The new report by Expert Market Research titled, ‘Global Flexible Pipes Market Size, Share, Price, Trends, Growth Report and Forecast 2023-2028’, gives an in-depth analysis of the global flexible pipes market, assessing the market based on its segments like raw material, application, and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 871.2 million
- Forecast CAGR (2022-2027): 4.67%
- Forecast Market Size (2026): USD 1145.6 million
The market for flexible pipes has seen substantial growth due to factors such as the rising demand for flexible pipes as a substitute for traditional pipes. The increased incidence of pipe failure and leakage is driving the adoption of flexible pipes to improve the durability and flexibility of pipes in systems, boosting market growth. Flexible pipe is also useful for piping systems that regulate pressure and prevent subsurface drainage due to its corrosion resistance and strong mechanical strength. This is increasing the demand for flexible pipes in drainage systems in the residential, commercial, and industrial sectors, providing additional impetus to industry growth.
The oil and gas industry’s extensive use of flexible pipes is propelling the market forward. Flexible pipes are ideal for improving operational efficiency in the oil and gas industry because of their simple design and ease of use. They are frequently used to standardise operation and installation systems because they can function efficiently in high pressures, vessel motions, and fluid pressure. Furthermore, the development of innovative, flexible pipes capable of performing efficiently in the difficult operations that are commonly observed in the oil and gas industry is expected to boost industry growth. The growing need for environmentally friendly pipes is accelerating the adoption of flexible polyethylene pipes, which is propelling the market forward.
Flexible Pipes Industry Definition and Major Segments
Flexible pipes are products that may be modified and are made up of multiple layers. Thermoplastic barriers and steel wires are commonly used to improve the corrosion resistance and mechanical strength of pipes. Flexible pipes can be adjusted and customised to meet specific needs, and they are widely used in the oil and gas industry.
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Based on the raw materials, the market is divided into:
- High-Density Polyethylene
- Polyvinylidene fluoride
Based on the application, the industry is divided into:
The regional markets for flexible pipes include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Flexible Pipes Market Trends
The development of innovative flexible pipes to improve system efficiency and functionality is helping to propel the market forward. Furthermore, modern flexible piping technologies make installation and operation easier, reducing the need for expert labour and boosting the flexible pipes industry’s growth. Because of the reliability and durability of innovative flexible pipes, which aid in the development of offshore fields, they are increasingly being embraced by major corporations, which is likely to fuel flexible pipe market expansion.
Furthermore, the flexible pipe system’s lightweight and simple design helps to reduce operating risk while enhancing cost-effectiveness. Furthermore, as a result of the implementation of various stringent government rules and rising safety concerns about workers’ health, the deployment of flexible pipes to detect potential assets is soaring, which is expected to fuel the flexible pipes industry’s growth in the upcoming years.
Key Market Players
The major players in the market are National Oilwell Varco, Inc., Baker Hughes Company, Magma Global Ltd., FlexSteel Pipeline Technologies, Inc., Shawcor Ltd., among others.
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