April 04, 2024 02:20 ET | Source: DataHorizzon Research DataHorizzon Research
Fort Collins, Colorado, April 04, 2024 (GLOBE NEWSWIRE) -- The Pipe & Pipe Fittings Market size was valued at USD 331.9 Billion in 2023 and is expected to reach a market size of USD 448.1 Billion by 2032 at a CAGR of 3.4%. Flexible Joint
The significant increase in the worldwide construction and development activity is crucial for the industry development. Furthermore, increasing oil & gas projects worldwide and new construction activities contribute to the demand for pipes and pipe fittings. Countries like Russia, Brazil, Norway, the U.S., and India have planned oil & gas projects to increase oil production for domestic consumption and exports.
The demand for residential and non-residential buildings is increasing owing to the ever-rising population, and growth in the rate of urbanization globally presents growth opportunities to prominent players. According to the U.S. Census Bureau, in January 2024, the total residential construction spending amounted to around USD 63.57 billion. Similarly, around 600 million people are anticipated to reside in urban areas by 2030 in India. This will likely generate a substantial need for living, as reported by Invest India. Hence, to suffice the needs of the growing population, pipe & pipe fittings are expected to pivot in the following years.
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The global pipe and pipe fittings market has been segmented into type, material, application, vertical, and region. Based on vertical, the market is categorized into sewerage, water supply, plumbing, borewell, and others. The water supply segment held a significant market share in 2023 owing to the high need for clean water distribution networks.
Pipe & Pipe Fittings Market Report Highlights:
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Pipe & Pipe Fittings Market Segmentation:
By Type: Pipes, Elbow, Reducer, Tee Type, Cross Type, Coupling, and Others
By Material: Metal, Plastic, Concrete and Others
By Application: Sewerage, Water Supply, Plumbing, Borewell and Others
By Vertical: Chemical & Petrochemical, Residential, Commercial, Transportation, Municipal, Food & Beverage, Oil & Gas, Irrigation, and Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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