The Global Market for Pipes and Pipe/Hose Fittings is Projected to Reach US$352.4 Billion by 2024
Recovery in Construction Activity and E&P Spending to Drive Demand for Pipes &
Pipe/Hose Fittings, According to a New Report Update by Global Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market share, size, and
demand forecasts on the global Pipes and Pipe/Hose Fittings market. The
global market for Pipes and Pipe/Hose Fittings is projected to reach US$352.4 billion
by 2024, driven by factors such as resurgence in construction activity,
improvement in E&P spending, and rise in infrastructure and residential
projects in developing countries.
Pipes, used commonly in
potable water distribution, storm sewers, and surface water drainage are
indispensable to the infrastructure of a nation.. Buoyed by expanding
population and the subsequent rise in demand for potable water and drainage
systems, market for pipes and fittings is set to rise over the analysis period.
Demand is expected to increase further by the increasing distance between
consumers and sources of potable water leading to the need for additional
pipeline infrastructure for transmission and distribution. The trend is
expected to be additionally supported by increasing migration of population to
newer regions entailing the need for new infrastructure. The scenario is
expected to promote demand for pipes, employed in public infrastructure
applications including sewage and storm drain projects. Meanwhile, the need to
redevelop and restore the ageing public sewer system will also offer
opportunities for the pipe industry.
Nonetheless, given the
sensitivity of end-use sectors such as oil & gas industry along with
construction and building sectors, market for pipes and pipe/hose fittings is
highly variable and closely mirrors the trends in GDP, energy prices and
consumer spending levels. As the world economy expands, demand for energy is
only expected to rise to address the growing industrial activity. Fossil fuels
including coal, oil and natural gas form the dominant form of energy accounting
for about 85% of the global energy requirements. Demand for steel pipes is expected to improve
in the mid-long term led by the stabilization in oil prices and resultant
resurgence in oil & natural gas exploration, drilling and production
activities. Demand for high-end
seamless pipes is forecast to grow strongly due to the surge in
unconventional drilling procedures such as horizontal drilling.
The market is expected to
benefit from the development of lead-free pipes as a result of the growing pressure
to adopt environment friendly products. The renewed interest in the urban
development activities such as construction works spanning across industrial as
well as residential and commercial sectors is expected to heighten demand for
plastic pipes in coming years. Increasing demand for plastic pipes would be
propelled by resin improvements that improve efficiency of pipe in challenging
environments. In addition, improvement in processing would facilitate plastic
pipe to become cost efficient in comparison to other materials.
Construction activity in
countries such as India and China is driven by rising GDP, growing population, increasing
disposable income, expanding base of middle class population, availability of
capital and natural resources, and rapid urbanization. Growth in infrastructure
construction is supported by the government focus on providing connectivity and
public distribution networks such as communications, power, water and sewage.
As stated by the new
market research report on Pipes
and Pipe/Hose Fittings, Asia-Pacific represents the largest and the fastest
growing market at a CAGR of 6.0% over the analysis period. Growth in the region
is led by improvement in residential projects, development of public private
sector partnerships in mega infrastructure projects and investments in
transport and tourism infrastructure. Other major demand drivers include
planned laying of natural gas distribution pipelines in several countries as
well as advances in drainage and sewage systems and drinking water transfer
systems.
Major players in the
market include Advanced Drainage Systems Inc., Aliaxis SA, AMERICAN Cast Iron
Pipe Company, Arcelor Mittal, CertainTeed Corporation, Chevron Phillips
Chemical Company LLC, Europipe GmbH, Evraz Inc., JM Eagle Company Inc., Nippon
Steel & Sumitomo Metal Corporation, North American Pipe Corp., Pipelife
International GmbH, PAO TMK, Tenaris Group, Confab Industrial SA, Tessenderlo
Group, Tigre SA, US Steel Corp. and Wavin N.V., among others.
The research report titled
“Pipes
and Pipe/Hose Fittings: A Global Strategic Business Report” announced by
Global Industry Analysts Inc., provides a
comprehensive review of market trends, issues, drivers, company
profiles, and strategic industry activities. The report provides market
estimates and projections for all major geographic markets such as the US,
Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of
Europe), Asia-Pacific (China, India, South Korea, and Rest of Asia-Pacific), Middle
East/Africa, and Latin America (Brazil and Rest of Latin America). Segments
analyzed include Pipes (Concrete, Polyethylene, PVC, Steel and Other Pipes) and
Pipe and Hose Fittings (Metal Flanges and Unions, Hydraulic Couplings and Other
Fittings).
Global Industry Analysts, Inc. 6150 Hellyer Ave., San
Jose CA 95138, USA, All Rights Reserved.
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