Portland, OR -- (SBWIRE) -- 02/20/2018 -- Spoolable Pipes Market is expected to reach $2,107 million by 2023, from $1,345 million in 2016, registering a CAGR of 6.7% from 2017 to 2023. Spoolable pipes provide excellent resistance against corrosion, temperature, pressure, chemicals, and impact.

These properties have increased the applicability spoolable pipes across various end-user industries such as offshore, onshore oil & gas, waste water treatment, mining among others. Growth in production of crude oil and natural gas, owing to the rise in energy consumption globally, boosts the consumption of spoolable pipes. The cost-effectiveness of these pipes as compared to conventional piping systems, in terms of manpower required, and energy consumed for installation purpose drive the market demand.

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Spoolable pipelines are flexible pipes used for the transport of crude and refined petroleum fuels such as oil, natural gas, and other fluids, including sewage, slurry, and water. These are thermoplastics or thermosets pipes with reinforcement of steel, fiber, or aluminum. The structural layer or the reinforcement offers high strength and impact & fatigue resistance, thereby increasing durability of the pipes. The lightweight and high design flexibility of thermoplastics enable easy installation of these pipes in various onshore, offshore, downhole, waste water treatment, and mining applications.

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Spoolable pipes were originally designed for aboveground onshore applications where corrosive conditions caused steel lines to fail within few years. Increased oil & gas production has led rise in adoption of spoolable pipes in onshore and offshore oil & gas transportation from wellheads to production facilities. Ease of installation of spoolable pipes and low cost as compared to steel pipes reduce the overall operational cost, thereby optimizing production output and maximizing the productive life of fields. However, high entry barriers for new entrants due to the time-consuming product approval cycles and stringent regulation for the design, construction, manufacturing, and operation of spoolable pipes may hamper the market growth.

Key Findings of the Spoolable Pipes Market:

LAMEA is expected to grow at the highest CAGR of 7.3% from 2017 to 2023, followed by Asia-Pacific.
Thermoplastics matrix spoolable pipes accounted for the highest market share in 2016, and are expected to grow at the highest CAGR of 6.8%.
In 2016, fiber reinforcement accounted for the highest revenue and is expected to grow at significant CAGR of 6.8%.
In 2016, U.S. accounted for the highest market share, growing at a CAGR of 6.3%.

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