PORTLAND, OR, USA, May 11, 2023 /EINPresswire.com/ — Stainless steel pipes are used in residential, commercial and industrial plumbing applications because of their durability, corrosion resistance, stiffness, strength and flexibility. It is an efficient pipe for plumbing applications and plumbing. Stainless steel pipes are used in plumbing fixtures such as bathtubs, faucets, showerheads and toilets.
According to a report released by Allied Market Research, the global market value of stainless steel plumbing pipe production was US$4.92 billion in 2020 and is expected to reach US$8.17 billion by 2030, with a compound annual rate of growth will be 4.8% between 2021 and 2030. .
Driving Forces: Increased construction of shopping malls and offices, rising spending on home improvement and renovation of residential and non-residential bathrooms and toilets are driving the global stainless steel pipe market. However, commodity price volatility and declining new construction in African countries are holding back market growth. On the contrary, infrastructure development in developing countries is expected to open up new opportunities for market participants in the future.
Covid-19 Scenario: The Covid-19 pandemic has disrupted the market due to the closure of stainless steel pipe factories. In addition, fewer new construction projects have reduced the demand for stainless steel plumbing pipes. In addition, the pandemic disrupted supply chains and pushed up commodity prices.
In this report, the global Stainless Steel Pipe market is segmented based on application, design type, end user, and region. Depending on the application, the bath segment is expected to register the highest CAGR of 5.7% over the forecast period. However, in 2020, the crane segment held the largest share, accounting for more than one-fifth of the market.
Depending on the type of building, the renovation segment is expected to register the highest CAGR of 5.2% from 2021 to 2030. Moreover, this segment dominated the market in terms of revenue in 2020, accounting for nearly three-fifths of the market share. The study also analyzed the segment of new buildings.
The global stainless steel water pipe market is analyzed across multiple regions including North America, Europe, Asia Pacific and LAMEA. In 2020, the Asia-Pacific market accounts for the largest share, accounting for nearly three-fifths of the market. However, the overall LAMEA market is expected to record the highest CAGR of 5.9% over the forecast period.
Top Manufacturers: The Global Stainless Steel Pipe Market Report includes an in-depth analysis of key market players such as Geberit AG, Jindal Stainless Limited., Steelmor Industries, Central States Industrial, Mueller Industries Inc., Reliance Worldwide Corporation Limited, Industrial Pipe & Supply Inc., Uponor Corporation, Bradley Corporation and Globe Union Industrial Corp.
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Post time: May-16-2023