According to a new market report published by Lucintel, the future of the global FRP pipe market is promising with opportunities in the applications such as oil and gas, water/wastewater, chemical/industrial, retail fuel, pulp/paper and sewage industries. The global FRP pipe market is expected to reach an estimated $4.4 billion by 2024 and it is forecast to grow at a CAGR of 3.2% from 2019 to 2024. The major growth driver for FRP pipe market is increasing demand for cost-effective, corrosion and temperature resistant pipes in different end use industries.
On the basis of its comprehensive research, Lucintel forecasts that the segments of sewage and water/wastewater are expected to show average growth during the forecast period from 2019 to 2024.
Within the global FRP pipe market, chemical/industrial is expected to remain the largest market by value and volume consumption. Infrastructure developments, rapid industrialization and replacing old piping system in industrial firefighting divisions, these are the key driver for FRP pipe in the chemical/industrial application.
By resin, epoxy resin based FRP pipe is the major resin utilized to manufacture FRP pipes because it provides excellent corrosion, high strength, dimensional stability, and adhesion properties compared to other resins.
By diameter type, small (