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The global flexible pipe market is expected to witness strong growth during the forecast period between 2021 and 2031.
Flexible pipe is a multi-layered product that has been deployed in an extensive range of activities, particularly in the oil and gas industry. Any flexible pipe comprises two key components, namely, leakproof thermoplastic barriers and corrosion-resistant wires.
Flexible pipes have shown an ability to withstand high temperature and pressure conditions, offer superb durability, and improved dynamic strength to any structure.
The outbreak of the COVID-19 pandemic negatively impacted the global flexible pipe market. With governments imposing lockdowns and strict social distancing regulations, the activities in the oil and gas industry witnessed a decline, owing to the reduced availability of resources such as labor.
This led to a decrease in demand for flexible pipes and, in turn, adversely affected the overall market.
Rising offshore and onshore drilling activities globally is the key growth driver for the flexible pipe market.
Also, increasing demand for different types of energy globally is expected to fuel the flexible pipe demand, in the coming years.
Substantial rise in exploration activities in the oil and gas industry could also bolster product demand and propel the flexible pipe market.
In addition to this, increasing installations of horizontal wells in leading economies globally is also expected to fuel the growth in the flexible pipe market, in the upcoming years.
Innovations to existing products could lead to increased product demand, in the forthcoming years.
Offshore oil and gas application segment is anticipated to make the largest contribution to the overall market owing to increased demand for flexible pipes in these activities as they offer increased stiffness.
The global flexible pipe market is extremely competitive, with the presence of several well-established players, many of whom have become successful through years of consistent performance.
Many of these players are also expected to account for a large share in the overall market, in the years ahead.
Research and development undertakings to produce an improved quality of products could be a key growth strategy for prominent market players, in future.
Growth strategies such as new product launches could help leading players gain a competitive edge over other flexible pipe market players.
In 2019, Baker Hughes, a company part of the GE group launched a new underwater development approach in a bid to decrease the overall costs. The new technology has proven beneficial in decreasing the costs and improving the productivity of offshore oil and natural gas projects.
Collaborations with the lesser-known players could help the leading players expand their market presence and increase their revenue shares.
A few well-established players in the global flexible pipe market include GE Oil and Gas, Deep Flex, Technip, Solvay SA, and Solu Force.
The global flexible pipe market is classified into four regions, namely, North America, Asia Pacific, Europe, and rest of the world.
North America is anticipated to be the dominant region in the global market owing to increased oil and gas discoveries in countries such as US, Mexico, and Canada.
Middle East and Africa is expected to witness substantial growth in the flexible pipe market due to increased product demand at oil rigs in countries belonging to the region.
Asia Pacific is anticipated to offer lucrative growth opportunities for the overall market in future owing to expanding growth in the oil and gas industry in countries such as India and Thailand.
Leading market players could establish R&D centers in countries such as India, owing to ease of availability of key resources such as land and labor.
The rest of the world is expected to witness moderate growth in the overall flexible pipe market, in the upcoming years.
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Flexible Pipe Market
