The North American reinforced thermoplastic pipe market is projected to reach a value of $1.1 billion by 2030, with a compound annual growth rate (CAGR) of 3.3% from 2024 to 2030, according to a recent report by ResearchAndMarkets.com. The market is expected to see promising growth opportunities in the oil and gas, water and wastewater, and mining sectors.
The key drivers for this growth are the increasing need for old pipeline replacement, the growing oil and gas industry, and new pipeline construction activities. Furthermore, emerging trends in the market include the rising demand for high-temperature and pressure reinforced thermoplastic pipe (RTP) pipes, as well as the increasing usage of RTP pipes in wastewater applications.
Among the different reinforcement types, glass fiber epoxy laminate reinforced RTP is expected to remain the largest segment due to its cost advantages and high performance in extreme conditions of high pressure and high temperature. In terms of application, the oil and gas sector is projected to be the largest segment, driven by the increasing need for old pipeline replacement with reinforced thermoplastic pipes.
The report also provides insights into market size estimates, trend and forecast analysis, segmentation analysis by application, reinforcement type, diameter, pressure rating, and product type, country analysis, growth opportunities, strategic analysis, and the competitive landscape of the North American reinforced thermoplastic pipe market.
Key players in the market include Baker Hughes Company, TechnipFMC Plc, National Oilwell Varco Inc., Shawcor Ltd., Wienerberger Inc, OPR Inc., Future Pipe Industries, and Magma Global Ltd.
Overall, the North American reinforced thermoplastic pipe market shows promising growth prospects in the coming years, driven by the need for infrastructure development and replacement in key industries.
The North American reinforced thermoplastic pipe (RTP) market operates in several industries, including oil and gas, water and wastewater, and mining sectors. These industries contribute to the demand for RTP in various applications, such as pipeline replacement, oil and gas transportation, and wastewater management.
The market is projected to reach a value of $1.1 billion by 2030, with a compound annual growth rate (CAGR) of 3.3% from 2024 to 2030. This growth is driven by key factors such as the increasing need for old pipeline replacement, the growing oil and gas industry, and new pipeline construction activities.
One of the emerging trends in the market is the rising demand for high-temperature and pressure RTP pipes. These pipes offer better performance in extreme conditions, making them suitable for applications that require resistance to high pressures and temperatures.
Another significant trend is the increasing usage of RTP pipes in wastewater applications. RTP pipes are corrosion-resistant and have a longer lifespan compared to traditional pipelines, making them a preferred choice for wastewater management systems.
Among the different reinforcement types, the market expects glass fiber epoxy laminate reinforced RTP to remain the largest segment. This type of RTP offers cost advantages and high performance in extreme conditions, making it popular in industries with demanding operating environments.
In terms of application, the oil and gas sector is projected to be the largest segment. The increasing need for old pipeline replacement with reinforced thermoplastic pipes drives the demand in this sector. RTP pipes provide advantages such as corrosion resistance, high durability, and cost-effectiveness, making them a preferred choice for the oil and gas industry.
To gain further insights into the North American reinforced thermoplastic pipe market, the report provides market size estimates, trend and forecast analysis, segmentation analysis by application, reinforcement type, diameter, pressure rating, and product type. It also includes country analysis, growth opportunities, strategic analysis, and the competitive landscape.
Key players in the market include Baker Hughes Company, TechnipFMC Plc, National Oilwell Varco Inc., Shawcor Ltd., Wienerberger Inc, OPR Inc., Future Pipe Industries, and Magma Global Ltd. These companies play a crucial role in driving innovation and providing solutions in the reinforced thermoplastic pipe industry.
Overall, the North American reinforced thermoplastic pipe market shows promising growth prospects in the coming years. The need for infrastructure development and replacement in key industries, such as oil and gas, water and wastewater, and mining, is expected to drive the demand for reinforced thermoplastic pipes. With the rising adoption of RTP in various applications, the market is poised for steady growth.