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Pipes and Pipe/Hose Fittings Global Market Analysis Development Trends, Industry Growth Opportunities, Regional Demand and Forecast 2024-2033
Pipes and Pipe/Hose Fittings Global Market
According to The Business Research Company's, The pipes and pipe/hose fittings market size has grown strongly in recent years. It will grow from $295.95 billion in 2023 to $317.79 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to water and wastewater management, oil and gas exploration, renewable energy projects, infrastructure rehabilitation, globalization of trade, government investments in infrastructure.
The pipes and pipe/hose fittings market size is expected to see strong growth in the next few years. It will grow to $433.97 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to smart cities initiatives, circular economy practices, rise in e-commerce for procurement, focus on water conservation, expansion of oil and gas infrastructure, hydraulic fracturing (fracking) operations. Major trends in the forecast period include integration of 3d printing technologies, advanced material innovations, customization for specific applications, hygienic and sanitary solutions, smart pipe systems, digitalization in manufacturing.
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Market Drivers and Trends:
An increase in construction projects is expected to propel the pipes and pipes/hose fittings market going forward. Construction projects refer to creating and building structures in an organized manner. Pipes and pipes/hose fittings are key components in the construction industry and are chiefly used for conveying fluids used in construction. For instance, in Oxford Economics, a UK-based forecasting and econometric analysis company, the global construction output grew by 6.6%, and the global construction output is expected to grow by 35% by 2030. Further, the global construction market is expected to grow by $4.5 trillion between 2020 and 2030, to reach $15.2 trillion. Therefore, an increase in construction projects will drive the growth of the pipes and pipe/hose fittings market.
Product innovations are a key trend in the pipes and pipe/hose fittings market. Major companies in the pipes and pipe/hose fittings market are launching new and innovative products to strengthen their position in the pipes and pipe/hose fittings market. For instance, in October 2021, Wavin, a Netherlands-based infrastructure solutions company, launched the Wavin Tigris K5/M5, an innovative press fitting series with a unique acoustic leak alert feature. This new product can help with new water management methods for metal-plastic pipe connections.
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Major Key Players of the Market:
Advanced Drainage Systems Inc.; Aliaxis Group; Amanco Company- Orbia; American Cast Iron Pipe Company; ArcelorMittal S.A.; Chevron Phillips Chemical Company LLC; China Lesso Group Holdings Limited; Eaton Hydraulics Inc.; EUROPIPE GmbH; EVRAZ plc; Forterra plc; Georg Fischer Ltd.; GF Piping Systems Ltd.; Hancor Inc.; IPEX Inc.; Nippon Steel & Sumitomo Metal Corporation; Nibco Inc.; Tigre SA; JM Eagle Corporation; Tenaris SA; Sekisui Chemical Co. Ltd.; Wienerberger AG; Pipelife International GmbH; Uponor Corporation; National Pipe and Plastics Inc.; Rehau AG; Sika AG; Compagnie de Saint-Gobain S.A.; Lubrizol Advanced Materials Inc.; Victaulic Company
Pipes and Pipe/Hose Fittings Market 2024 Key Insights:
• The pipes and pipe/hose fittings market will grow to $433.97 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Surge In Construction Projects Set To Propel Pipes And Fittings Market
• Wavin's Contribution To Advanced Metal-Plastic Pipe Connections
• North America was the largest region in the pipe and pipe/hose fittings market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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