Global thermoplastic pipes market estimated to cross US$89 bln by 2022 at a CAGR of 6.23%

25-Feb-16

The Global Thermoplastic Pipes Market accounted for US$58.8 bln in the year 2015 and is expected to reach US$89.9 bln by 2022 growing at a CAGR of 6.23%, according to Stratistics MRC. Increasing oil and gas offshore drilling is expected to drive the global markets for Thermoplastic Pipes. Increasing applications for large diameter pipe and shift in trend towards offshore oil & gas activities are the drivers for thermoplastic pipes market. However, factors such as safety issues and high costs are limiting the market growth. The future opportunity for the market lies in increasing number of horizontal wells. The usage of thermoplastics is increasing in oil & gas industry, mainly in deepwater and ultra deepwater applications, is one of the key drivers of thermoplastic pipes market. The oil & gas application of thermoplastic pipes is expected to grow at a significant growth rate due to increasing demand for flexible pipes, risers and umbilical. Asia-Pacific leads the global market with the largest market share and is expected to grow with a high CAGR among the other regions due to emerging economies, increasing oil and gas activities over the forecast period. Emerging countries such as China, India and Brazil are projected to be the fastest growing markets.