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India FRP/GRP/GRE Pipe Market - Forecast(2023 - 2028)
India FRP/GRP/GRE Pipe Market Overview
The Indian FRP/GRP/GRE Pipe Market size is forecasted to grow at a CAGR of around 4.2% from 2022 to 2027. The FRP/GRP/GRE pipes are fiberglass that is utilized through glass and carbon fiber and made through polymer matrices such as thermoplastic, vinyl ester, epoxy resin, polyester resin, and others. The high demand for FRP/GRP/GRE pipe is influenced by its increasing preference over traditional pipes. The FRP/GRP/GRE pipe works best under corrosive and harsh environments, thereby creating a drive in the Indian FRP/GRP/GRE market. Furthermore, with the flourishing application of fiber-reinforced pipes in oil and gas, wastewater treatment, chemical, and other end-use industries, the India FRP/GRP/GRE pipes market is anticipated to grow rapidly during the forecast period. The covid-19 pandemic led to major impacts on the market due to restrictions in production, demand and supply gap, and other lockdown restrictions. However, with recovery and flourishing development in major industries, the India FRP/GRP/GRE pipes market experienced steady growth.
Report Coverage
The report: “India
FRP/GRP/GRE Pipe Market Report– Forecast (2022-2027)” by IndustryARC
covers an in-depth analysis of the following segments of the India FRP/GRP/GRE
pipe industry.
Key Takeaways
- The India FRP/GRP/GRE Pipe market size will increase owing to its rising demand for application in major industries such as construction oil & gas, and others due to superior features compared to traditional steel pipes during the forecast period.
- The demand for epoxy resin in the FRP/GRP/GRE pipes is high due to excellent properties such as corrosion resistance, durability, and others, thereby boosting application across major end-use industries.
- The high demand and robust growth of FRP/GRP/GRE pipe in India are influenced by the development of FRP, GRP, and GRE pipe production base and the rising adoption of environment-friendly applications.
Figure: India FRP/GRP/GRE Pipe Market Revenue Share, By End-Use Industry, 2021 (%)
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India FRP/GRP/GRE Pipe Market Segment Analysis – By Application
The oil transportation segment held a
significant share in the India FRP/GRP/GRE pipe market in 2021 up to 23% and is
forecasted to grow at a CAGR of around 3.9% during the forecast period
2022-2027. The FRP/GRP/GRE pipes have major growth in oil transportation
applications due to their increasing demand from oil and gas sector producers.
This is due to their superior advantages over thermoplastics or metal pipes such
as high-temperature capabilities, rust control, stable pressure handling in oil
& gas, and protection from corrosion, thereby making FRP/GRP/GRE an ideal
choice for onshore and offshore activities in oil and gas. The increasing oil
and gas production is propelling the demand for FRP, GRP, and GRE pipes for oil
transportation pipe applications. According to the National Investment
Promotion & Facilitation Agency, the oil demand in India is expected to
increase by 4 million barrels per day in 2020 to 8.7 million barrels per day by
2040. Moreover, the development of oil pipeline projects is driving the market.
For instance, the Indian Oil Corporation Limited (IOCL) announced the plan to
expand the city gas distribution business by investing US$ 918.6 million as of
January 2022. The increase in oil and gas production will thereby boost the oil
transportation application in the India FRP/GRP/GRE pipe industry. This is expected
to boost the growth of oil transportation demand in the market during the
forecast period.
India FRP/GRP/GRE Pipe Market Segment Analysis – By End-Use Industry
The oil & gas segment held a significant share in the India FRP/GRP/GRE pipe market in 2021 up to 32% and is forecasted to grow at a CAGR of 4.8% during the forecast period 2022-2027. The FRP/GRP/GRE pipes have major applications in the oil and gas sector in oil transportation pipeline, retail fuel, marine, offshore, and others due to the increasing adoption of fiber-reinforced pipes for the corrosive and harsh environment in the oil and gas industry compared to the traditional steel pipe. The oil & gas industry is growing at a lucrative rate in India, for instance, According to the International Energy Agency (IEA), India Energy Outlook 2021), the primary energy demand in India is expected to double to 1,123 million tonnes of oil by 2040. The Gas Authority of India Limited held the largest share of 57.56% of the country's natural gas pipeline network as of June 31st, 2021. With the increasing oil & gas production, it is anticipated that the demand for FRP/GRP/GRE pipes will consecutively increase for oil & gas transportation, thereby driving the India FRP/GRP/GRE Pipe market growth in the oil & gas industry. Thus, with the major demand for FRP/GRP/GRE pipe for various onshore and offshore applications, the oil and gas industry is anticipated to grow rapidly during the forecast period.
