World Coronavirus Impact: Reinforced Thermoplastic Pipes (RTP) Market Detailed Analysis of Current Industry Figures With Forecasts Growth By 2024

Posted on 2020-06-09 by tsnewswire in Automotive // 0 Comments

Albany, USA, 2020-Jun-09 — /EPR Network/ —According to the latest market research report, published by Fast. MR covers a detailed analysis of, “Reinforced Thermoplastic Pipes (RTP) Market – By Inner Layer Material (Polyethylene, Polyamide, PVDF, Others), By Pipe Size (Up to 4”, 5” & 6”, Others), By Reinforcement Material (Aramid, Others), By End-Use (Water Distribution, Oil & Gas, Chemical, Others) & Global Region – Market Size, Trends, Opportunity, Forecast 2018-2024.” The study comprises of major industry trends and insights that play an important role in the market growth. Also, the report covers forecast revenue growth at global, regional and country levels, providing a detailed analysis of the industry.

Intense Duty Applications Driving Reinforced Thermoplastic Pipes (RTP) Market

Originally developed to replace pressure conduits owing to rising demand for non-corrosive pipes for the oil & gas sector resulted in the formation of reinforced thermoplastic pipes. These pipe systems were developed to withstand intense atmospheric pressure conditions and provide extreme results. These systems are widely adopted across the oil & gas sector of the Middle East region.

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Owing to the reinforcing materials like aramid, polyester, and others, the product performs efficiently in extreme conditions. The superior characteristics of the product have received certification from bodies like the American Petroleum Institute (API) among others. These pipe systems are widely adopted as the substitute for the flowline point of application by some of the key operators of the oil & gas sector.

Offshore Related Information Fueling Adoption of Reinforced Thermoplastic Pipes

As the crude resources are exploited around the globe, offshore-related investment is projected to drive the demand for the product. The primary growth in the offshore oil & gas investment is largely boosted by the UAE, Saudi Arabia, and Qatar. Gas development in the gulf region has observed a significant boost over the few years. For instance, Qatar plans to develop an additional 110 million tons per annum of LNG resources, thereby, concreting its position as the global leading LNG manufacturer.Similarly, the UAE is developing its offshore gas fields to reduce its import reliability and boost domestic production. The new development is expected to attract an investment of nearly USD 14.5 billion over the coming years. Moreover, Saudi Arabia announced to invest nearly USD 24.5 billion in oil & gas fields at Zuluf, Marjan, and Berri. Thus, a strong investment in the offshore application is anticipated to fuel the demand for RTP pipes.

Rising Oil Production Output Positively Augment Demand For RTP Pipes

Increasing oil output to cater to the need of rising populations all across the globe is anticipated to drive the demand for RTP pipes. The global oil consumption increased from nearly 4,607 million tons of oil equivalent in 2017 to nearly 4,662 million tons of oil equivalent in 2018 as per the stats released by the BP energy statistical 2019. Thus, the ever-increasing demand for oil is likely to further drive the production output of crude oil.

During the same time, oil production increased by nearly 2.4% from 2017 to 2018 as per the information revealed by BP energy statistical 2019. The steady growth in the production of oil and related products is projected to fuel the demand for pipeline systems and thereby driving the demand for RTP pipes.

Low Operational Cost of RTP Boosting its Adoption

Superior properties of the product such as fluid-tight mechanism, corrosion resistivity, higher strength, climate-proof, protection from UV abrasion, among others fueling its adoption in various end-use sectors. In addition, the low installation cost coupled with reliability and low life cycle has resulted in the rising prominence of the product.

Owing to the above-mentioned properties and characteristics, the product is considered as the ideal alternative for carbon steel pipe systems. The carbon steel system experiences several operational issues including leakages, higher maintenance costs, coating failure, and others over its life cycle. Opposite to its counterpart, the RTP pipe system offers significant low maintenance costs and greater efficiency thereby, resulting in the rising popularity of the product in various end-use sectors.

Imbalance in the Geopolitical Scenario of Gulf Countries Restrain Market Growth

Middle East region is known for its significant oil reserves, among them, gulf countries account for a majority of the oil production. However, over the few years, the growing war escalation between Iran and the U.S. is expected to hamper the market growth. Iran which is among the leading producers of oil & gas related products faces severe threats due to the sanction imposed by the U.S. Due to the imposed sanctions, Iran’s oil & gas sector is likely to remain underdeveloped over the coming years.

Similarly, Syria which holds significant oil & gas reserves is under civil unrest. The nation’s oil & gas sector has crippled with its oil production plummeting to 25 thousand barrels per day in 2018 from 406 thousand barrels in 2008 as per BP energy statistical 2019. The ongoing political conflict resulted in the disruption of oil & gas related investments and projects. Thus, war conflicts or trade-related conflicts are likely to affect the oil & gas sector in the region, thereby directly restraining the growth of reinforced thermoplastic pipes.

Reinforced Thermoplastic Pipes Definition

Reinforced thermoplastic pipes or flexible composite pipes are fiber-reinforced products with a pressure rating ranging from 30 to 450 bar. These are made available in coils of length upto 400 meters or more.

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