Thermoplastic Pipe Market Size

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.