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Plastic Pipes Market Size is Estimated to be Worth US$ 103.51 Billion by | Exclusive Report by The Insight Partners
US & Canada, Feb. 07, (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the global plastic pipes market is witnessing noticeable growth owing to a modest rise in demand from the residential & commercial construction and wastewater development infrastructure.
Rising demand for sustainable materials in plastic pipe manufacturing is expected to propel the market growth in the coming years. The report runs an in-depth analysis of market trends, key players, and future opportunities.
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Overview of Report Findings
Market Growth: The plastic pipes market is expected to reach US$ 103.51 billion by from US$ 65.41 billion in ; it is anticipated to register a CAGR of 5.9% during the forecast period. Urban wastewater treatment plants that integrate resource recovery and energy production processes with clean water production contribute to sustainable development significantly. The demand for wastewater treatment has increased due to the rising trend of recovering water from energy generation processes. A report published by the United Nations Department of Economic and Social Affairs in highlights the rising interdependency of water and energy generation, with the increasing demand for each of these resources. According to the current policy of the International Energy Agency, energy consumption is projected to increase by 50% by , boosting water consumption in the energy sector by 85%.
Growing Residential and Commercial Construction Activities: The housing market growth is attributed to population increase, urbanization, and favorable economic conditions. According to Redfin, the number of houses sold in January was 284,121, which was 1.8% higher than the number sold in January in the US. Residential construction is a crucial component of the private sector. It witnessed a noteworthy increase to a seasonally adjusted annual rate of US$ 856.3 billion in June , marking a 0.9% rise from the revised May estimate of US$ 848.6 billion.
In March , the government launched the Housing Accelerator Fund worth US$ 2.96 billion to aid in the building of at least 100,000 homes across Canada. According to the US Census Bureau, in November , the number of privately owned houses (at a seasonally adjusted annual rate) was 1.56 million units, a rise of 9.3% compared to 1.43 million units in November . Plastic pipes are extensively used in construction applications due to their versatility, durability, and cost-effectiveness. PVC, PEX, and HDPE are highly preferred materials due to their ease of installation and long lifespan. In commercial construction, plastic pipes are used in water supply, plumbing, HVAC systems, and fire suppression systems. Plastic pipes are used in residential plumbing for both hot and cold-water lines.
Innovations in Plastic Pipe Formulation and Production Processes: The plastic pipes market is witnessing several innovations in plastic formulations and production processes. These advancements are aimed at improving the performance, sustainability, and cost-efficiency of plastic pipes. The recent developments in technology and material science have paved the way for nanotechnology, integration of smart sensors, and additive manufacturing in the plastic pipes market. Nanotechnology in plastic pipe manufacture involves the utilization of nanocomposites for the improvement of the mechanical properties of materials. Researches are aimed at exploring the potential for incorporating nanomaterials in PVC pipes to improve their properties while preserving their inherent characteristics. This application of nanotechnology addresses critical performance aspects of plastic pipes and diversifies their applications.
Geographical Insights: In , Asia Pacific led the market with a substantial revenue share, followed by Europe and North America. Asia Pacific is expected to register the highest CAGR during the forecast period.
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Market Segmentation
- Based on type, the plastic pipes market is bifurcated into corrugated and smoothwall. The smoothwall segment held a larger share of the market in .
- In terms of material type, the plastic pipes market is segmented into polyvinyl chloride, high-density polyethylene, polypropylene, and others. The polyvinyl chloride segment dominated the market in .
- By application, the plastic pipes market is segmented into water supply, sewage and drainage, irrigation, gas distribution, and others. The water supply segment dominated the market in .
- The plastic pipes market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
Competitive Strategy and Development
- Key Players: A few of the major companies operating in the plastic pipes market are JM Eagle Inc, Uponor Corp, Georg Fischer Ltd, Sekisui Chemical Co Ltd, China Lesso Group Holdings Ltd, Astral Poly Technik Limited, Finolex Industries Ltd, Genuit Group Plc, Formosa Plastics Corp, Vasen Europe, Luna Plast, Orbia, Aliaxis Holdings SA, and Advanced Drainage Systems Inc.
- Trending Topics: PEX Pipes, multilayer plastic pipes, Polyethylene Pipe, Plasticized PVC pipes, plastic piping, etc.
Global Headlines on Plastic Pipes
- Borouge announced the launch of the Gulf Plastics Pipe Academy to promote the use of high-quality plastic pipe systems
- AmeriTex Pipe & Products (AmeriTex) announced it began construction on a new High-Density Polyethylene and Polypropylene ("HDPE/PP") corrugated pipe facility on its Conroe, Texas campus to serve its Texas' customers better.
- Wavin invests US$ 52.6 million in Indonesia, launches Southeast Asia’s 1st plastic pipe facility
- CK Birla-promoted HIL Limited has acquired the Topline brand of polyvinyl chloride (PVC) pipes and four companies associated with the brand
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Conclusion
The global plastic pipes market is growing with the rising construction industry and increasing water and wastewater management initiatives across the world. The market growth is attributed to rapid industrialization and urbanization, particularly in the emerging economies. In addition, the global transition toward sustainability initiatives has influenced the plastic pipes market, with manufacturers increasingly focused on incorporating eco-friendly formulations. Regulatory authorities are implementing stringent environmental standards to encourage the global production and utilization of recycled materials.
The report from The Insight Partners, therefore, provides several stakeholders—including information on raw material suppliers, plastic pipes manufacturers, and distributors/suppliers—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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