Thermoplastic Pipe Market size was over USD 3.63 billion in 2023 and is projected to exceed USD 6.35 billion by 2036, witnessing over 4.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of thermoplastic pipe is assessed at USD 3.76 billion.
The growth of the market can be attributed to the rising demand for corrosion-resistant pipelines, increasing usage of thermoplastic pipes in the treatment of wastewater, and growing number of oil & gas drilling activities. For instance, according to the U.S. Energy Information Administration, an average of 1,029 barrels/day of new-well oil was produced per rig, as of June 2021. The quantity amounted to be 1,031 barrels/day for new-well gas. Along with these, excellent properties of thermoplastics, such as high chemical resistance, flexibility and superior strength are also expected to boost the demand for the product in the upcoming years. Furthermore, the installation and service cost of maintaining a pipeline can be reduced significantly by using thermoplastic pipes, which in turn is projected to expand the market in the near future.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
4.4% |
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Base Year Market Size (2023) |
USD 3.63 billion |
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Forecast Year Market Size (2036) |
USD 6.35 billion |
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Regional Scope |
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The market is segmented by application into oil & gas, municipal, mining, chemical, and others, out of which, the oil & gas segment is anticipated to hold the largest share in the thermoplastic pipe market. The usage of thermoplastic as an alternative to conventional pipes is increasing. In addition, as thermoplastic doesn’t require any kind of maintenance and is highly resistant to varying pressure up to high temperatures, it is widely used during oil & gas drilling procedures, which in turn is evaluated to boost the growth of this market segment in the future. Additionally, on the basis of polymer type, the polyethylene (PE) segment is projected to witness the fastest growth during the forecast period owing to the effectiveness of PE in harsh environments at extremely high and low temperatures. The flexibility and lightweight of these pipes are also assessed to drive growth to this market segment in the coming years.
Our in-depth analysis of the global market includes the following segments
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By Type
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By Polymer Type
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By Application
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On the basis of geographical analysis, the thermoplastic pipe market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Asia Pacific is poised to hold largest revenue share by 2036, on the back of rising population, increasing water and energy demand, and the rapid growth of urbanization in the region. According to the International Energy Agency, the overall energy demand in the Southeast Asia has increased by more than 80% since 2000. Every year the electricity demand increases by 6% in the region. Apart from these, robust growth of industrialization in countries, namely China, India and Australia, is also anticipated to expand the region’s market in the near future.
North America Market Analysis
Moreover, the markets in Latin America and the Middle East & Africa are also expected to witness noteworthy growth during the forecast period, which can be credited to the rising investments by major market players in the region.
Author Credits: Rajrani Baghel
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