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 tha...