Region : Global | Format: PDF | Report ID: BRI104765 | SKU ID: 21438317
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The global Press Fittings Market size is USD 3.35 billion in 2024 and is expected to reach USD 4.91 billion by 2032, growing at a compound annual growth rate (CAGR) of about 4.91% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with Press Fittings market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
A press fitting, also known as an interference fitting, is a method of joining two parts that uses normal force, friction, and cold welding. Press fittings technology is widely used in the manufacturing of electronic and electro-mechanical components. It occurs when a shaft is tightly inserted into a slightly smaller hole in another part, with the interference holding both parts in place. Manufacturers can use Press fittings technology to create highly reliable electro-mechanical interconnects without the use of solder. This is accomplished by inserting a specially stamped terminal into a printed circuit board's plated through hole (PTH) (PCB).
Press-fittings provide a reliable seal, reduce error, and are leak-free when pressed correctly. A press-fit is the fastening of two parts—in this case, inserting a pipe by normal force into a fitting, with the interference holding both parts in place. Each press fitting has an O-ring inserted into the bead. This is then pressed together with a hydraulic pressing tool in an exact, simple, repeatable, and reliable process, resulting in a tight connection. Different O-rings are used for drinking water, gas, and other high-temperature applications, as well as for a variety of industrial applications.
Almost all countries' economic growth was hampered by the COVID-19 pandemic. Business shutdowns and lockdowns have had a significant impact on the manufacturing sector. The sale of various industrial products, such as automobiles and electronics, is declining. Office buildings, public spaces, schools, transportation, and other facilities remained closed, slowing market growth. Construction firms have announced a halt in operations as a result of lockdowns imposed by governments in a number of countries to combat the epidemic. This has had an effect on the press fittings market. Furthermore, the outbreak has a negative impact on the enterprise's business operations, which affects the market as a whole.
"Launch of new product Launch to stimulate market expansion"
The market offers a diverse range of pipes and press fittings in a variety of dimensions, providing an inherently reliable, solder and lead-free solution that provides the safety and design flexibility required for a wide range of applications in a variety of industries, including residential and commercial buildings, hospitals, hotels, and even shipbuilding and other industrial applications. When properly used, a permanent connection is formed quickly and securely, providing installers with a dependable, repeatable installation technology. Even more importantly, the tightness of the connection is now partially the responsibility of the piping system manufacturer, not the installer. Not only is it faster and more practical, but it also significantly reduces the risks associated with making secure and reliable connections for installers. Thus, the process of developing new launches is a major trend that is creating opportunity for the industry to flourish. The market's overall expansion is primarily the result of these recent changes.
The market is divided into categories based on type, Carbon Steel, Stainless Steel, Copper and Copper Alloys and others.
The market is divided into Household, Commercial and Industrial and other categories based on application.
"Technological Advancement that Boosts the Market"
To create a leak-tight plumbing joint, you'll need fittings, solder, a blow torch, and a skilled and qualified plumber. Brazing and welding were used by other tradespeople. While these techniques are still used in large pipework or specialised areas such as medical gases, they can cause dry joints, cracking, and other solder-related issues. The sealing material and components are combined with press fittings, and the heat source is replaced by a hydraulic pressing tool. Consequently, during the predicted period, increased product dependence will support industry growth. As a result, the market will benefit from growth and technological advancement. It will help the building and construction sector flourish and accelerate the Press Fittings market growth.
"Reduction of Installation time of the product is expanding to support market expansion"
The reduction of installation time is one of the driers for the growth of the press fitting market. Some press fitting manufacturers claim that installation times can be cut by up to two-thirds. Inserting the pipe into the fitting, which is then sealed by pressing the fitting socket and the pipe together with the jaw of an electric press fitting tool, is how press fittings work. Installers can make room for more work by reducing the time required while maintaining the same level of quality and earning the same amount of money on fixed price jobs. Together, these elements are encouraging market expansion, which is raising business revenues. As a result, the market will grow thanks to the reduction of installation time of the product.
"Infrastructure and Inexperienced work Will Prevent Market Expansion"
When you replace the bearings frequently, press-fit connections wear out faster. Bearings that must account for imperfections in cup mounting do not last as long. It is possible to re-thread a damaged bottom bracket shell thread, whereas replacing press-fit cups would be far more difficult. Bearing removal necessitates caution and experience to avoid damaging the cup surface. This will be a significant impediment to market growth during the forecast period. This could be a significant issue limiting market growth. If this issue is resolved, the market will immediately begin to grow.
"The Market is Globally Dominated by North America"
Since this area is the largest user of the product, the market for Press Fittings in North America has profited from the region's expanding industrial development and several driving factors that have boosted the potential sectors. The increasing demand for products in the Household and commercial industries is one of the important factors driving the Press Fittings Market Share. Rapid urbanisation trends will further strengthen the market as a whole.
"Leading Manufacturers to Boost Product Demand"
The analysis covers data on market participants and their positions within the industry. Through appropriate research, mergers, technological development, expanding production facilities, and collaboration, data is being gathered and made available. Information on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more is provided in the study on materials.
The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyses elements that are probably to boost Press Fittings Market share. The report makes forecasts for market expansion during the projected time period. The objective of the regional study is to explain why one region dominates the worldwide market. There are a lot of issues that have all been carefully considered that prevent the industry from growing. The research also contains a market strategic analysis. It includes thorough market information.
Based on our research, the Press Fittings market is projected to touch USD 4.91 billion by 2032.
The Press Fittings market for Press Fittings is expected to exhibit a CAGR of 4.91% by 2032.
Technological Advancement that gives the Press Fittings market extra boost & Reduction of Installation time of the product to encourage market expansion.
JungWoo Metal Ind. Co.,Ltd, Mueller Streamline Co, NIBCO, Conex Banninger, and others are the top companies operating in the Press Fittings market.
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