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Plastic Pipes And Pipe Fittings Market Trends Analysis, Market Opportunities, Key Players, Share And Forecast To 2033
Plastic Pipes And Pipe Fittings Market Trends Analysis, Market
According to The Business Research Company's, The plastic pipes and pipe fittings market size has grown rapidly in recent years. It will grow from $80.27 billion in 2023 to $88.52 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to urbanization and infrastructure development, replacement of traditional materials, water and wastewater management, construction industry growth, advancements in plastic technologies..
The plastic pipes and pipe fittings market size is expected to see rapidly grown in the next few years. It will grow to $127.6 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to rise in smart city initiatives, focus on sustainable and eco-friendly solutions, expanding agricultural practices, technological innovations in materials, rising demand for hdpe pipes.. Major trends in the forecast period include popularity of multilayer pipes, focus on sustainable and eco-friendly solutions, expansion of oil and gas pipeline infrastructure, technological advancements in pipe fittings, impact of regulatory standards..
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Market Drivers and Trends:
The increased construction demand for housing facilities is expected to propel the growth of the plastic pipes and pipe fitting market. Construction is the process of building physical structures or infrastructure using tools, materials, and techniques to meet certain specifications or requirements. Plastic pipes and pipe fittings are used in construction for plumbing, drainage, and HVAC (heating, ventilation, and air conditioning) systems in houses due to their durability, ease of installation, and cost-effectiveness compared to traditional metal alternatives. For instance, according to data by the Office for National Statistics, a UK-based independent producer of official statistics and the recognized national statistical institute, construction output increased by 1.7% in volume terms in March 2022 in comparison with February data in the UK. The rise in repair and maintenance (3.0%) and new work (1.0%) activity drove the increase in monthly construction production in March 2022. Therefore, the increased construction demand for housing facilities is driving the growth of the plastic pipes and pipe fitting market.
Product innovation is a key trend gaining popularity in the plastic pipes and pipe fitting market. Major companies operating in the plastic pipes and pipe fitting market are developing innovative products to sustain their position in the market. For instance, in November 2021, GF Piping Systems, a Switzerland-based piping company, introduced bio-attributed materials to all its market-leading polyvinyl chloride (PVC-U) metric pressure pipes, fittings, and valves produced in Europe. The sustainable PVC resin made using tall oil, a waste product from paper production will see up to 90% reduction in the CO2 emission during production versus conventional PVC while still maintaining the highest quality, durability, and recyclability.
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Major Key Players of the Market:
Available Plastics Inc.; Inline Plastics LLC; Kimplas Piping System Limited; WL Plastics Inc.; Applied Plastics Co. Inc.; Lincoln Plastics Inc.; NewAge Industries Inc.; Ductile Iron Pipe Manufacturers; Omega Plastics Inc.; Contech Engineered Solutions LLC; W.P. Law Inc.; Interstate Pipe & Supply Co. Inc.; Continental Steel & Tube Co. Inc.; Compressed Air Systems Inc.; Emco Industrial Plastics LLC; Aliaxis Group SA; ArcelorMittal SA; BASF SE; Charlotte Pipe and Foundry Co.; Victaulic Co.; Caylor Industrial Sales Inc.; Colonial Teltek; Guenther Supply Inc.; JM Eagle Inc.; Wavin B.V.; Pipelife International GmbH; China Lesso Group Holdings Limited; IPEX Inc.; Chevron Phillips Chemical Company LP; GPS PE Pipe Systems; Georg Fischer Harvel LLC; Astral Poly Technik Limited; Advanced Drainage Systems Inc.; Sekisui America Corporation; Polygon Company Limited; Rifeng Enterprise Group Co. Ltd.; Weixing New Material Co. Ltd.; Kubota ChemiX Corporation; Dutron Polymers Limited; Aquatherm GmbH; Nanxin Pipeline Piping Co. Ltd.; Hsiung Yeu Enterprise Co. Ltd.; Pestan Plastics LLC; Charter Plastics Inc.; Advanced Plastic Industries Inc.; Alphacan SpA; Borealis AG; Georg Fischer LLC
Plastic Pipes And Pipe Fittings Market 2024 Key Insights:
• The plastic pipes and pipe fittings market size will grow to $127.6 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%.
• Surging Construction Demand Propels Growth In Plastic Pipes And Pipe Fittings Market
• Innovation Drives Evolution In The Plastic Pipes And Pipe Fitting Market
• Asia-Pacific was the largest region in the plastic pipes and pipe fitting market in 2023
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