A current market study entitled “Global Pipe fittings market by material types, applications, end-users, distribution channels and regions” published by Growth market reports studied the increasing trends in the pipe fittings market and, after thorough analysis, has speculated that if the growth rate of global pipe fittings and pipe fitting manufacturer continued growing at the same rate, it would most likely lead to a massive revenue generation of USD 39,905 Mn by 2027. The latter speculation can be backed up by the fact that the pipe fittings industry was valued at 29,267 Mn in 2019. In the last few years, it has shown a 5.1% CGAR increase in the market worth. The reasons enlisted for explaining the growth include increasing pipeline projects due to the increasing demand for residential and commercial infrastructure.
Here is the list of key participants in the study:
- Compagnie de Saint-Gobain
- Mueller Water Products, Inc.
- McWane, Inc.
- Charlotte Pipe and Foundry
- Ward Manufacturing LLC
- Core Pipe
- Plasson Industries Ltd
- Aliaxis Group SA
- ASC Engineered Solutions
- GF Piping Systems
- Viking Johnson
- AVK Holding A/S
The market report includes a comprehensive discussion on emerging trends in the market, market boosters, growth opportunities, and any possible unforeseen reasons that can possibly jeopardize the growth of the pipe fittings market. Besides, the report also provides a detailed analysis of the market’s components, including products with their applications and competitor analysis.
Components Of Pipe Fittings Market
The report studied a few important aspects of the pipe fittings market, and some of these aspects, we are going to discuss below in detail. So read along.
Types of Material
Commonly, the materials used in the manufacturing of fitting pipes are aluminum, iron, copper, glass, plastic, and steel. Relatively plastic pipes are fairly common out of the rest, with a prevalence of about 34.09% in the market. The reason plastic pipes such as PVC and PE pipes enjoy such extensive use is due to their chemical and physical properties that make their fitting easy and convenient to install in residential and manufacturing industries alike. Another reason that plastic pipes are opted for fittings is their versatility in terms of sizes and designs. As we know, plastic is a moldable material, so it can be customized into different shapes and sizes.
Application Of Pipes
Applications of plastic pipes are widespread. Due to their magnitude of benefits, they are used in many sanitary systems, including drainage, sewage disposal, water pumps, and transportation pipes. The use of plastic pipes accounts for a 21.52% share in the market as per data records of 2019. The report speculates that the current share is only going to increase in the forecast period. The report suggests that the root cause behind the increasing use of plastic pipes is urbanization. As the number of populations keeps growing, the need for more residential areas keeps increasing and to accommodate people, hence the surge in the number of residential areas.
Consumers Of the Pipe Market
The industries that benefit most from the pipe fitting industry include agriculture, construction, residential, and industrial. For instance, in 2019, the revenue generated from industries only accounted for 29.86% total share in the market, minus other sectors. The report predicts that the latter value, also known as CAGR, is only going to increase. Industrial sectors also include oil, gas, and chemical factories, where the installation of plastic pipes is necessary for their functioning, and given the vast production generated from these industries, they require a high number of plastic pipes for maximum product production.
The distribution channels of the pipe fittings market include two types, online and offline. Offline channels generate revenue about 38% of the total share in the market; it is speculated to increase more, as the report predicts. Likewise, the online segment is expected to expand at considerable CAGR due to increasing e-commerce platforms across different industries resulting in high investments in the e-commerce supply chain.
Key Take Ways of The Report
- Asia generates the maximum amount of revenue from the pipe fittings industry owning to its big size and population size. Therefore, an increasing need for residential areas and water supply
- The pipe fittings industry in Europe is predicted to increase in the coming years owing to the presence of gas reserves. These reserves require the use of pipes for transportation and extraction
- The Middle East and Africa are also going to experience massive growth in their pipes industry because of an increasing number of residential areas for accommodating the increasing population.