Plastic Hot & Cold Pipe Market Worth $8.7 Billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 22, 2022 /PRNewswire/ -- According to the new market research report "Plastic Hot & Cold Pipe Market by Raw Material (PEX, PE-RT, PPR, C-PVC, and PB), Application (Water Plumbing Pipes, Radiator Connection Pipes and Underfloor Surface Heating & Cooling), End User, & Region - Global Trends & Forecast to 2027", published by MarketsandMarkets™, global Plastic Hot & Cold Pipe Market size will grow to USD 8.7 billion by 2027 from USD 6.5 billion in 2022, at a CAGR of 5.9% during the forecast period. The growth of the residential sector is led by government support and incentives for adoption of underfloor heating system, even plastic hot and cold pipes are corrosion resistant, easy to install and cost efficient, hence these are driving demand for plastic hot and cold pipe globally. Moreover, building and construction sector is also witnessing surge in demand across globe after the COVID-19 crisis. For instance, according to Oxford Economics Report 2021, between 2020 and 2030, the worldwide construction market is predicted to rise by USD 4.5 trillion, reaching USD15.2 trillion. Plastic hot and cold pipes are widely used by residential sector, therefore growth in building and construction sector giving rise to opportunities for growth of the Plastic Hot & Cold Pipe Market.
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The Plastic Hot and Cold Pipe Market includes prominent Tier I and Tier II manufacturers like Georg Fischer, Wienerberger, Uponor, Aliaxis, and Genuit Group. These companies have their manufacturing facilities spread across North America, Europe, Asia Pacific and the other regions. Many plastic hot and cod pipe manufacturers have incorporating AI and IoT technologies that provide real-time monitoring, remote operation capability, failure diagnosis and troubleshooting and a host of other features. The Residential, Commercial (Malls & Shopping Complexes, Hospitals, Office Spaces, and Others) and Industrial (Power Generation, Oil and Gas, Chemical & Petrochemical, Automotive, and Others) industries are the amongst the largest consumers of plastic hot & cold pipe. The growth of these industries is expected to also lead to the growth of the Plastic Hot and Cold Pipe Market.
The water plumbing pipes segment is expected to dominate the Plastic Hot & Cold Pipe Market, by application, during the forecast period.
A home's water supply system routes municipal water from the street to house, where it branches out to deliver the water to faucets, showers, toilets, bathtubs, and appliances such as the water heater, dishwasher, and washing machine. Water pipes, fittings, service valves, and faucets are the main components of this delivery and distribution system. Plastic, copper, or galvanized iron are the most popular materials for these pipes and associated fittings. Metal pipes are likely to corrode over a period of time but plastic hot and cold pipes such as C-PVC, PEX, PE-RT are corrosion resistant and easy to install. These pipes are also cost efficient compared to metal pipes. Therefore, demand for plastic hot and cold pipes in water plumbing segment is increasing.
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The residential segment is expected to be the largest and fastest growing market, by end user, during the forecast period.
The residential segment held the largest market share of the Plastic Hot & Cold Pipe Market in 2021. Plastic hot & cold pipes find a variety of applications in the residential segment, as these pipes are responsible for carry hot water, also used for underfloor heating & cooling houses. Residential segment is the largest and fastest growing segment because increase in population. According to United Nations (UN) the world population is projected to reach 8.5 billion in 2030, and to increase further to 9.7 billion in 2050 and 11.2 billion by 2100. As the population increases in the future, these will certainly create demand for residential housing sector. Eventually creating demand for plastic hot and cold pipe for residential use.
Asia Pacific likely to emerge as the largest Plastic Hot & Cold Pipe Market
The Asia Pacific region accounted for the largest share of the pipe market in 2021. The major end users for plastic hot & cold pipe in the Asia Pacific region include residential, commercial and industrial industries. Growth in construction is also high in Emerging Asia, with average annual growth over 5% to 2030. Growth in China and India as well the Association of Southeast Asian Nations (ASEAN) economies will provide plenty of support. A cumulative total of almost USD 135 trillion is expected to be spent on construction globally over the next decade to 2030, with almost half attributed to growth in Asia Pacific. This raises important questions around the race to achieving Net Zero and climate change action.
The Asia Pacific region has emerged as global hub for manufacturing activity, with virtually every industry experiencing growth here. There is a tremendous requirement of power, and the countries in the region have hiked domestic production to meet the demand. According to BP Statistical Review of World Energy 2021, the region had the highest refining capacity of 35.8% in the world in 2020, which is expected to grow further. The region is also a hub for the petrochemical and chemical industries. Hence, a growth of these industries is expected to positively drive the regional Plastic Hot & Cold Pipe Market during the forecast period
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The Plastic Hot and Cold Pipe Market is dominated by major players that have a wide regional presence. Some of the key players in the Plastic Hot & Cold Pipe Market are Georg Fischer (Switzerland), Aliaxis (Belgium), Wienerberger (Austria), Genuit Group Inc. (UK), and Chevron Philips (US), Supreme (India), Wavin Asia (Singapore), Astral Pipes (India).
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