A method for determining the composition of fluids flowing through pipes from noninvasive measurements of acoustic properties of the fluid is described, which includes exciting a first transducer located on the external surface of the pipe through which the fluid is flowing, to generate an ultrasound chirp signal, as opposed to conventional pulses. The chirp signal is received by a second transducer disposed on the external surface of the pipe opposing the location of the first transducer, from which the transit time through the fluid is determined and the sound speed of the ultrasound in the fluid is calculated. The composition of a fluid is calculated from the sound speed therein. The fluid density may also be derived from measurements of sound attenuation. Several signal processing approaches are described for extracting the transit time information from the data with the effects of the pipe wall having been subtracted.