Reinforced Thermoplastic Pipes Market to be Hurt by Slump in Oil & Gas Sector in the Covid-19 Crisis
Reinforced thermoplastic pipe manufacturers are boosting investments in exploration of niche activities in the hydrogen, domestic gas, CO2 and mining applications, for the post-pandemic period.
"Growing investments towards the use of reinforced thermoplastic pipes in previously unexplored sectors including municipal, chemical, dredging, and mining in ultra-deep- and deep-water settings are key factors that are propelling the growth of the market during the forecast period," says the FACT.MR report.
Reinforced Thermoplastic Pipes Market- Key Takeaways
• Polyvinylidene difluoride based reinforced thermoplastic pipes are rapidly gaining attention, aided by investments in dredging and mining applications.
• Reinforced thermoplastic pipes are largely finding application in the offshore oil & gas drilling activities, as the sector seeks to replace, corrosion prone metal pipe infrastructure.
• Asia Pacific and Latin America are displaying healthy growth in the reinforced thermoplastic pipes market supported by oil exploration activities in Brazil, China, and India.
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Reinforced Thermoplastic Pipes Market- Driving Factors
• Strict government regulations against the use of metal pipes in multiple industrial settings are generating lucrative growth opportunities.
• New applications in the domestic gas and municipal sectors boost revenue in the reinforced thermoplastic pipes industry.
Reinforced Thermoplastic Pipes Market- Major Restraints
• High costs of purchase and installation for reinforced thermoplastic pipes are likely to hinder market growth.
• Safety concerns in terms of long-term use in the oil & gas industry hurt market prospects.
COVID-19 Impact on Reinforced Thermoplastic Pipes Market
The coronavirus outbreak which started in China has had a severe impact on the oil & gas market. Sharp drops in prices has hurt oil and gas producers. The coronavirus pandemic is also impacting mining, domestic gas, and dredging activities. All of these factors will significantly reduce the demand for reinforced thermoplastic pipes in the near future. However, recovery of the market is likely to be strong following the conclusion of the outbreak, as oil & gas exploration activities resume.
PES.TEC, Baker & Hughes, Cosmoplast, Shawcor, Wienerberger AG, and National Oilwell Varco are some of the leading players in the reinforced thermoplastic pipes market.
PR Source- https://www.factmr.com/