As per Persistence Market Research’s latest report, the global market for competitive pipes stood at around US$ 88,809.4 Mn in 2016.
New York, NY -- (SBWIRE) -- 09/06/2018 -- Global sales of competitive pipes continue to be impacted by the growth of the building & construction sector. Some of the primary use of pipes include laying down water pipelines, in the construction of wastewater drainage systems, laying gas pipelines and HVAC systems. As per Persistence Market Research's latest report, the global market for competitive pipes stood at around US$ 88,809.4 Mn in 2016. This market is projected to register a CAGR of 4.5% during the forecast period (2016–2024), to surpass a valuation of US$ 125,968 Mn by 2024 end. China, the U.S. and India are contributing substantially to the growth of the construction industry and will collectively contribute for more than 50% share of the growth in the construction industry by the end of 2020. In 2014, the total housing count reached more than 1 Mn with Y-o-Y growth of around 3%. With the continuous growth in the building & construction sector, the demand for competitive pipes is also projected to increase over the forecast period. Also, application for competitive pipes is widespread in the oil and gas industry.
Steel Pipes to Remain Highly Sought-After
Steel will remain the most preferred material for manufacturing of competitive pipe through the forecast period. Currently, steel competitive pipes account for more than 77% market value share of the market. Demand for steel competitive pipes will remain higher as compared to other materials. During the forecast period, copper competitive pipes will witness favorable traction as well. This is primarily owing to extensive application of steel and copper competitive pipes in construction, agriculture, energy, and other industrial sectors
On the basis of end use industry, the oil & gas segment held the largest value share of the market in 2016, and the trend is expected to continue throughout the forecast period. Between 2016 and 2024, this segment is expected to witness a CAGR of 4.9%.
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By application, the liquid conduits segment accounted for around 47.7% of the market in terms of volume in 2016. Towards the end of the forecast period, this segment is expected to reach a market valuation in excess of US$62,129 Mn.
Asia Pacific at the Forefront of the Global Competitive Pipes Market
Among regions, the competitive pipes market in Asia Pacific (APAC) is expected to remain highly lucrative over 2024. APAC accounted for more than 49% value share of the market in 2016, surpassing a valuation of US$43,782 Mn. During the forecast period, the region's market is anticipated to increase at a CAGR of 5.2%.
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Some of the leading companies partaking in the global competitive pipes market include Tenaris S.A., Vallourec S.A., Welspun Group, Georg Fischer Ltd., GERDAU S.A., JFE Holdings Corporation, ThyssenKrupp AG, Novolipetsk Steel, ArcelorMittal S.A., Tata Steel Limited, Nippon Steel & Sumitomo, Metal Corporation, Pohang Iron and Steel Company JSW Steel Ltd., Atkore International Group Inc., China Steel Corporation, Advanced Drainage System, Essar Steel, Contech Engineered Solutions LLC and Can Clay Corporation.