Press release
The Plastic Pipes Market to grow on a tenacious note at a CAGR of 5% between 2019 and 2029
Additionally, the report offers thorough analysis of the plastic pipes market for the coming ten years. The report on plastic pipes summarizes macroeconomic factors that could assist and influence the growth of the market and forecast factors. The market size roughly equated revenues worth ~US$ 30 Bn in 2018, and is anticipated to grow at a moderate CAGR of ~5% during the assessment period, prominently influenced by the cyclic trend of the construction industry and new product launches.
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Construction and Oil & Gas Exploration Projects – A Strong Impetus
Countries such as U.S., India and China are leading contributors to the growth of construction industry, including residential, commercial, and industrial sectors, and are estimated to contribute more than 50% to the growth of global construction industry in the near future. Increasing onshore exploration activity and transportation via pipelines, in turn, is expected to boost the demand for pipes during the forecast period.
More than 130 ongoing projects of natural gas exploration and transportation pipelines in the U.S. shall be completed in nearby future. The expansion of electronics & telecommunication has resulted in increased demand for pipelines to protect underground cables. This global expansion of electronics and telecommunication industry is expected to fuel the demand for plastic pipes over the forecast period.
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More than 50% of the world’s population resides in urban areas. This percentage is projected to expand, especially in China and India, to 66% by 2050 as per United Nations DESA Website. Growing urbanization is expected to scale up the demand for plastic pipes manufacturing for various applications, such wastewater drainage systems, gas pipes lines, and water pipelines, among others.
With increasing activities surrounding municipal and industrial wastewater treatment, the demand for a strong network of collection systems for combined sewers, separate sanitary sewers, and industrial wastewater is increasing across the globe. Significant increase in urbanization is anticipated to further fuel the demand for plastic pipes in the near future.
Plastic Pipes Market in Asia Pacific Thriving at a Rapid Pace
Since water is an essential amenity, governments are taking initiatives to cater to the rising demand for water for domestic and agricultural purposes through the installation of new water pipeline networks. Thus, growing water management activities supported by government initiatives are expected to drive the plastic pipes market growth over the forecast period.
Rising construction activities, especially in the residential and commercial segment of the North America region, are expected to boost the demand for plastic pipes for applications such as sewage & exhaust pipes, plumbing, and water pipelines. This can primarily be attributed to the efforts being made by companies to meet the rising demand for pipes and gain access to high-growth markets of Asia Pacific. Asia Pacific is estimated to hold a prominent share of the global plastic pipe market followed by North America in the forecast years.
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