PVC Pipes Market Is Estimated To Witness High Growth Owing To Growing Construction Industry
PVC pipes are extensively used in construction industry for applications such as sewage, drainage, water supply system, conduits for wiring and other utilities. These pipes are light weight, corrosion resistant and provide longevity which makes them suitable for use in various construction applications. The pipes are durable, require low maintenance and provide leak proof performance. PVC pipes are economical in cost and easy to install which drives its demand from residential as well as commercial construction sector.
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 Dynamics:
The growing construction industry globally acts a key driver for PVC pipes market. Rapid urbanization and increasing residential and commercial construction activities especially in emerging economies of Asia Pacific and Latin America is fueling the demand for pipes and fittings. Furthermore, rising infrastructure projects for water supply, irrigation and sewer lines also contributes to market growth. According to Global Construction 2030, the global construction output is projected to grow by 85% to US$ 15.5 trillion by 2030.
Additionally, increasing renovation and replacement activities of old pipeline systems also provides growth opportunities. However, availability of substitutes such as metal and concrete pipes pose a challenge for PVC pipes market. Stringent regulations regarding use of PVC may also hamper the market growth.
SWOT Analysis
Strength: PVC pipes have high durability and are corrosion resistant making them a good option for plumbing applications. They are also lightweight and easy to install due to their flexible nature. PVC pipes offer long-term cost savings due to their durability and resistance to corrosion.
Weakness: PVC material takes a long time to decompose which harms the environment. Processing PVC also produces harmful dioxins as a byproduct. Transporting raw PVC materials over long distances also has a large carbon footprint.
Opportunity: Increasing construction of new residential and commercial buildings is expected to drive the demand for PVC pipes for plumbing and drainage applications. Governments across regions are investing heavily in infrastructure development which will boost the market.
Threats: Fluctuating raw material prices particularly of PVC resin and pigments can squeeze profit margins for manufacturers. Presence of substitutes like steel, copper and concrete pipes also poses competition to PVC pipes.
Key Takeaways:
The Global PVC Pipes Market Size is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing investments in infrastructure development projects across regions. Rapid urbanization is driving the need for new residential and commercial construction which will boost demand for PVC pipes.
Regional analysis: Asia Pacific dominates the global PVC pipes market with a share of over 35% in 2023. Presence of emerging economies like China and India driving large-scale investments in buildings, water supply networks, and sewage systems is a key factor for the regions lead. Central and South America is expected to witness the fastest growth during the forecast period due to initiatives to upgrade aging water infrastructure.
Key players operating in the PVC pipes market are China Lesso Group Holdings Limited, Hebei Bosoar Pipe Co. Ltd, Plásticos Ferro S.L., Fujian Aton Advanced Materials Science & Technology Co. Ltd., Pipelife Austria Gmbh & Co KG., Georg Fischer Ltd., Astral Pipes, Aliaxis Group S.A., JM Eagle, Inc., Supreme Industries Ltd., and Vinidex Pty Ltd.
Get more insights on this topic:
https://marketinsightsminds.blogspot.com/2023/12/the-rigid-pvc-pipes-segment-is-fastest.html
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian