As per the report titled ‘Global Thermoplastic Pipe Market Size study, by Application (Oil & gas, Water & wastewater, Utilities & renewables, Mining & dredging), by Polymer type (Polyvinyl chloride (PVC), Polyethylene (PE), Polypropylene (PP), Polyvinylidene fluoride (PVDF), Others), by Product type (Thermoplastic composite pipe (TCP), Reinforced thermoplastic pipe (RTP)) and Regional Forecasts 2020-2026’, available with Market Study Report, global thermoplastic pipe market was worth USD 2.7 billion in 2019 and is projected to register a CAGR of 5.2% through 2026.
 

Increasing deep and ultradeep water oil & gas exploration & production activities across the globe, particularly in developed economies such as the United States & Canada and growing mining activities in Asia Pacific, are augmenting the market size. Moreover, stringent water & wastewater handling standards in the European countries are fueling the growth of global thermoplastic pipe market.
 

Low installation cost, high thermal resistance, high mechanical strength, greater flow, and exceptional resistance to chemicals and corrosion are the key advantages favoring the use of thermoplastic pipes over metal pipes. Widespread use of thermoplastic pipes for transporting liquids, solids and gases will continue to stimulate the product demand in the ensuing years. Thermoplastics are chiefly used in oil and gas offshore drilling, but also find applications in chemical, municipal, and mining & dredging sectors.
 

According to Ministry of Natural resources, China witnessed a total investment of around USD 9.26 billion in oil and gas explorations in 2018, an increase of 8.9% as compared to the year 2017. Likewise, the (ONGC) Oil and Natural Gas corporation of India announced an investment of nearly USD 2.73 billion for drilling oil and gas wells in the financial year 2018-19. In addition, Saudi Aramco and Abu Dhabi National Oil company (ADNOC) unveiled its plans for establishing a “mega refinery” in India. Thus, inflow of investments in the oil & gas sector coupled with growing oil extraction activities globally will continue to proliferate the demand for thermoplastic pipes in drilling practices.
 

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Furthermore, increase in onshore and offshore drilling projects, and new shale gas discoveries are expected to create ample growth opportunities for the industry expansion. For instance, in January 2018, Exxon Mobil publicized that it will triple the production of US shale oil in the Permian basin, that contains natural gas, crude, and other products, by 2025. On the contrary, higher production cost of thermoplastic pipes will restrict the industry growth over the forecast period.
 

On the geographical front, North America thermoplastic pipe market accounts for a significant market share, owing to discovery of new oil & gas reserves and increasing oil & gas production and exploration activities in United States and Canada.
 

Asia Pacific thermoplastic pipe market is expected to show tremendous growth over 2020-2026. Rapid urbanization and industrialization coupled with growing mining activities in India, China, and Australia are supporting the regional market expansion.
 

Key players operating in global thermoplastic pipe market are TechnipFMC Plc, Advanced Drainage Systems Inc., Airborne Oil & Gas B.V., National Oilwell Varco, Magma Global Ltd., Chevron Philips Chemical Company LP, Baker Hughes Company, Georg Fischer piping systems Ltd., The Prysmian Group, and Shawcor Ltd.