[2031] Steam Condensate Piping Market is Expected to Reach $6.3 Billion by 2031

Market Dyanamics:

Commonly observed piping material types of steam condensate piping are stainless steel, carbon steel, and other materials. Among these, the carbon steel segment accounted for the highest market share in 2020, owing to its many advantageous features such as high ductility and high resistivity toward corrosion. Further, the market is analyzed with respect to different applications such as industrial and commercial.

The steam condensate piping industry is mainly driven by rise in investments in petrochemical processing plants, power plants, and other manufacturing industries. Furthermore, availability of a wide range of piping solutions also propels growth of the market. However, high overall maintenance cost of steam condensate piping system is expected to restrain the steam condensate piping market growth.

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Driving Factors:

The steam condensate piping market size was valued at $4.3 billion in 2020, and is estimated to reach $6.3 billion by 2031, growing at a CAGR of 3.3% from 2022 to 2031.

In 2020, Asia-Pacific dominated the global steam condensate piping market, in terms of revenue, followed by North America and Europe, owing to growth in manufacturing and chemical industries.

Moreover, growing energy demand across the world has positively affected the electricity production industry. Governments and private entities are constructing new power plants and expanding existing ones to meet the rising demands. This is expected to provide lucrative opportunities for growth of key players in the steam condensate piping market as steam systems are extensively used in power plants.

Furthermore, on the basis of application, the industrial segment is expected to grow significantly during the forecast period, owing to growth in number of petrochemical plants and industrial process facilities.

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For instance, in 2021, Kuwait planned to construct Al Zour Refinery at a cost of $16 billion. Furthermore, Egypt is focused on expanded the Middle East Oil Refinery (MIDOR), which is one of the most advanced refineries in Africa.

However, during the pandemic lockdown, various manufacturers in the steam condensate piping market had to stop their businesses in countries such as China, the U.S., and India. This break directly impacted sales of steam condensate piping manufacturing companies.

In addition, lack of manpower and raw materials constricted supply steam condensate piping components; and has negatively influenced growth of the market. However, after two years of COVID-19 outbreak and introduction of vaccinations, it has now almost subsided. COVID-19 cases have now reached very insignificant levels and key players in the market are registering higher gains as of pre-COVID levels.

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Top Players:
Key companies profiled in the steam condensate piping market report include Jindal Saw Ltd., Metline Industries, Mueller Industries, Inc., Nippon Steel Corporation, Shandong Rigang Metal Material Co., Ltd, Steelmor Industries, Threeway Steel Co., Ltd, Tubacex S.A, voestalpine AG (voestalpine Rotec GmbH), and Zenith Steel Pipes & Industries Limited.

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