Global competitive pipes market is anticipated to witness steady revenue growth throughout the forecast period and is slated to exhibit a CAGR of 4.1% in terms of value.
Albany, NY -- (SBWIRE) -- 12/14/2017 -- A new research report highlighting the key influencing factors on the global competitive pipes market has been added to the vast repository of Market Research Hub (MRH). According to the report titled "Global Market Study on Competitive Pipes: Steel to Remain Dominant Material Type Segment in Terms of Market Share During 2016 – 2024", the global competitive pipes market is likely to witness a CAGR of 4.5% through 2024.
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The key governing factors for competitive pipes market are the global construction industry. Surge in the construction and infrastructure development activities around the globe are key to boosting the demand for competitive pipes globally. The U.S. housing sector is showing signs of moderate recovery, and there are many mega projects lined up in Middle East. The governments in Middle East, on account of prevailing low oil prices, are focusing on developing non-oil based economies, which in turn has led to a spurt in infrastructure growth. In Asia Pacific, China and India are leading the charge, with investment in infrastructure development a priority for the government. On account of these macroeconomic trends, the competitive pipes market is likely to witness steady growth in the near future.
Steel pipes continue to be the most widely used owing to their durability and easy availability. The steel pipes segment of the global market accounts for a revenue share of nearly 80% of the global market, and the dominance of this segment is likely to continue during the forecast period as well. There will a slight increase in the application of copper competitive pipes, owing to their wide-ranging applications in end-use industries.
The demand for competitive pipes is most prominent in the oil & gas industry. The oil and gas industry has suffered setbacks on account of prevailing low oil prices in the Middle East. These factors can have an impact on the global competitive pipes market, and offset some of the momentum gained in other countries. By application, use of competitive steel pipes is quite formidable in the liquid conduits segment, and it is highly likely that demand will continue to remain strong during the forecast period as well.
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Asia Pacific is one of the most lucrative regions for competitive pipes globally, and the region is likely to offer growth opportunities to manufacturers during the assessment period as well. The region accounted for nearly half revenue share of the global market, and is likely to grow at a CAGR of over 5% through 2024.
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