Sellbyville, DE -- (SBWIRE) -- 11/16/2018 -- According to a new research report by Global Market Insights, Inc. Glass Reinforced Plastic Piping Market is set to exceed $ 8 bn by 2024.

With the increasing popularity of nonmetallic thermosetting plastics, glass reinforced plastic glass reinforced plastic piping market has emerged as a prominent business sphere since the last few years. Glass-reinforced plastic has now come up as one of the effective alternative materials over metal parts for various construction applications such as sewage treatment and water supply. Oil and gas industry behemoths, in addition to regulatory bodies, have also been recommending the installation of GRP pipelines pertaining to their excellent corrosion resistance capability.

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Vinyl ester resins will observe the significant gains surpassing CAGR 5% in global glass reinforced plastic piping market by 2024. These are less absorbent of water than polyester resins due to a more tightly bonded structure of the side groups and are suitably used in the organic solvent environments. Vinyl ester-based glass reinforced plastic piping market are used mainly in the aboveground applications with temperature up to 850°C. Polyester resins glass reinforced plastic piping market held a share close to 30% in 2017. These are used instead of vinyl ester and epoxy resins in some cases for their low cost and a faster curing time.
glass reinforced plastic piping market will have high demand in wastewater treatment area in the next 7 years. Only 2% of the 165 billion m3 of wastewater that is collected and treated throughout the world is currently reused. Managing storm water and urban wastewater have been highly challenging, wherein glass reinforced plastic piping market will prove to be a sustainable solution by 2024.

Irrigation increases crop yields by 2-5 times and about 40% of the world's food comes from irrigated agriculture. Irrigation will be another significant segment propelling the overall glass reinforced plastic piping market in the near future.

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Global glass reinforced plastic piping market was led by Asia Pacific region in 2017. The regional industry will witness significant demand for these pipes from the power sector. For instance, in 2016 the total installed capacity for power generation in India was 3,30,154 MW and it will hold significant expansion potential in the coming years.

Hydropower has been the foremost renewable source of generating electricity across the globe, supplying as high as 71% of the renewable electricity. In 2016, about 16.4% of the global electricity was generated by hydropower, thereby reaching 1,064 GW of installed capacity. In hydroelectric power plant projects, pipe installations are realized in rough and steeply inclined terrain conditions.

Glass reinforced plastic piping market are easier to transport to, stow and install in such areas as they are much lighter than other products. Moreover, GRP pipes' resistance against water hammer pressure is higher than steel and ductile pipes, as they absorb 40% of the additional pressure. The GRP piping market will witness substantial demand from the power sector by 2024.

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Few significant players in the glass reinforced plastic piping market include: HOBAS, Plasticon Composites, China National Building Material Company, SUPERLIT Boru San. A.?, Sarplast SA, TECHNOBELL Ltd., etc.