Flexible Pipe Market by Raw Material, Application - Global Forecast to 2022
Flexible pipes are made of various distinct layers; these pipes are primarily used as an alternative to rigid steel flow lines and risers in the oil & gas industry. The flexible pipe market is expected to reach USD 1,111.3 million by 2022, at a CAGR of 4.0% between 2017 and 2022. Increase in deepwater oil drilling activities, acceptance of engineering-grade flexible materials, rise in demand for non-corrosive pipes in the oil & gas industry, and technological advancements in drilling processes are key factors propelling the growth of the flexible pipe market.
Moreover, the discovery of new offshore reserves in the Gulf of Mexico, Ghana, and French Guiana provides lucrative growth opportunities to manufacturers of flexible pipes.
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.