Why Do Oil and Gas Companies Use Fiber Reinforced Plastics Pipes?
The Technical Standards and Specifications laid down by the Petroleum and Natural Gas Regulatory Board, India, states the standards for the design, material, and safety of pipelines used in the oil and gas sector. The Schedule 1E of this regulation compels oil and gas companies to control corrosion and the Schedule 1D mandates the testing of pipeline equipment. Likewise, the Pipeline and Hazardous Materials Safety Administration (PHMSA) of the U.S. government assess the safety and performance of pipelines in the oil and gas sector to avoid unprecedented situations. Thus, the increasing need for oil and gas companies to comply with stringent government safety regulations will help the fiber reinforced plastics pipe market exhibit a CAGR of 8.4% during 2017–2023. According to P&S Intelligence, the market was valued at $2,134.4 million in 2016 and it will generate $3.8 billion revenue by 2023. As these pipes have a high strength-to-weight ratio, excellent resistance to corrosion and ...