Over the past decade, demand in the RTP market has picked up sharply with the inevitability of more durable, cost-effective, and versatile piping systems in many industries. Thermoplastic materials are often reinforced with aramid, carbon, or glass synthetic fibers for high strength. They are used in oil & gas industries, in the water distribution systems, and in chemical processing plants due to their high resistance to corrosion and flexibility for possible high pressure resistance. The Asia Pacific RTP market size is valued at US$ 282.4 million in 2022 and expected to grow at a CAGR of 4.7% during the forecast period and reach an approximate value of US$ 457.3 million by 2032.
Get Free Sample Copy of This Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=2237
Market Dynamics
Enhanced oil and gas exploration and production activities are also among the key drivers for the RTP market. The requirement of RTP in the energy sector to meet the increasing global energy demand due to surging oil and gas exploration and production activities makes it demanding in the industry, since oil and gas companies invest much in offshore and onshore drilling projects where RTP is preferred because of its toughness and resistance to extreme conditions.
Infrastructural development in emerging economies is unlocking opportunities for the RTP market. Water supply and distribution networks are readily being developed in countries in Asia-Pacific, Latin America, and the Middle East, and require efficient and long-lasting piping systems.
Recognition of environmental safety is another very key driving factor. RTPs are perceived as technologies that are friendly to the environment because they minimize leakage and spillage, especially in oil and gas applications. Thus, they enable companies to adhere to environmental legislations while minimizing their carbon footprint.
The market also comes with some challenges. To small and medium-sized companies, the high installation cost and huge capital needed to set up RTP systems might limit growth. Besides, fewer developments in standardization and technical know-how of the use of RTPs often acts as a restraint in such markets.
Market Insight
The major sector using RTP is the oil & gas industry. The application of RTP in flowlines, gas distribution, as well as water injection systems is always done onshore as well as offshore. With a growth in exploration for oil and gas, especially in off-shore or extreme environments, RTP is considered an excellent substitute for steel pipes that have a tendency to corrode and require much maintenance.
Water distribution is also one of the promising sub-segments within RTP. Due to increased urbanization and an essential need for efficient water management systems, RTPs are increasingly being deployed in municipal water distribution networks. Flexibility and a high service life make them best-suited for regions having tough terrain, like mountains or seismic activity.
Geographically, North America has captured the highest market share of RTP because the oil & gas industry is highly matured there. However, growth is expected to be the fastest in the Asia-Pacific region. It is mainly due to rapid industrialization and an increase in infrastructures, such as water distribution network expansion between India and China.
Key Players
There are several companies dominating the RTP market. Some of the major players are:
- Baker and Hughes
- Cosmoplast
- H.A.T-Flex
- National Oilwell Varco
- OPR Offshore Pipelines & Risers Inc.
- PES.TEC
- Saudi Arabian Amiantit Co.
- Saudi Aramco
- Shawcor
- Wienerberger AG
Market Future Outlook
Strong prospects for the RTP market with a CAGR of 6% to 8% in the next five years. Among some key factors driving growth are increasing offshore oil and gas production and growth in infrastructure investments in emerging economies, together with new materials for RTP, which lead to performance improvements.
Moreover, advancements in 3D printing and automation technologies will lower manufacturing costs with resultant specialized RTP products that will increase application in fields other than oil & gas and water distribution; some of these fields include chemical and mining industries.
Get Customization on this Report for Specific Research Solutions: https://www.factmr.com/connectus/sample?flag=RC&rep_id=2237
Competitive Landscape
The RTP market is quite fragmented with respect to the competitive landscape. Players are both international and regional. Key trends shaping competition include product innovation and strategic partnerships. Companies invest in research and development with regard to producing RTPs resistant to higher pressures and temperatures, and so better suited to more specialized applications. This is in addition to the fact that manufacturer collaborations with oil and gas service providers are expanding market reach, especially in regions where RTP adoption is not yet sufficiently established.
The Reinforced Thermoplastic Pipes industry is certainly going to witness steady growth in meeting the urgent demand of various industries for such piping solutions that are both efficient, durable, and eco-friendly. With respect to advanced technology and material science, the market is likely to grow further and present big opportunities for both established players as well as new players.
About Fact.MR :
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction.
Contact:
US Sales Office
11140 Rockville Pike
Suite 400 Rockville, MD 20852
United States Tel: +1 (628) 251-1583, +353-1-4434-232 (D)
Sales Team: sales@factmr.com
