Technological advancements in drilling activities drive the growth of the global flexible pipe market
PORTLAND, Oregon, July 7, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Global Flexible Pipes Market by Raw Material (High-density Polyethylene, Polyamide, Polyvinylidene Fluoride, and Others) and Application (Onshore and Offshore): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global flexible pipe industry was pegged at $0.8 billion in 2019, and is projected to reach $1.2 billion by 2027, growing at a CAGR of 4.7% from 2020 to 2027.
Drivers, opportunities, and restraints:
Technological advancements in drilling activities drive the growth of the global flexible pipe market. However, stringent regulation in the oil & gas industry hampers the market. On the contrary, surge in exploration of horizontal wells is expected to create lucrative opportunities for the market players in the coming future.
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COVID-19 scenario: The outbreak of COVID-19 has greatly affected the global flexible pipe market.
HDPE segment dominated the market:
By raw material, the HDPE segment held the largest share in 2019, accounting for nearly two-fifths of the global flexible pipe market. However, the PVDF segment is projected to register the highest CAGR of 5.1% during the forecast period, as it has the characteristic stability of fluoropolymers when exposed to harsh thermal, chemical, and ultraviolet environments while retaining the properties of a conventional thermoplastic material.
Onshore segment to garner highest CAGR through 2027:
By application, the onshore segment is projected to portray the highest CAGR of 4.7% during the study period, due to high demand for flexible pipe in onshore extraction and processing activities that involves several flammable gases, chemicals, and materials. However, the offshore segment held the largest share in 2019, contributing to more than half of the global flexible pipe market. Flexible pipe helps in drilling activities in water which makes it reliable and safe choice in offshore applications.
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North America held largest share:
By region, the global flexible pipe market across North America held the lion's share in 2019, accounting for more than one-third of the market, owing to presence of large number of corporations in the region and creased activities in oil & gas industry and energy transmission. However, the market across Asia-Pacific is anticipated to register the highest CAGR of 5.1% during the forecast period, due to expansion in the oil and gas industry and highest number of patents files by countries such as China, Japan, Australia, and South Korea.
Major market players
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