A new report published by Allied Market Research, titled, " Plastic Conduit Market by Type, Material, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2019–2026,"
The global plastic conduit market size was valued $16.25 billion in 2018 and estimated to reach $25.68 billion by 2026 at a CAGR of 5.7% during the forecast period. In 2019, North America dominated the market, contributing more than a 33% share of the overall revenue, followed by Asia-Pacific. Plastic conduit market exhibits a phenomenal growth globally, owing to increase in expansion of the construction industry and growth in the demand for highly secure and safe wiring system.
Plastic conduits are the pipes that are used to protect and insulate wire and also provide closed system for fluid transfer. There are two types of plastic conduits, namely, rigid and flexible. The major factors that drive the growth of the plastic conduits market share include growth in demand for highly safe and secure wiring system and rise in demand for commercial construction. However, high installation cost of conduits system and increase in prices of non-metallic raw materials hamper the market growth. Moreover, emerging trends toward cable-in conduit system and increase in opportunities for plastic conduits in residential buildings provide lucrative plastic conduit market size expansion during the forecast period.
Globalization has led to focus on R&D for the development of innovative technologies, which would drive the growth of the market. Presently, manufacturers demand product switching and effective solutions along with flexibility and distributed processes. The demand of customer for smarter and compact solution increases the adoption of plastic conduits products, which assist in the growth of plastic conduit market trends globally.
Construction industry is one of the most booming markets for metallic & non-metallic cable conduits, piping & fittings, mounting equipment, and others. The construction industry mostly seeks a conduit system with the features such as sustainability, durability, compatibility, and flexibility. Inadequate space, predefined standards for size and type of cables, inclusion of HVAC systems, and others are some of the challenges faced by the construction industry.
Information and communications technology (ICT) are one of the rapidly growing sectors that provides potential market for conduit systems. Data centers, cable racks, pathways, and other cable management products play important role in the IT industry. The usage of data centers and pathways have increased, owing to increase in number of IT companies. Cell phones, cameras, and other advanced devices that require continuous and high-quality data transmission and better resolution are greatly demanded in the market.
Among various regions, North America is expected to be the major revenue generator in 2019 and maintain its dominance in plastic conduit market share in the future. This is attributed to rise in residential, commercial, and industrial construction.
North America is projected to grow at the fastest rate throughout the plastic conduit market analysis period, Canada in this region witnessed the highest demand for plastic conduits due to growth of commercial and industrial sectors. Moreover, penetration of electronics and electrical systems in residential sector have strengthened the plastic conduit market growth. Furthermore, emerging trends of cable-in conduit system in these nations offer lucrative plastic conduit market opportunity globally.
The global plastic conduit market share is analyzed by type, material, industry vertical, and region. Based on type, the market is bifurcated into rigid conduits and flexible conduits. By material, it is divided into polyvinyl chloride (PVC), high-density polyethylene (HDPE), polypropylene (PP), and others. On the basis of industry vertical, it is categorized into manufacturing, construction, IT & telecom, healthcare, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries.
Key Findings of the Plastic Conduit Market :
- The flexible conduit segment accounted for the highest share of the plastic conduit market growth in 2018 with $10,967.28 million, growing at a CAGR of 5.00% from 2019 to 2026.
- The construction industry generated the highest revenue, accounting for $1.1 billion in 2018.
- Asia-Pacific is expected to dominate the market, garnering 7.70% of the plastic conduit market share during the forecast period.
The key players profiled in the plastic conduit industry include Atkore International, AKG Group, Cantex Inc., Duraline holdings Inc., Prime Conduit, Precision Plastic Industry, Mitsubishi Corporation, Eaton Corporation, Allied Tube & Conduit, and Calpipe Industries.