Region - North America, Latin America, Europe, Middle East & Africa, Asia Pacific;
New York, NY -- (SBWIRE) -- 04/27/2018 -- Wastewater treatment and civic water supply facilities from all parts of the world are improving with technological advancements, but plastic pipes will continue to be essential tools for laying down an effective piping network. Properties and functioning advantages of plastic pipes over metal or mortar pipes continues to drive its adoption.
Persistence Market Research's recent report predicts that the global market for plastic pipes will grow steadily and rake in more than US$ 44 Bn in revenues by the end of 2024. Increasing demand for HDPE pipes across multiple applications and purposes is expected to boost the demand for plastic pipes, as the global market closes in on US$ 30 Bn value by the end of 2017.
The report offers forecast on the global plastic pipes market for the assessment period, 2016-2024. During this period, the global market for plastic pipes will soar steadily at 5.5% CAGR. Gaining stability across real estate sectors & housing markets in developed and developing countries, lowering cost of procuring raw plastic, and higher presence of piping operations with greater replacement & maintenance rate are collectively observed as the driving force for growth of global plastic pipes market. However, the market is pegged to witness restrains from factors such as:
Increasing plastic waste and stringent norms that limit the dumping, processing and use of plastic and polymer materials.
Availability of substitute materials for plastic, which include concrete, aluminum and metallic fiber.
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Recovery of Oil & Gas Industry – Lucrative Growth Opportunity
The report reveals that recovering stance of oil & gas business from the recent economic slowdown is benefitting the sales of plastic pipes. In 2017, increasing shale drilling activity in the U.S. and Canada is fuelling the demand for plastic pipes. In addition to this, increasing exploration of shale gas, which constitutes onshore exploration activities, is expected to result in an increase in demand for plastic pipes. The aforementioned practices are primarily directed to cope up with the economic slowdown of oil & gas industry, but they are incidentally increasing the demand for plastic pipes across the globe during the forecast period.
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Along with oil & gas businesses, the global electronics & telecommunication sector is also expected to influence the growth of global plastic pipes market. The expansion of electronics & telecommunication infrastructure in different parts of the world has necessitated the use of plastic pipelines to protect underground cables and exposed components.
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Urbanization across the globe has catapulted the rise in infrastructural developments and water supply facilities which has subsequently resulted in an increase in demand for HDPE pipes. According to the report, plastic pipes made from PVC and PE materials are accounting for nearly 80% of global market value throughout the forecast period.
The report also reveals that end-use of plastic pipes in water supply and oil & gas piping is gaining traction, revenues from which are anticipated to reflect CAGRs above 5.5%. By 2024, the report anticipates that over 70% of global plastic pipe revenues will be attributed by liquid conduits as opposed to gas conduits or other applications.
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While North America and Europe will collectively contribute to nearly 45% of global market revenues throughout the forecast period, the plastic pipes market in Asia-Pacific will be solely contributing with more than 40% of market revenues through 2024. The report also profiles key players in the global plastic pipes market, which include Aliaxis Group S.A., Sekisui Chemical Co., Ltd., Wienerberger AG, Mexichem SAB de CV, JM Eagle, Inc., ASTRAL POLYTECHNIK LIMITED, China Lesso Group Holdings Ltd., Geberit AG, Nan Ya Plastics Corp., Finolex Industries Ltd., Chevron Phillips Chemical Company, Formosa Plastics Corporation, Georg Fischer Ltd., Advanced Drainage Systems Incorporated., Contech Engineered Solutions LLC, Supreme Industries Ltd., Prince Pipes & Fittings India Private Limited., AGRU Kunststofftechnik Gesellschaft M.B.H., Polypipe Group Plc., and FRANK GmbH.