC, Shawcor Ltd, SoluForce, FlexSteel Pipe, Flexfab Horizons International, Magma Global Ltd, GE Oil & Gas Corporation, Chevron Phillips Chemical LLC, Strohm B.V., The ContiTech Group, Airborne Oil & Gas B.V., Pipelife Nederland B.V., Petromaroc Corporation PLC, Flexmaster Joint Kit Pvt. Ltd.
Key Flexible Pipe Market Trend
Innovation is a significant trend in the flexible pipe market. Leading companies are developing new products to maintain their market presence. For example, in January 2021, Baker Hughes, a U.S.-based manufacturer, released its next-generation onshore composite flexible pipe. This lightweight product improves upon traditional flowlines and pipelines by addressing corrosion and cost issues associated with steel pipes, offering an eco-friendly alternative and reducing installation costs by over 20%.
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Flexible Pipe Market Segmentation
The flexible pipe market covered in this report is segmented –
1) By Raw Material: High-density Polyethylene, Polyamides, Polyvinylidene Fluoride, Other Raw Materials
2) By Application: Offshore, On shore
3) By End Use Industry: Oil and Gas, Water Treatment Plants, Chemical and Petrochemicals, Mining, Pharmaceuticals, Food and Beverages, Other End-Use Industries
By Geography:The regions covered in the flexible pipe market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the flexible pipes market share in 2023.
The Flexible Pipe Global Market Report 2024 furnishes information about the global flexible pipe market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
