INTERNATIONAL industry analysts Research and Markets has forecast a 3.65 per cent compound annual growth rate (CAGR) for the global flexible pipes market for oil and gas industry between 2016-2020.
Releasing its “Global Flexible Pipes Market for Oil and Gas Industry 2016-2020” report Research and Markets said an increasing number of horizontal wells will be a key trend for market growth.
“Flexible composite pipes are used in shallow and long horizontal wells. These composite pipes are the preferred choice as they can be easily retracted from these wells.
The oil and gas industry is currently experiencing a shifting trend with respect to drilling pipes. Directional drilling is growing rapidly in comparison to vertical drilling. The production rate of horizontal wells is more than double in comparison to verticals wells. An increase in the number of horizontal wells is a potential growth opportunity for the market owing to the high application of flexible pipes in these wells,” the Research and Markets report suggests.
The report covers the present scenario and the growth prospects of the global flexible pipes market for oil and gas industry for 2016-2020. To calculate the market size, the report considers the revenue generated through the sales of flexible pipe products by type such as HDPE, PA, PVDF, and others in the offshore and onshore applications. The report also includes a discussion of the key vendors operating in this market.
According to the report, demand for non-corrosive flexible pipes will be a key driver for market growth. It said the cost of repairing and replacing corroded pipes is subject to factors such as location, temperature, and materials.
Research and Markets said a large amount is spent annually across the globe in repairing and replacing piping systems, cracking transport pipeline, and others.
“Flexible pipes are widely used to reduce such expenses, as these pipes have high strength, durability, non-corrosiveness, and are lightweight. These properties make them a preferred alternative to steel and concrete pipes used in the oil and gas industry,” Research and Markets said.