New York, Feb. 12, 2024 (GLOBE NEWSWIRE) -- The global spoolable pipes market size is predicted to grow at a CAGR of over ~4% from 2024 to 2036. The market is projected to garner a revenue of USD 4 billion by the end of 2036, up from a revenue of ~USD 2 Billion in the year 2023.The reason behind the growth is due to the increasing consumption of natural gas across the globe. For the past 20 years, there has been an increase in the global consumption of natural gas driven by the US shale gas revolution and the rapidly expanding liquefied natural gas industries. For instance, more than 3 trillion cubic meters of natural gas was consumed globally in 2022, and this figure is projected to increase at an average yearly rate of over 0.7%, or over 4,220 billion cubic meters by 2025.
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Spoolable pipes are flexible pipes that are easy to handle which makes them a great option for applications in industries like water and wastewater to mend and renovate broken sewer lines to stop toxic water from leaking dangerously. Spoolable pipes are multi-layered composite pipes that are often used technique in mining to carry hydraulic oils and drilling fuels, which are used to extract natural gas and petroleum from the formation. Spoolable pipes are lightweight in nature, and they require less potentially environmentally hazardous protective coatings, which helps to promote environmental sustainability.
Increasing introduction of efficient pipe technology across the Globe to Boost Market Growth
One of the key drivers for the spoolable pipes market is the lightweight and flexible design of these pipes. Spoolable pipes are typically made from composite materials such as fiberglass and carbon fiber, providing them with a high strength-to-weight ratio. This lightweight and flexible nature simplifies transportation, installation, and handling compared to traditional steel pipes. The cost-efficiency of spoolable pipes is another significant driver for their adoption. While the upfront costs may be higher than traditional steel pipes, the overall cost of ownership can be lower due to reduced installation and maintenance expenses. Additionally, the lightweight nature of these pipes can contribute to lower transportation costs. The growing introduction of efficient pipe technology is believed to fuel the spoolable pipes market growth. For instance, in November 2023 Baker Hughes introduced a new PythonPipe portfolio that allows for over 55% installation time reduction, helps in achieving up to 74% reduction in carbon emissions over its lifecycle, more than 75% reduction in maintenance expenses, and provides both efficient and sustainable operations. Furthermore, the PythonPipe portfolio provides the only 8-inch spoolable, non-metallic RTP product available on the market and cutting-edge co-extruded liner technology which makes it appropriate for harsh and corrosive situations.
Spoolable Pipes Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Booming Shale Gas Exploration to Drive the Market Growth in North America Region
The spoolable pipes market in North America region is estimated to garner the largest revenue by the end of 2036. The growth of the market in North America is closely tied to the booming shale gas exploration in the region. Shale gas extraction, particularly from formations like the Marcellus and Permian basins, has witnessed significant growth. According to the U.S. Energy Information Administration (EIA), shale gas production in the United States reached 74.7 billion cubic feet per day in 2020, accounting for the majority of the country's natural gas production. Spoolable pipes are favored in shale gas exploration due to their flexibility, corrosion resistance, and rapid installation capabilities. As the shale gas industry continues to expand, the demand for spoolable pipes in North America is expected to remain robust. The ongoing expansion of oil and gas infrastructure, including pipelines and well systems, contributes significantly to the demand for spoolable pipes. As North America continues to invest in energy infrastructure projects to support production and distribution, the need for reliable and durable piping solutions becomes paramount.
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Rapid Urbanization and Infrastructure Development to Propel the Growth in the Asia Pacific Region
The Asia Pacific spoolable pipes market is estimated to garner the highest CAGR by the end of 2036. One of the primary drivers for the growth of the market in the Asia Pacific region is the rapid pace of urbanization and infrastructure development. As countries in the region undergo significant urbanization, there is a growing demand for modern and efficient infrastructure, including pipelines for water supply, sewage systems, and industrial applications. According to the Asian Development Outlook 2021 by the Asian Development Bank (ADB), urbanization in Asia is occurring at an unprecedented rate, with over 50% of the population living in urban areas as of 2020. The Asia Pacific region has witnessed a significant increase in oil and gas exploration and production activities. Countries such as Australia, Malaysia, and Indonesia are actively involved in offshore and onshore energy projects, driving the demand for durable and corrosion-resistant piping solutions. Spoolable pipes, known for their corrosion resistance and flexibility, are crucial in the development of oil and gas fields, especially in challenging terrains and offshore environments. This trend is contributing to the growth of the spoolable pipes market in the Asia Pacific.
