Driven by APAC, thermoplastic pipe market projected to grow at CAGR of 7.8%

18-Mar-15

The market applications for thermoplastic pipe include oil & gas, municipal, mining & dredging, and chemicals. The oil & gas application of thermoplastic pipes is estimated to grow with an increasing demand for flexible pipes, umbilicals and risers. In 2013, Asia-Pacific was the largest market for thermoplastic pipe and accounted for a market share of about 40.7%. The thermoplastic pipe market is projected to grow at a CAGR of 7.8% with increasing demand in the Asia-Pacific region, as per MarketsandMarkets. The increase in demand for municipal and chemical applications in this region is the prime driver for market growth. The leading players in thermoplastic pipe market include Technip (U.S.), Advanced Drainage Systems Inc. (U.S.), Airborne Oil & Gas B.V. (The Netherlands), and Georg Fischer piping Systems Ltd. (Switzerland). The market players in thermoplastic pipe continuously invest in R&D to introduce new products and solutions as per the market demand. Considering the demand in the market, these companies are also expanding their facilities to increase their production capacity and strengthen their global network.