The chemical and industrial sectors accounted for more than two-fifths of the global market in 2016.

As demand for lightweight piping solutions grows, consumers are increasingly aware of the benefits of FRP pipes and the growth of the global FRP pipe market is accelerating. It is also expected that market growth will accelerate due to the rapid increase in demand for high performance and corrosion protection pipes in the oil and gas industry and the increase in investments to improve the wastewater treatment facilities in developed and developing countries. Because it is a versatile material, composites are used in a variety of fast-growing markets such as construction, industry, chemistry and power generation, which also drive market growth. Increased demand for heat resistant piping solutions and increased disposable income per capita are expected to accelerate overall market growth. But the high cost of carbon fiber as well as volatile raw material prices hinder market growth.

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The major companies profiled in the report include
• Chemical Process Piping Pvt Ltd.
• Amiantit Company
• Hobas
• HengRun Group Co. Ltd.
• Ershing Inc.
• Sekisui Chemicals
• China National Building Material Company Limited
• Future Pipe Industries
• National Oilwell Varco
• Sarplast SA.

The chemical and industrial sectors accounted for about two-fifths of the global market in 2016. Demand for FRP pipes has increased in the chemical industry due to cost-effective and increased demand for corrosion-resistant and cold-resistant pipes. Therefore, the growth of the market is expected to be accelerated by the increase in the need for temperature and corrosion resistance pipes and the increasing demand for lightweight pipes for construction activities.

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Key Findings of the FRP Pipe Market:
• The epoxy and polyurethane segments are anticipated to grow at the highest CAGR during the analysis period.
• The chemical & industrial application segment accounted for the highest share in the market and is anticipated to maintain its dominance throughout the forecast period growing at a CAGR of 8.2%.
• Asia-Pacific is projected to maintain its lead position from 2017 to 2023, growing at a CAGR of 7.4%, in terms of volume.
• The filament winding process segment dominated the market in 2016 and is expected to maintain its dominance throughout the forecast period, registering a CAGR of 8.2%, in terms of value.
• The epoxy segment occupied for nearly half of the total market in 2016.
• China occupied for around two-fifth share of the Asia-Pacific market in 2016.
• In terms of value, Korea is expected to grow at a significant CAGR of 7.8% during the forecast period.

In 2016, Asia-Pacific and North America collectively accounted for nearly 62% of the global market, in terms of volume, and are expected to continue this trend during the forecast period, owing to increase in investments by the governments of developing economies such as China, India, and Indonesia. Moreover, development of the global construction industry, increase in per capita incomes, and growth in overall consumer expenditure drive the growth of the Asia-Pacific market.

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