Pipes Market Expected to Reach $209.1 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Pipes Market," The pipes market size was valued at $119.5 billion in 2020, and is estimated to reach $209.1 billion by 2032, growing at a CAGR of 4.5% from 2023 to 2032. Furthermore, in terms of volume, the global pipes market was valued at 151.7 million tons in 2020, and is projected to reach 248.1 million tons by 2032, registering a CAGR of 3.9% from 2023 to 2032.

The materials commonly used for making pipes are metal, thermoplastic, concrete, and thermoset & composite. The metal pipes segment dominated the market in 2022 in terms of revenue, owing to high adoption rate of metal pipes in industrial and large-scale applications in water & wastewater, and oil & gas sectors. However, the thermoplastic pipes segment is expected to grow with a higher CAGR during the forecast period, owing to rise in demand for specialized pipes for advanced applications.

Moreover, the market is segmented on the basis of diameter, which includes DN up to 50 mm, DN 50 to 150 mm, DN 151 to 300 mm, DN 301 to 500 mm, and DN above 501 mm. The DN 51 to 150 mm segment dominated the market in 2022, in terms of revenue. Pipes with DN 51 to 150 mm are widely used in domestic as well as industrial sectors, which account for a large share of the market. However, the DN 301 to 500 mm segment is expected to dominate the pipes market forecast by growing with the highest CAGR in the coming years, owing to their large-scale utilization in the industrial sector, which is growing at a substantial rate due to the rise in global population.

Furthermore, the market is analyzed with respect to different applications of pipes in industrial and non-industrial verticals such as water & wastewater, industrial, oil & gas, and others. The water & wastewater segment accounted for a higher market share in terms of revenue in 2022, mainly due to the increase in construction, which uses pipes for water supply and for disposing of sewage and stormwater. However, the industrial segment is expected to grow with the highest CAGR during the forecast period, owing to rapid industrialization in developing nations.

The market is mainly driven by rise in residential and commercial buildings that make use of pipes for plumbing, as well as firefighting piping installation. In addition, the rapidly growing industrial sector, which uses large and smaller diameter pipes for transmission of water, oil, gas, slurries, and other fluids, is also a major factor driving the pipes market. Furthermore, the construction of water and other pipelines such as oil and gas pipelines in developed and developing countries also positively affects the industry. However, fluctuations in the cost of raw materials used for manufacturing pipes are expected to restrain the pipes market growth in the coming years.

In 2022, Asia-Pacific dominated the pipes market, in terms of revenue, followed by Europe and North America. Moreover, the pipes market in LAMEA is anticipated to grow with a higher CAGR during the forecast period. Growth in construction and industrial sectors in countries, such as China, India, Malaysia, and Indonesia has been an instrumental factor for the large market size in Asia-Pacific.

Various key players in the pipes market have adopted many development strategies such as product launches, business expansion, acquisitions, partnerships, and mergers. For instance, in September 2022, Tata Metaliks, a subsidiary of Tata Steel started construction of a Ductile Iron (DI) Pipe plant in Kharagpur, West Bengal, India. Moreover, in March 2021, Nucor Corporation announced the expansion of its tube manufacturing capacity by building a $160 million tube mill in Kentucky, near its existing Gallatin Sheet Mill plant.

This expansion is expected to allow the company to serve a wider range of customers and also allow the company to utilize its existing Gallatin Sheet Mill plant. Such development strategies are expected to enhance the market positions of the key players in the market.

However, various businesses in the pipes market are expected to witness a slow growth rate in the coming year, owing to the looming recession in major countries driven by the Ukraine-Russia war. The inflation has already led to higher prices of materials in various industrial sectors, which are the end-user industries of pipes and related products.

Key Findings Of The Study

• The report provides an extensive analysis of the current and emerging pipes market trends and dynamics. 
• Depending on the material, the metal segment dominated the pipes market, in terms of revenue in 2022 and the thermoplastic segment is projected to grow at a significant CAGR during the forecast period.
• By diameter, the DN 51 to 150 mm segment dominated the pipes market share in terms of revenue generated in 2022.
• By application, water and wastewater segment registered highest revenue in 2022.
• LAMEA is projected to register the highest growth rate in the coming years.
• The key players within the pipes market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the pipes industry.
• The report provides an extensive analysis of the current trends and emerging opportunities of the market. 
• In-depth pipes market analysis is conducted by constructing estimations for the key segments between 2023 and 2032.