Pvc Pipes Market Is Estimated To Witness High Growth Owing To Rising Construction Activities
The Pvc pipes market is estimated to be valued at US$ 62.34 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
PVC pipes are widely used in construction industry for plumbing, drainage, and sewerage applications. They are used to transport water, waste, oil, and gas. PVC pipes offer benefits such as corrosion resistance, durability, longevity, and cost-effectiveness. They find widespread applications in construction of buildings, roads, and bridges.
Market Dynamics:
The growth of the Pvc pipes market is mainly driven by rising construction activities across the globe. Rapid urbanization and increasing investments in infrastructure development are supporting construction of residential and commercial buildings which is fueling the demand for Pvc pipes. According to United Nations, nearly 70% of the global population is expected to live in urban areas by 2050 which will need huge investments in construction of residential and commercial structures. Moreover, Pvc pipes require low maintenance and have longer life span as compared to metals pipes which is another factor propelling their adoption in the construction industry. However, availability of substitutes such as copper, steel, and concrete pipes is a challenge for the market growth. Stringent regulations pertaining to use of PVC may also hamper the market expansion during the forecast period.
Read More - https://makuv.com/pvc-pipes-is-fastest-growing-segment-fueling-growth-of-global-pvc-pipes-market/
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