Fiberglass Pipes Market to exceed US$ 5,692.52 million by 2028

Published on 15-Jun-2023
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Report : Fiberglass Pipes Market Research Report and Outlook by 2028

The scope of our recent study on "Global Fiberglass Pipes Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Resin Type (Polyester, Epoxy, Phenolic, and Others), by End-Use (Oil and Gas, Sewage, Chemicals, Agriculture, and Others)" includes the factors governing the market growth, revenue estimation and forecast, and market share analysis. It also entails the identification of significant market players and their key developments.

The global fiberglass pipes market is expected to grow from US$ 4,431.10 million in 2022 to US$ 5,692.52 million by 2028; it is estimated to grow at a CAGR of 4.3% from 2022 to 2028.

Fiberglass pipes are used in various industrial product applications including the handling of materials in a corrosive environment and also the transfer of corrosive products and materials. The major driver for the growth of the fiberglass pipes market is increasing installation of oil and gas pipelines. The chemicals segment is the most attractive segment and creates lucrative opportunities in the global fiberglass pipes market. The agriculture industry is another essential consumer of fiberglass pipes. The polyester resin segment dominated the market in terms of resin type. The epoxy segment is a highly attractive segment and is expected to be the fastest growing. An increasing use of fiberglass pipes in the end-use industries will offer more opportunities for fiberglass pipes market growth.       
The fiberglass pipes market is segmented into five main regions—North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America. In 2022, Asia Pacific dominated the global market. The region is witnessing a high rate of production of chemicals, agriculture, focused on industrial waste treatment and sewage treatment. Various government bodies across the region are supporting the industrial waste ad sewage treatment. All these factors are driving the fiberglass pipes market growth in the region.   

Impact of COVID-19 Pandemic on Fiberglass Pipes Market
The COVID-19 pandemic adversely affected the fiberglass pipes market growth in 2020 due to the shutdown of manufacturing facilities and restrictions on transportation and logistics. The unprecedented rise in COVID-19 cases across several region and the subsequent lockdown of numerous manufacturing facilities negatively influenced the global fiberglass pipes market growth. According to the report released by European Parliament in 2021, European Union registered a decline in total demand, disruption in supply chain, and manufacturing of chemicals. The decline in chemical demand led to a reduction in production and supply; thus, chemical output dropped by 5.2% in 2020 compared to 2019 in European Union. According to the Organization of the Petroleum Exporting Countries (OPEC), Russia participated in the cut initiative for crude oil production in response to surplus crude oil in the global market. 

However, in late 2021, several industries such as chemicals, oil and gas, among others, restarted operations due to the revival of the supply constraints affecting these industries. Moreover, major market players were well-positioned to take advantage of market recovery in 2021. However, the market is reviving due to government measures such as vaccination drives. The growing fiberglass pipes demand from the oil & gas and chemicals sector is propelling the fiberglass pipes market growth in the country. Businesses started recovering as various countries' governments relaxed social restrictions. Additionally, the successful implementation of mass vaccination drives in 2021 resulted in increased business activities. With economies reviving their operations, the demand for fiberglass pipes started rising globally during forecast period, as key fiberglass pipes manufacturers resumed their operations and restored their normal production capacities. 

The "Global Fiberglass Pipes Market Analysis to 2028" is a specialized and in-depth study of the Chemicals & Materials industry, focusing on the global fiberglass pipes market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The global fiberglass pipes market is segmented on the basis of resin type, and end-use. Based on resin type, the market is segmented into polyester, epoxy, phenolic, and others. Based on the end-use, the market is segmented into oil and gas, sewage, chemicals, agriculture, and others. Based on geography, the market is segmented into five main regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In 2022, Asia Pacific dominated the fiberglass pipes market, and is expected to register the highest CAGR in the market during the forecast period. 

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