Spoolable Pipes, Segmentation by Matrix
- Thermoplastics
- Thermosets
Amongst these segments, the thermoplastics segment in spoolable pipes market is anticipated to hold the largest share over the forecast period. This segmental growth is owing to the growing extraction of gas. For instance, the Canadian oil and gas extraction industry's overall revenue increased by more than 53% to around USD 268 billion in 2022. The extraction of gas increases the need for effective piping solutions such as thermoplastic spoolable pipes. Reinforced thermoplastic pipe (RTP) is an alternative to conventional pipelining materials that can be produced in continuous spoolable lengths via filament winding or tape placement techniques to offer more flexible options for gas extraction. Moreover, these pipes don't become rusted and are simple to spool and lightweight. Additionally, the flexible composite pipes (FCP) are composed of a thermoplastic liner that has been reinforced and is shielded by another layer which is a proven technology for offshore operations. Furthermore, the oil and gas industry's primary choice for pipeline and pipe structural materials was steel until ten years ago but now thermoplastic composite pipes are extensively being adopted as an alternative to steel to address its drawbacks including corrosion, fatigue, and weight.
Spoolable Pipes, Segmentation by End-User
- On-shore
- Off-shore
- Downhole
Amongst these segments, the on-shore segment is anticipated to hold a significant share over the forecast period. The growth of the on-shore segment in the pipeline industry is strongly influenced by the ever-increasing global demand for energy. As of 2020, the International Energy Agency (IEA) reported that the world's energy demand was projected to grow by 1.3% annually until 2040. Onshore pipelines play a critical role in transporting oil, natural gas, and other energy resources from production sites to consumption centers. The spoolable pipe is an engineered solution that is typically made up of multiple layers and has been widely used in the onshore oil and gas industry as it offers several benefits, including good flexibility, few joints, long single lengths, lightweight, and ease of installation. Moreover, spoolable pipes are utilized in high-pressure onshore applications such as portable well test lines, pipeline relining, production gathering lines, gas lift injection lines, water-alternating gas lines, and water injection lines. Additionally, spoolable composite tubing may find applications in the off-shore industry that include use in pipelines, flowlines, risers, jumpers, expansion spools, chemical injection, methanol injection, gas lift, wellbore access, choke and kill, decommissioning, and the removal of hydrate blockages. Furthermore, the use of thermoplastic composite pipes is not simply restricted to off-shore and on-shore applications but new uses are also being discovered for a downhole industry where steel is susceptible to corrosion.
Few of the well-known industry leaders in the global spoolable pipes market that are profiled by Research Nester are Baker Hughes Co., TechnipFMC plc, Wienerberger AG, Flexpipe Modular Material Handling System, FlexSteel Pipeline Technologies Inc, Future Pipe Industries, Victrex Plc, Cosmoplast Ind. Co. LLC, Hebei Heng Tai Pipeline Co. Ltd., and other key market players.
Recent Development in the Spoolable Pipes Market
- Baker Hughes Co. an energy technology company introduced a New Onshore Composite Pipe with a proven spoolable design, making it easier, faster, and more cost-effective to transport and install for multiple sectors to provide a more cost-effective and ecologically friendly substitute for resource-intensive onshore steel pipes and solve the issues of corrosion and ownership costs associated with traditional steel pipe in the oil and gas, industrial, and energy industries.
- Cactus, Inc. announced the acquisition of FlexSteel Technologies Holdings, Inc., a market-leading manufacturer of spoolable pipe technologies to strengthen Cactus' standing as a leading producer of specialized technologies and help to achieve cost savings by making use of the infrastructure of the combined company to supply specialized products to a larger customer base.
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