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New Product Launches, Contracts, and Innovations as Key Growth Strategies to Enhance their Market Share and Expand their Presence in the Flexible Pipe Market

 

MarketsandMarkets forecasts the Flexible Pipe Market to grow from USD 880.8 million in 2016, and projected to reach USD 1,111.3 million by 2022, registering a CAGR of 4.0% from 2017 to 2022. The market growth is primarily attributed to the increase in oil & gas exploration activities, rise in demand for non-corrosive pipes, and acceptance of engineering-grade flexible materials. Moreover, rising growth of deep-water exploration coupled with technological advancement in drilling process are the key factors driving the global flexible pipe market.  

By Raw material, High-density polyethylene (HDPE) to dominate the flexible pipe market between 2017-2022

HDPE is estimated to be the largest and fastest growing segment in the global flexible pipe market. HDPE-based flexible pipe is easy to install and also possess excellent physical properties that propels its demand in the global market. Moreover, it is more cost effective as compared to PA, PVDF, and other materials that further driving the market for HDPE in flexible pipe manufacturing.

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By Application, offshore accounted for the largest share in the flexible pipe market in 2016

The demand for flexible pipe is higher in offshore application due to growing deep water, ultra-deep water, and subsea exploration activities. Moreover, the price of offshore flexible pipe is much higher compared to the flexible pipe used in onshore applications, which in turn increases the value market for offshore application. 


Key companies profiled in this report includes National Oilwell Varco, Inc. (U.S.), Technip Inc. (France), Prysmian Group (Italy), GE Oil & Gas Corporation (U.K.), Shawcor Ltd. (Canada), Pipelife Nederland B.V. (Netherlands), Airborne Oil & Gas B.V. (Netherlands), Magma Global Ltd. (U.K.), ContiTech AG (Germany), and FlexSteel Pipeline Technologies, Inc. (U.S.).

The increase in offshore drilling activities has resulted in the high demand for flexible pipes, which, in turn, encouraged companies to adopt several business strategies to strengthen their position in the flexible pipe market between 2013 and 2017. Companies such as GE Oil & Gas Corporation (U.K.), Technip Inc. (France), Airborne Oil & Gas B.V. (Netherlands), Magma Global Ltd. (U.K.), and Prysmian Group (Italy) have adopted expansions, joint ventures, new product launches, contracts, and innovations as key growth strategies to enhance their market share and expand their presence in the flexible pipe market.

Read More Insights At https://www.marketsandmarkets.com/PressReleases/flexible-pipes.asp

 

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