Piping and Fittings Market Revenue to Attain USD 474.52 Bn by 2033

21 Oct 2024

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Table of Content

1. Piping and Fittings Market Revenue and Trends 2. Market Overview 3. Report Highlights of the Piping and Fittings Market 4. Piping and Fittings Market Trends 5. Regional Insights 6. Piping and Fittings Market Coverage 7. Market News

Piping and Fittings Market Revenue and Trends

The global piping and fittings market revenue was valued at USD 345.13 billion in 2024 and is expected to attain around USD 47.52 billion by 2033, growing at a CAGR of 3.70% during forecast period. The demand for effective and seamless water supply operations in residential and industrial sectors is driving the growth of the market.

Market Overview

The piping and fittings are one of the most important parts of the construction of any type of building. The pipe and fittings help efficiently flow the liquid, gas, and other things. The piping and fitting help in maintaining the effectiveness and reliability of fluid transportation systems. The piping and fittings are made or manufactured by several materials, including metals, composites, and polymers, which come in various sizes and shapes. The rising number of residential and commercial buildings due to the rising population and the demand for efficient drainage systems and water supply are accelerating the growth of the market. 

Report Highlights of the Piping and Fittings Market

• By type, the steel pipe segment led the piping and fittings market in 2023. The rising construction and real-estate industry is driving the demand for efficient and durable material for piping and fittings and the rising adoption of steel pipes for the supply of domestic gas in households is driving the expansion of the steel pipe segment. 
• By type, the plastic/PVC pipe segment expects the fastest growth in the market during the forecast period. The rising demand for cost-efficient, recyclable, and sustainable material for piping and fittings in the residential, commercial, and industrial sectors is driving the demand for the plastic/PVC pipe segment. 
• By application, the residential segment dominated the market in 2023. The growth of the market is owing to the rising population and the increasing demand for residential buildings that are equipped with efficient gas and water supply, and drainage systems that boost the growth of the piping and fittings market in the residential sector. 
• By application, the commercial segment is expected to hold substantial growth in the market during the forecast period. The growth of the segment is attributed to the rising demand for commercial buildings such as hospitals, schools, malls, corporate and government offices, and others are driving the demand for the seamless water supply and drainage system due to the increased number of visitors driving the growth of the market in the commercial sector segment. 

Piping and Fittings Market Trends

Increasing construction industry:

The rising construction industry across the world due to the rising population and the economic stability in the population and disposable incomes is driving the demand for residential and commercial building living and commercial activities are causing the demand for the energy, gas, and water supply to accelerate the growth of the piping and fittings market.

Rising industrialization:

The rising industrialization across economically developing countries and developed countries and the rising foreign investment in the further development of industries such as chemical, pharmaceuticals, food and beverages, and others are driving the demand for infrastructural development which causes the demand for piping and fittings. 

Research and development activities:

Further research and development activities in the expansion of the piping and fittings and the rising market competition with the continuous launch and collaboration in the companies are collectively influencing the growth of the piping and fittings market.

Rising environmental concern:

The rising environmental concern due to the rising pollution from the industries and the residential sector due to the rising carbon footprints by several material products are driving the adoption of sustainable material for pipe manufacturing that can be recycled at the end of its lifecycle accelerating the growth of the market.

The rising lifestyle standards: 

The rising disposable income in the population and the increasing preference towards the renovation of houses, corporate offices, and other commercial buildings for enhancing the aesthetics and increasing the lifespan of the buildings are contributing to the growth of the piping and fittings market. 

Regional Insights

Asia Pacific dominated the piping and fittings market in 2023. The growth of the market is attributed to the rising industrialization across the regional countries, and economic development is driving the growth of the construction and real-estate industries. The rising population in countries like India and China is one of the leading factors in the growing construction sector and the rising development of commercial and residential buildings, which contributes to the increasing demand for piping and fittings to supply gas, water, and energy in the buildings. Additionally, the government is also an initiative in the Clean City movement with the efficient drainage system, which is boosting the growth of the piping and fittings market in the region. 

North America anticipates significant growth in the market during the forecast period. The growth of the market is attributed to the increased availability of the industries, and well-established urbanization is driving the demand for efficient piping and fittings. The region has seen a higher presence of industry leaders, and the launch of several related products is driving the growth of the piping and fittings market across the region.

Piping and Fittings Market Coverage

Market News

• In September 2024, NPOLY Group introduced the new brand "OCEAN," designed to cater to the growing demand for pipe-fittings and tanks in the country, and launched the event at the NPOLY House.  The new range further includes products like tanks, pipes and fittings, solvent cement, water taps, and more.
• In March 2024, Victaulic, a leading manufacturer in mechanical pipe joining systems, announced the launch of the StrengThin Piping System, which is designed to work in high-pressure environments and aims to cater to the growing demand for the market. 

Market Segmentation

By Type 

• Steel Pipe
• Aluminium Pipe
• Copper Pipe
• Plastic/Polyvinyl Chloride Pipe
• Glass Pipe 

By Application

• Residential
• Commercial
• Industrial

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