The global piping and fittings market size is expected to showcase substantial growth during the forecast period. This is attributable to the increasing investment in the oil & gas sector that propels the demand for the product. Fortune Business Insights published this information in its report, titled “Piping and Fittings Market, 2021-2028.” The housing sector has experienced a massive boom throughout the COVID-19 pandemic. According to Clayton Greer, Sales Manager of Stewarts & Lloyds, the demand for tubing and piping has shown positive signs across the housing sector amid the pandemic. Services such as plumbing, repairing, maintenance, and the development of new healthcare infrastructures have propelled the demand for piping products worldwide.
Although the global pandemic has led to an unprecedented loss, the construction sector is slowly picking up the pace by adhering to the stringent regulations of social distancing imposed by the government agencies. The high demand for energy across several industrial peripherals is likely to favor the growth of the market in the near future.
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Market Segmentation:
Based on type, the market is divided into steel pipe, aluminum pipe, copper pipe, plastic/ polyvinyl chloride (PVC) pipe, and glass pipe.
- On the basis of type, the plastic/ polyvinyl chloride (PVC) pipe segment is expected to hold considerable market share owing to the increasing demand for lightweight and affordable PVC pipes compared to the metal piping and fittings.
Based on the application, the market is trifurcated into residential, commercial, and industrial. Finally, based on the region, the market is classified into the Middle East and Africa, Europe, North America, Asia-Pacific, and Latin America.
What does the Report Include?
The market report for piping and fittings includes in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth in the forthcoming years. Moreover, the research analyst has adopted several research methodologies to obtain information about the current trends and industry developments that will drive the market growth between 2020 and 2027.
DRIVING FACTORS
Increasing Investment in Industrial Applications to Promote Growth
The rising oil & gas sector has led to massive investment by government and private agencies across the globe. Besides, the Saudi Arabia 2030 program has focused on developing public service sectors such as education, recreation, health, and infrastructure. This has led to the construction sector gaining considerable momentum. Moreover, rapid-paced urbanization has propelled the need for effective drainage systems and proper rainwater harvesting solutions. Government agencies are investing in formulating frameworks for the construction of new infrastructural construction projects. Overall, the rising investments in several industrial applications will contribute to the global piping and fittings market growth in the forthcoming years.
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REGIONAL INSIGHTS
Asia-Pacific – The region is expected to experience substantial growth by holding the largest global piping and fittings market share in the forthcoming years. This is owing to the growing deployment of several significant infrastructure projects in countries such as India, China, and Japan. Moreover, the increasing demand for rain water harvesting has led to the formulation of several government initiatives that will surge the product’s demand.
North America – The market in the region is expected to experience considerable growth during the forecast period. This is ascribable to factors such as the rising investment in the wastewater treatment plants that will boost the adoption of advanced piping and fittings components between 2021 and 2028.
COMPETITIVE LANDSCAPE
Facility Expansion by Eminent Companies to Maintain Their Dominance
The global market for piping and fittings is fragmented by the presence of major companies that are focusing on expanding their facilities to cater to the growing demand for the product across several industrial applications. Moreover, other key players are adopting strategies such as partnership, collaboration, and merger and acquisition to maintain their presence in the fiercely competitive global marketplace.
Industry Development:
- June 2021 – ASC Engineered Solutions announced its acquisition of Trenton Pipe Nipple Company, LLC, a Maryland-based company. The move, as per the company, will strengthen its capability to provide customized solutions to the consumers and further aid in market expansion.
List of the Companies Operating in the Global Market:
- Saint-Gobain
- LIXIL Group Corporation
- Jaquar Corporation
- Kohler Company
- Hindustan Sanitaryware and Industries Ltd (Hindware)
- Aliaxis Group
- Alumasc Building Products
- Aluminum Roofline Products (ARP)
- Amazon Civils
- Anglian Home Improvements
- Ash & Lacy Building Systems
- Marley Plumbing & Drainage
- McAlpine and Co, Pegler Yorkshire Group
- PF Copeland Rainwater Systems
- Others
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