Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Fiberglass Pipes Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The fiberglass pipes market's historic growth has propelled the value to a milestone figure of $5 billion in 2023, expected to escalate to $5.32 billion in 2024. This solid growth trajectory represents a promising compound annual growth rate (CAGR) of 6.5%.
The global market for fiberglass pipes is witnessing a robust expansion with anticipations for continued advancement, backed by strategic developments across various industry verticals. Growth drivers include enhanced adoption in the oil and gas sector and infrastructural investments augmenting the industry dynamics.
The industry's evolution can be credited to multiple factors such as the oil and gas industry's rising demand, the superior attributes of fiberglass pipes including corrosion resistance, lightweight conception, durability, chemical resistance, and low thermal conductivity.
Looking ahead, the market is poised for further expansion, with projections indicating a rise to $6.88 billion by 2028 at a CAGR of 6.7%. Key influences steering this growth span across the ongoing surge in desalination projects, commitment to sustainable building practices, smart city developments, and budding acceptance in emerging markets.
Moreover, technological progressions, advancements in resin technologies, custom applications, the adoption of filament winding technology, and ecological considerations are expected to be major trends shaping the market in the forecast period.
A significant contributor to the demand for fiberglass pipes is the intensifying oil and gas exploration activities, where their non-corrosive property is especially critical in high-corrosion environments. The strategic inclination towards infrastructure enhancement is anticipated to further propel the market, with fiberglass pipes earning preference for their resilience in water and sewage systems, chemical plant constructions, and within oil and gas setups.
Strategic alliances are taking center stage in the market, with leading entities joining forces to consolidate their market stature. Innovations are abound with novel fire-retardant pipe systems being introduced, aiming to address the increasingly stringent safety regulations across various industry sectors. Notable acquisitions, such as Atkore Inc.'s integration of FRE Composites Group, are set to diversify product offerings and strengthen market outreach.
Market Dynamics:
- Asia-Pacific leads the fiberglass pipes market space, with substantial growth prospects forecasted across North America, Europe, and other dynamically evolving regions.
- The main product categories span glass-reinforced plastic and epoxy materials, witnessing diversified applications from oil and gas to sewage and irrigation.
- Prominent industry players are focused on expanding their market footprint with targeted innovations and strategic collaborations.
Market Segmentation and Key Focus Areas:
- Glass-reinforced plastic and epoxy variants continue to dominate market preferences for their structural and material benefits.
- The influence of governmental undertakings like the Infrastructure Investment and Jobs Act plays a pivotal role in shaping demand.
- Technological advancements in fire resistance and eco-friendly attributes of fiberglass pipe systems reflect the industry's shift toward innovation and sustainability.
Future Outlook
The fiberglass pipes market report offers a comprehensive analysis, presenting an in-depth view of current and potential future market states. This study equips industry stakeholders with market insights, encompassing global market size, regional contributions, competitive positioning, and detailed segmentation.
With this publication, stakeholders, investors, and participants get an encompassing overview, illuminating the path toward capitalizing on the market's lucrative avenues. The insights included within this market research report are crucial for comprehending the shifting dynamics and aligning strategies for sustained industry prominence.
A selection of companies mentioned in this report includes
- Graphite India Limited
- NOV Inc.
- Saudi Arabian Amiantit Company
- HOBAS International GmbH
- Chemical Process Piping Pvt. Ltd.
- Fibrex Corporation
- Abu Dhabi Pipe Factory LLC
- Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd.
- Future Pipe Industries Inc.
- Sarplast SA
- ZCL Composites Inc.
- Hengrun Group Co. Ltd.
- Sekisui Chemical Co. Ltd.
- Pittsburgh Plate Glass Company
- Balaji Fiber Reinforce Pvt. Ltd.
- Shawcor Ltd.
- Amiblu Holding GmbH
- EPP Composites Pvt. Ltd.
- Kuzeyboru AS
- Poly Plast Chemi Plants (I) Pvt. Ltd.
- Plasticon Germany GmbH
- Kurotec-KTS GmbH
- Enduro Composites Inc.
- Flowtite Technology AS
- Fiberglass Tank & Pipe Institute
- Fiberglass Fabricators Inc.
- Fibrex FRP Piping Systems
- Fibro Plastichem India Pvt. Ltd.
- Fibrotech Industries
- Fibrox Plastichem India Pvt. Ltd.
- Fibsol GmbH
- Fibtech Composite Industries
- Fibtex Industries
- Fibxol Polymers Pvt. Ltd.
- Filament Windings Inc.
- Flowtite South Africa
- Fibre Reinforced Plastic Manufacturing Inc.
- Future Pipe Industries LLC
For more information about this report visit https://www.researchandmarkets.com/r/jolhn6
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