Global thermoplastic pipe market to register CAGR of 5.5% by 2019 amid increasing demand

09-Oct-15

The global thermoplastic pipe market is estimated to grow to US$74,996.6 mln by 2019, to register CAGR of 5.5% due to an increasing demand for flexible pipes, umbilical and risers as per a report by Markets & Markets. The market applications for thermoplastic pipe include oil & gas, municipal, mining & dredging, and chemicals. The demand for the oil & gas application is estimated to grow with an increasing demand for flexible pipes, umbilical, and risers. In 2013, Asia-Pacific was the largest market for thermoplastic pipe and accounted for a share of around 39.7%. The thermoplastic pipe market was estimated to be 25,821.9 kiloton in 2014, and is projected to reach 33,742.3 kiloton by 2019, at a CAGR of 5.5% from 2014 to 2019. In terms of value, it is expected to grow from an estimated $55,430.2 Million in 2014 to $74,996.6 Million by 2019. The thermoplastic pipe market is projected to grow at a CAGR of 5.5% from 2014 to 2019 with increasing demand in the Asia-Pacific region. The rise in the demand for municipal and chemical applications in this region is the prime driver for the growth of the market. The market players continuously invest in R&D activities to introduce new products and solutions as per market demands. Considering the demand in the market, these companies are also expanding their facilities to increase their production capacities and strengthen their global network.