India FRP/GRP/GRE Pipe Market Drivers
Bolstering Growth of Water and Wastewater Sector
The FRP/GRP/GRE pipes have flourishing applications in the water and wastewater sector across desalination, sewage pipe, filtered water transport, and others owing to superior features such as corrosion resistance, rust protection, strength, and durability. The water scarcity and emphasis on the recyclability for safe and clean drinking water, along with the need for water infrastructure development due to water shortages is propelling the growth of the water and wastewater sector in India. According to the NITI AYOG, the wastewater treatment plants in India stood at USD 2.4 billion in 2019 and is expected to reach US$4.3 billion by 2025. The increase in municipal and sewage water treatment due to rising water scarcity is offering a drive in the India FRP/GRP/GRE pipe market. According to the report from Union Jal Shakti Ministry, the Delhi Jal Board plans to increase the sewage treatment capacity by 130 MGD by December 2022. Thus, with the rise in sewage treatment, water treatment, and maintenance activities for the water and wastewater sector, the FRP/GRP/GRE pipes experience major demand owing to their wide range of applications in the water sector, thereby experiencing major growth opportunities in the market.
Flourishing Chemical Processing Industry
The FRP/GRP/GRE pipes have flourishing applications in the chemical sector for chemical processing, petrochemical transportation, and others due to preference over traditional steel pipes as a result of good temperature resistance, heat production, corrosion resistance, and rust resistance. The high demand for petrochemical, agrochemical, specialty chemicals, and others for usage in various industries, along with production-linked incentives for chemical production in India is boosting the chemical manufacturer in India, thereby leading to high demand in the chemical industry in India. According to the Indian Brand Equity Foundation (IBEF), the chemical sector in India stood at US$178 billion in 2019 and is projected to reach US$304 billion by 2025. Furthermore, the rise in agrochemical and petrochemical production and transportation activities is propelling the demand for FRP/GRP/GRE pipes. For instance, the Petroleum, Chemicals, and Petrochemical Investment Region (PCPIR) policy 2020-35 targets to attract investments worth US$284 billion by 2025. The rise in the chemical sector is boosting the growth opportunities for India's FRP/GRP/GRE pipe due to a wide range of applications and preferences over metal piping options. Thus, the India FRP/GRP/GRE Pipe industry is growing rapidly with flourishing demand and experiencing major growth opportunities.
India FRP/GRP/GRE Pipe Market Challenges
Availability of Substitutes and Rise in Raw Material Prices
The availability of substitutes for the fiber-reinforced pipes or glass-reinforced polymers such as FRP, carbon-based such as GRP, and GRE pipes creates a major hamper in the India FRP/GRP/GRE pipe market. The long fiber injection (LFI) is a lightweight and less expensive alternative available to FRP/GRP/GRE pipes. The LFI uses polyurethane-based plastics compared to polyester-based FRP pipes. The LFI pipes have superior impact resistance, lightweight, and cost-effective features, compared to FRP/GRP/GRE pipes which are expensive and have low impact resistance. Furthermore, the rise in raw material prices of FRP/GRP/GRE pipes such as carbon fiber hampers the growth in the market. For instance, Toray company announced a rise in carbon fiber price by 20% in 2020. Thus, the availability of substitutes and rise in the prices of raw material creates a slowdown and challenge for the India FRP/GRP/GRE pipe industry.
India FRP/GRP/GRE Pipe Industry Outlook
Technology launches, acquisitions, and R&D
activities are key strategies adopted by players in the India FRP/GRP/GRE Pipe
market. The India FRP/GRP/GRE Pipe top 10 companies are:
- Fiber Tech Composite Private Limited
- Fibrex FRP Piping Systems
- National Oilwell Varco, Inc.
- Sekisui Chemical Co, Ltd.
- Graphite India Limited
- Sarplast SA
- EPP Composites
- Ershigs, Inc.
- SoluForce
- D Chel Oil & Gas