Top Drivers of the 2024 Flexible Pipe Market: Growing Demand in Oil and Gas
Flexible Pipe Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The flexible pipe market has seen robust growth in recent years, expected to increase from $1.11 billion in 2023 to $1.17 billion in 2024, reflecting a compound annual growth rate (CAGR) of 5.2%. The expansion during the historical period can be attributed to factors such as the growth of the oil and gas industry, offshore drilling and production activities, the need for pipeline rehabilitation, environmental regulations, and a focus on cost efficiency.
What Is the Expected Size of the Global Flexible Pipe Market2, and How Fast Will It Grow?
The flexible pipe market is projected to experience significant growth in the coming years, anticipated to reach $1.44 billion by 2028 with a compound annual growth rate (CAGR) of 5.3%. This growth during the forecast period can be linked to the increasing demand for durable and versatile piping, a rising need for flexible pipes, optimistic economic growth forecasts, geopolitical stability, and the dynamics of market competition.
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What Is Accelerating Growth in the Flexible Pipe Market?
The rising demand for oil and gas is fueling growth in the flexible pipe market. Oil and gas are fuels extracted from the earth's surface, and flexible pipes are utilized in the oil and gas industry to address technical requirements and navigate the geometric constraints of water. This increasing demand for oil and gas is a key factor driving the flexible pipe market.
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Who Are the Major Players Influencing the Flexible Pipe Market's Growth?
Key players in the flexible pipe market include PT Elnusa Tbk, Continental AG, Schlumberger Limited, FlexEnergy LLC, Flexitech Group, Baker Hughes, Evonik Industries AG, Prysmian Group, Solvay S.A., DuPont de Nemours Inc., Saipem S.p.A., NOV Inc., National Oilwell Varco, TechnipFMC plc, Wienerberger AG, Wavin B.V., Cosmoplast Industrial Company LLC, Shawcor Ltd, SoluForce, FlexSteel Pipe, Flexfab Horizons International, Magma Global Ltd, GE Oil & Gas Corporation, Chevron Phillips Chemical LLC, Strohm B.V., The ContiTech Group, Airborne Oil & Gas B.V., Pipelife Nederland B.V., Petromaroc Corporation PLC, Flexmaster Joint Kit Pvt. Ltd.
What Are the Latest Trends Influencing Flexible Pipe Market Size?
Leading companies in the flexible pipes market are embracing a strategic partnership approach to transform the pipeline integrity management landscape by offering comprehensive and innovative solutions. A strategic partnership involves a collaborative agreement or alliance between two or more entities, including companies, organizations, or governments, aimed at achieving mutually beneficial goals.
How Is The Global Flexible Pipe Market 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
Geographical Insights: North America Leading The Flexible Pipe Market
North America was the largest region in the market share in 2023. Middle East and Africa is expected to be the fastest-growing region in the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is The Definition Of The Flexible Pipe Market?
Flexible pipes are unbonded and adaptable, designed for the transfer of high-pressure and high-temperature fluids. One of the main advantages of flexible pipes is their resistance to fungus.
The Flexible Pipe Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Flexible Pipe Market3 Report: Trends, Opportunities, Strategies, and More
The Flexible Pipe Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into flexible pipe market size, flexible pipe market drivers and trends, flexible pipe competitors' revenues, and flexible pipe market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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