Portland, OR, Aug. 17, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global flexible pipes market generated $817.8 million in 2019, and is estimated to reach $1.2 billion by 2027, registering a CAGR of 4.7% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in deepwater exploration activities and growing demand for non-corrosive pipes in the oil & gas industry drive the growth of the global flexible pipes market. However, stringent government regulations in oil & gas industry owing to harmful environment effects of well drilling activities hinders the market growth. Furthermore, growing application of flexible pipes in horizontal wells is expected to create new growth opportunities for the market players in coming years.
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Covid-19 scenario:
- Several major manufacturers of flexible pipes across the globe have halted their production activities during the Covid-19 pandemic due to restrictions on supply of raw materials such as HDPE and PVDF amid the lockdown.
- The demand for flexible pipes is likely to decrease during the COVID-19 pandemic as offshore oil and gas exploration activities across the globe have been stopped due to lockdown and migration of workers to their hometowns.
The report offers a detailed segmentation of the global flexible pipes market based on raw material, application, and region.
Based on raw material, the HDPE segment contributed to the largest share in 2019, accounting for more than one-third of the total share, and is estimated to maintain its dominant position during the forecast period. However, the PVDF segment is estimated to portray the highest CAGR of 5.1% during the forecast period.
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Based on application, the offshore segment accounted for the largest share in 2019, holding more than half of the total share, and is expected to maintain the largest share throughout the forecast period. However, the onshore segment is expected to register the highest CAGR of 4.7% from 2020 to 2027.
Based on region, North America contributed the highest share, accounting for more than one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 5.1% from 2020 to 2027.
Leading market players analyzed in the research include Baker Hughes Company, National Oilwell Varco, Inc., FlexSteel Pipeline Technologies, Inc., Magma Global Ltd., Pipelife Nederland B.V., Shawcor Ltd., Technip FMC Plc, Airborne Oil & Gas B.V., ContiTech AG, and Prysmian Group.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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