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North America holds a significant share of the flexible pipes owing to the robust growth of the oil and gas industry in the region. As the United States is one of the largest oil producers in the world, the demand for flexible pipes for their efficient transportation is surging, hence propelling the market growth. Moreover, the rising demand for alternative fuels in the region, owing to the introduction of stringent government regulations and the growing environmental consciousness in the region, is surging the deployment of flexible pipes. The cost-effectiveness offered by flexible pipes is further increasing their use in both onshore and offshore applications in the oil and gas industry, which is providing further impetus to the industry growth.
Baker Hughes Company (NYSE: BKR), one of the leading companies in the market, announced the launch of the Onshore Composite Flexible Pipe in January 2021. This pipe addresses high prices and challenges associated with corrosion faced by the deployment of steel pipes in the gas, oil, and industrial sectors. The pipe is made up of flexible and lightweight reinforced thermoplastic pipe (RTP), which provides an eco-friendly and cost-effective pipeline network for optimising the flowline’s core structure in the oil and gas industry. Moreover, the pipe reduces installation costs by 20% while decreasing the demand for skilled labours and heavy machinery. Its non-corrosive materials can withstand contaminants, which make them ideal for the transportation of gases, such as hydrogen and carbon dioxide. The development of such innovative flexible pipes is expected to increase their demand and augment the growth of the market in the forecast period.
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The major players in the global flexible pipes market are National Oilwell Varco, Inc., Baker Hughes Company, Magma Global Ltd., FlexSteel Pipeline Technologies, Inc., and Shawcor Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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