Flexible Pipes Market Pegged for Robust Expansion by 2028

Matt Easterlin25 Jan, 2023News

The flexible pipes market was valued at USD 954.3 million in 2021 and is likely to grow at a CAGR of 4.62% during 2022-2028 to reach USD 1314.3 million in 2028. Recovery of oil & gas activities across regions coupled with an increasing acceptance of flexible pipes in various applications is the factor proliferating the growth of the market, owing to their cost effectiveness and superior performance to steel pipes. Additionally, the introduction of stringent government regulations is further propelling the demand for flexible pipes. As per Baker Hughes estimates, the worldwide rig count grew by 27.3% from the last year to reach an average of 2,029 rig counts in 2017.