growing real estate industry is driving the Plumbing Pipes Market
Technavio analyzes that the Plumbing Pipes Market is expected to grow at a CAGR of 14.69% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 22980 million.There are various factors that contribute to the growth of the market. The real estate sector's expansion is significantly boosting the demand for plumbing pipes. As new construction projects emerge, the need for reliable and efficient plumbing systems increases. Plumbing pipe manufacturers are capitalizing on this trend, offering innovative solutions to meet the growing demand for water supply and drainage systems. This market growth is driven by factors such as increasing urbanization, population growth, and a focus on sustainable and water-efficient infrastructure.
In the building and construction industry, plastic pipes, specifically PVC and chlorinated polyvinyl chloride (CPVC) pipes, play a significant role in plumbing applications. These pipes offer numerous advantages, including exceptional resistance to wear and tear, high flex life, chemical resistance, superior abrasion resistance compared to rubber and metals, resistance to cold and heat, high load-bearing capacity, good resistance to UV, and dimensional stability at room temperature. Furthermore, PVC pipes are non-flammable, making them a preferred choice for various applications. Vendors are continuously innovating to enhance the efficiency and strength of PVC pipes to cater to specific industry requirements, such as sustainable building and agriculture projects, as well as joint ventures with companies like ISCO and Infinity Plastics.
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Plumbing Pipes Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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The Plumbing Pipes Market is witnessing a surge in demand due to the increasing focus on sewage systems, water supply, drainage, irrigation, and wastewater management. Plastic pipes, particularly PVC and CPVC, are gaining popularity for their durability, corrosion resistance, lightweight, and low maintenance properties. Shale gas exploration and infrastructure renewal are also driving market growth. Innovative technologies like IoT and manufacturing advancements are enhancing pipe performance. Price volatility remains a challenge, while strategic initiatives in water management, telecommunication, and irrigation networks continue to shape the market landscape.
The global building products market, encompassing manufacturers of building components and home improvement products, is experiencing significant expansion. Factors driving this growth include the construction sector's robust expansion in developed and developing economies, necessitated by urbanization and public infrastructure development in the latter. Additionally, the increasing demand for plastic pipes in applications such as sewage systems, water supply, drainage, irrigation, and shale gas exploration, as well as water scarcity concerns, are further boosting market growth. According to Technavio, the global building products market is projected to grow due to these factors, with the combined revenue generated by manufacturers of building and home improvement products and equipment serving as the market size metric.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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