Categories: Market Research

Flexible Pipe Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Flexible Pipe Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Flexible Pipe Global Market Report 2024, The flexible pipe market size has grown strongly in recent years. It will grow from $1.11 billion in 2023 to $1.17 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to oil and gas industry growth, offshore drilling and production, pipeline rehabilitation needs, environmental regulations, cost efficiency.

The flexible pipe market size is expected to see strong growth in the next few years. It will grow to $1.44 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to rising demand for durable and versatile piping, increasing demand for flexible pipes, economic growth forecasts, geopolitical stability, market competition dynamics. Major trends in the forecast period include customization and tailored solutions, integration of subsea systems, technological advancements, environmentally conscious solutions, smart pipe technologies.

An increase in demand for oil and gas is driving the demand for the flexible pipe market going forward. Oil and gas refer to fuels that are extracted from the earth’s surface. Flexible pipes are used in the oil and gas industry to meet technical requirements and solve the geometric constraints of water. The increase in demand for oil and gas is driving the flexible pipe market. For instance, according to Australian petroleum production and exploration association report published in 2021, in 2020, Australian petroleum liquids output climbed marginally to 169 million barrels, a 2% increase compared to preceding year. Furthermore, in May 2021, a report was published by the Petroleum Planning & Analysis Cell (Ministry of Petroleum & Natural Gas); the petroleum product production increased by 15.5% in May 2021 over May 2020, compared to a 30.9% increase in April 2021. Therefore, the increase in demand for oil and gas will drive the growth of the flexible pipe market.

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The flexible pipe market covered in this report is segmented –

1) By Raw Material: High-density Polyethylene, Polyamides, Polyvinylidene Fluoride, Other Raw Materials

2) By Application: Offshore, On shore

3) By End Use Industry: Oil and Gas, Water Treatment Plants, Chemical and Petrochemicals, Mining, Pharmaceuticals, Food and Beverages, Other End-Use Industries

Major companies operating in the flexible pipes market are adopting a strategic partnership approach to revolutionize the pipeline integrity management landscape by providing comprehensive and cutting-edge solutions. A strategic partnership is a collaborative agreement or alliance between two or more entities, such as companies, organizations, or governments, with the aim of achieving mutually beneficial objectives. For instance, in October 2023, AISUS Offshore Ltd., a Scotland-based remote inspection technology company, partnered with SIMEROS, a Brazil-based engineering firm. With this partnership, these companies aim to offer customers a one-stop-shop solution that covers the entire pipeline integrity management process, including innovative un-bonded flexible pipe integrity management solutions with advanced inspection.

The flexible pipe market report table of contents includes: