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Carbon Steel Pipe Fittings Market Growth Drivers, Key Trends, Size, Share Analysis And Forecast To 2033
Carbon Steel Pipe Fittings Market Growth
According to The Business Research Company's, The carbon steel pipe fittings market size has grown strongly in recent years. It will grow from $6.97 billion in 2023 to $7.38 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to global trade and export, replacement and maintenance, cost-effectiveness, corrosion resistance and durability, manufacturing and fabrication demand.
The carbon steel pipe fittings market size is expected to see strong growth in the next few years. It will grow to $9.11 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to infrastructure development projects, growing industrialization, energy sector growth, urbanization and construction, replacement market demand. Major trends in the forecast period include collaboration and partnerships, integration of iot and analytics, emphasis on health and safety standards, market expansion in developing regions, modular and prefabricated solutions.
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Market Drivers and Trends:
The increasing construction and infrastructure sectors are expected to propel the growth of the carbon steel pipe fittings market going forward. Construction refers to the process of assembling or building physical structures, such as buildings, bridges, roads, and other infrastructure. Infrastructure refers to the fundamental facilities and systems that support a society or organization, including transportation, communication, sewage, water, and electric systems. Carbon steel pipe fittings are widely used in the construction and infrastructure industries for various applications such as plumbing, HVAC (heating, ventilation, and air conditioning) systems, fire protection systems, and structural supports. Carbon steel pipe fittings are preferred due to their high strength, durability, and resistance to corrosion, making them suitable for use in harsh environments and heavy-duty applications. For instance, in 2022, according to a report shared by ToolSense, an Austria-based software company related to construction, facility services, mining, agriculture, logistics, or manufacturing, the number of housing units built in 2021 was 1,337,800, which is a 4% rise over the previous year. Between March and July 2020, the volume of residential construction rose by 275%. Therefore, the increasing construction and infrastructure sectors are driving the growth of the carbon steel pipe fittings market.
Technological advancements are the key trends gaining popularity in the carbon steel pipe fittings market. Major companies operating in the carbon steel pipe fittings market are adopting new technologies to strengthen their position in the market. For instance, in March 2023, NIBCO Inc., a US-based provider of flow control solutions, adopted press technology for fuel and gas carbon steel pipe applications to expand its BenchPress G carbon steel fittings line to incorporate and launch 2-inch diameters into its current product lineup. The BenchPress G press technology enables quick and affordable installation of carbon steel piping systems for residential, commercial, and industrial usage. It also provides users with consistent joint integrity and a polished look. It provides a simpler, cleaner, and faster installation process because it doesn't call for threading tools or lubricants.
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Major Key Players of the Market:
Awaji Materia Co. Ltd.; Bassi Luigi and C. S.p.A; Delcorte SAS; Erne Fittings GmbH; M.E.G.A. S.p.A.; Parker Hannifin CORP; S.S.E. Pipefittings Limited; SBC Bend Co. Ltd.; Sungkwang Bend Co. Ltd.; Thai Benkan Co. Ltd; Xinfeng Pipe-fittings; Yingkou Ever Foundry Co.Ltd; Shandong Jintong Pipeline Co. Ltd; Zhejiang Jiuli Hi-Tech Metals Co. Ltd.; Jiangsu Wujin Stainless Steel Pipe Group Co. Ltd.; Dodson Global; Arcelor Mittal; Baosteel Group Corporation; Nippon Steel; Tenaris SA; Aliaxis; JFE Holdings Incorporated; TMK PAO; Tianjin Pipe Group Corporation; Salzgitter AG; Chelpipe Group; Dynamic Forge & Fittings; Metline Industries; Rajendra Industrial Corporation; Steel Mart India
Carbon Steel Pipe Fittings Market 2024 Key Insights:
• The carbon steel pipe fittings market will grow to $9.11 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Construction And Infrastructure Surge Fuel Growth In The Carbon Steel Pipe Fittings Market
• Carbon Steel Pipe Fittings Market Embraces Technological Advancements For Enhanced Installation Processes
• Asia-Pacific was the largest region in the carbon steel pipe fittings market in 2023
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