Spoolable Pipe Market Size to reach US$ 1,144.4 million in 2024
The global spoolable reinforced pipe market offers a healthy growth opportunity for the entire ecosystem and its size is projected to reach US$ 1,144.4 million in 2024. Spoolable reinforced pipe is also known as Thermoplastic Composite Pipe (TCP) and Reinforced Thermoplastic Pipe (RTP). The long-term business outlook seems promising with good growth potential over the next five years. An expected recovery in the rigs or wells count; cost competitiveness of spoolable reinforced pipes over steel pipes; excellent corrosion and erosion resistance; and higher preference of spoolable reinforced pipe over steel ones in low-diameter pipes.
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Spoolable Pipe Market Insights:
By Reinforcement Type:
The spoolable reinforced pipe market is
segmented based on reinforcement type as Fiber Reinforcement and Steel
Reinforcement. Fiber reinforcement segment is further divided into glass fiber
reinforcement, carbon fiber reinforcement, and others, which are mainly aramid
and polyester reinforcements. The fiber-reinforced spoolable pipe is likely to
gain more market traction in the coming years by replacing steel pipes in the
high-pressure applications.
By Application Type:
Based on the application type, the
spoolable pipe market is segmented into Onshore, Offshore, Downhole, Water, and
Others. The Onshore segment is further segmented into production and gathering
lines, injection lines, disposal lines, and others. Similarly, the Offshore
segment is further segmented into subsea flowlines, jumpers, and others.
Onshore is expected to remain the growth engine of the spoolable reinforced
pipe market during the forecast period. All the major onshore applications,
such as production and gathering lines and injection lines are likely to
generate a healthy demand for spoolable reinforced pipes over the next five
years.
By Region:
In terms of regions, North America is
expected to remain the growth engine of the spoolable reinforced pipe market
during the forecast period. The region is likely to witness the highest growth
during the forecast period, driven by the recovery of wells or rigs count and
increasing penetration of spoolable reinforced pipes. All the leading spoolable
reinforced pipe makers, such as National Oilwell Varco Inc. (Fiberspar),
Shawcor Limited (Flexpipe), and Flexsteel Pipeline Technologies, Inc., are
headquartered in North America.
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