Flexible pipes are used to transfer a wide range of fluids that include gaseous fluids, water, oil, and chemicals. These pipes are increasingly utilized for oil & gas exploration activities. Flexible pipes are economical as compared to other conventional steel pipes. They possess high chemical resistance, mechanical strength, long durability, and corrosion resistance properties.
The flexible pipe market has been segmented on the basis of raw material, application, and region. The market is expected to reach USD 1,111.3 million by 2022, at a CAGR of 4.0% between 2017 and 2022. The increasing applicability of flexible pipes in the oil & gas industry and its excellent mechanical & corrosion resistance properties are factors anticipated to drive the growth of the flexible pipe market.
North America led the flexible pipe market in 2016, followed by the Middle East & Africa and Central & South America. North America, Europe, and the Middle East & Africa are relatively mature markets as compared to Asia-Pacific. The flexible pipe market in the Middle East & Africa is projected to grow at the highest CAGR between 2017 and 2022. This growth is mainly attributed to the increase in oil & gas exploration activities in this region. Saudi Arabia led the demand for flexible pipes in the Middle East & Africa.
Based on raw material, the HDPE segment led the flexible pipe market in 2016, followed by the PA segment. The HDPE material segment is projected to grow at the highest CAGR between 2017 and 2022, owing to the excellent physical properties of HDPE. It is considered to be a cost-effective raw material as compared to PA and PVDF, among others, which, in turn, has led to the increased acceptance of HDPE in flexible pipe manufacturing.
Based on application, the offshore segment is the largest application segment of the flexible pipe market. This application segment is projected to grow at the higher CAGR as compared to onshore application segment during the forecast period. The growth of the offshore application segment is mainly attributed to the increase in deepwater, ultra-deep water, and subsea exploration activities.
