Offshore Segment is Expected to Dominate the Global Flexible Pipe Market

Ongoing focus of the oil and gas companies on unconventional sources for oil and gas are a major factor attributable to the growth of the market.

 

According to TechSci Research report, “Global Flexible Pipe Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global  Flexible Pipe is anticipated to project robust growth in the forecast period with a CAGR of  4.93% through 2028, Flexible Pipes and tubes are widely used to transport oils or other liquids from one location to the other, especially through the seabed, or at construction sites and ores. Due to benefits like high-pressure control, lightweight, leak resistance, and lower price, Flexible Pipes are being used across industry verticals. The technical and cost advantages these pipes offer, are expected to replace the usage of steel equipment for new exploration activities at a greater pace over the forecast period.

With the ongoing focus of the oil and gas companies on unconventional sources for oil and gas, along with the offshore and subsea developments, which are moving into deeper waters and more challenging environments, there is a need to minimize inspection to reduce cost. Further, the maintenance and repair costs are high. And thus, Flexible Pipes are found to be the best fit, as they play a key role in increasing the productivity, life-expectancy, and profitability of onshore and offshore wells.

 

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Based on Application , Offshore segment is expected to dominate the market during the forecast period. The downstream product of oil and gas, i.e., petroleum, is widely used in cosmetic products. With the growth of disposable income and the increasing number of working women, the demand for cosmetics is increasing year-on-year.

This increasing demand for oil and gas requires effective transportation of oil and gas are under enormous physical and chemical stress. Further, the expansion of the transport sector by increasing the number of aviation carriers in the developed region as well as developing regions, along with the increase in the number of owners of passenger cars and vehicles will be driving the market for the oil industry. The need for oil and gas does not only restrict to vehicles but it is also widely used in industries for running machines as well. The transport sectors are the highest consumption oil and gas and thus, it will fuel the demand for Flexible Pipe market.

Based on Region, North America is Expected to dominate the market. The United States is the largest market for Flexible Pipes in North America. The country’s newfound shale resources and government policies, which aim at making the country the top oil and gas producer in the next few years, are expected to drive the demand for Flexible Pipes in the country.

For instance, with the US Department of Interior (DoI) planning to allow offshore exploratory drilling in about 90% of the outer continental shelf (OCS) acreage, under the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024, the oil and gas sector in the region is expected to open up new opportunities to the market.

Further, according to the US Energy Information Administration, the United States will become a net energy exporter in 2020 and will remain so throughout the forecast period, as a result of large increases in crude oil, natural gas, and natural gas plant liquids (NGPL) production, coupled with slow growth in the US energy consumption. The increase in demand for oil and gas will, in turn, boost the Flexible Pipe market during the forecast period in North America.

 

Key market players in the Global Flexible Pipe Market are following:-

• National Oilwell Varco (NOV)
• TechnipFMC PLC
• The Prysmian Group
• GE Oil & Gas Corporation
• Shawcor Ltd
• SoulForce (Pipelife Nederland B.V.)
• Airborne Oil & Gas BV
• Magma Global Ltd
• ContiTech AG
• Chevron Phillips Chemical Company LLC       

 

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“The global Flexible Pipe market is driven by several key factors that underscore its growth and significance. Firstly, the continued expansion of the oil and gas industry fuels demand for Flexible Pipes, especially in deepwater and subsea exploration where their adaptability to challenging conditions is crucial. Additionally, technological advancements in materials and manufacturing processes enhance the durability and performance of Flexible Pipes, making them more reliable and cost-effective. Environmental concerns play a pivotal role, as Flexible Pipes are considered environmentally friendly alternatives to rigid pipelines, reducing their environmental impact during installation and operation. The cost-efficiency of Flexible Pipes, with easier installation and maintenance, is another driver, appealing to various industries. Their versatility extends their applications beyond oil and gas, including renewable energy, infrastructure development, and industrial sectors. As global infrastructure investments increase and renewable energy projects grow, the demand for Flexible Pipes diversifies, ensuring a promising future for this market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based  global management consulting firm.

 

Flexible Pipe Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Raw Material (High-density Polyethylene, Polyamides, Polyvinylidene Fluoride), Application (Offshore and Onshore), By Region, Competition 2018-2028 has evaluated the future growth potential of Global  Flexible Pipe Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global  Flexible Pipe Market.

 

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