Spoolable Pipe Materials Market is Expected to Expand at an Impressive Rate by 2030

Spoolable Pipe Materials Market: Introduction

A spool is a drum shaped or cylindrical device, on which a film or magnetic tape or flexible material is wound. In case of spoolable pipe materials, high density polyethylene and a reinforcement material is wound on to the surface of the pipe. Thus, the resulting pipe is strong enough to sustain corrosion, fatigue, and extreme high-pressure and temperature conditions in onshore, offshore, and downhole.
Based on application, the spoolable pipe materials market can be segmented into onshore, offshore, and downhole. In onshore applications, spoolable pipe material is primarily utilized in water injection lines, production gathering lines, gas lift injection lines, portable well test lines, and pipeline re-lining. Offshore applications of spoolable pipe material include injection & velocity strings, production tubing, and hydrate blockage removal in pipelines.

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Key Drivers of Spoolable Pipe Materials Market

Desirable attributes of spoolable pipe materials is expected to drive the market across the globe. High corrosion resistance, ease in commissioning, enhanced flow rates, reduced maintenance costs, and high fatigue resistance are major factors that are likely to drive the demand for spoolable pipe materials in the near future.

Impact of Covid-19 to Hamper Global Spoolable Pipe Material Market

Weakening of economic growth across Europe, North America, and Asia Pacific owing to the spread of the Covid-19 pandemic is expected to hamper the market. Furthermore, slowdown of the global economy, disruption as well as modification of supply chain, and decline in the demand for spoolable pipe material from the oil & gas industry in the wake of this pandemic is likely to restrain the market. Spoolable pipe is majorly employed in the oil & gas sector, for transportation of heavy fluids such as gases, oils, etc., which in turn is estimated to hamper the demand for spoolable pipe material in the near future.

North America, Middle East & Africa, and Europe to hold Major Share of Global Spoolable Pipe Materials Market

Geographically, the global spoolable pipe materials market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
North America, Middle East & Africa, and Europe are anticipated to account for a major share of the global market during the forecast period. The market in these regions is estimated to expand at a sluggish pace owing to spread of the pandemic, disruption of supply chain, and decline in demand for spool pipe materials in the oil & gas sector. However, the situation is expected to improve in next one to two years, which in turn is expected to offer significant opportunity to manufacturers of spoolable pipe materials years. According to Energy Information Administration (EIA), demand for oil is significantly high in the U.S. The country is among the top five major crude oil producers, globally. In 2018, about 68% of total U.S. crude oil production came from five states: Texas-40.5%, North Dakota-11.5%, New Mexico-6.3%, Oklahoma-5.0%, and Alaska-4.5%. Furthermore, major refining centers in Africa are located in South Africa, Nigeria, Egypt, and Algeria. Thus, the presence of major oil & gas industry giants across these regions are expected to drive demand for spoolable pipe materials, which in turn is projected to augment the demand for spoolable pipe materials in the near future.

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Key Players Operating in Spoolable Pipe Materials Market

The global spoolable pipe materials market is highly fragmented in nature. Key players are extensively engaged in increasing there footprint across the globe. For instance, on May, 02, 2018, Shawcor Ltd. announced that its Flexpipe Systems division had entered into an ownership joint venture with a local pipe installation company based in Middle East & Africa in order to establish a manufacturing facility for spoolable composite material. Furthermore, with addition of this facility, the global production capacity of existing spoolable composite products is expected to increase by 30%. Prominent players operating in the spoolable pipe materials market include: