According to a new report published by Allied Market Research, titled, Piping System and Piping Spools Market by Material (Stainless Steel, Carbon Steel, Alloy Steel, and Others), and End-user (Power Plant, Petroleum Refineries, Offshore, Shipbuilding, & Marine, Chemical and Fertilizers, Pharmaceuticals, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027.
Rise in usage of pipes and fittings in end applications, increasing adoption of stainless-steel pipe spools, and surge in exploration and drilling activities for oil worldwide drive the growth of the global piping system & piping spools market. However, fluctuations in raw material prices and influence of foreign currency over profit margins hinder the market growth. On the other hand, technological developments in piping systems and piping spools would open lucrative opportunities for the market players in the coming years.
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- The prolonged lockdown across the various countries resulted in delays in the manufacturing and production of pipe stools. In addition, various business operations were temporarily suspended to comply with lockdown regulations to curb the spread of infection.
- However, the demand for piping spools for oil & gas projects and chemical projects is anticipated to increase in the near future, owing to the reopening of the piping system and piping spools industry at their full-scale capacities.
The global piping system & piping spools market trend is segmented on the basis of material, end user, and region. Based on materials, the market is divided into stainless steel, carbon steel, alloy steel, and others. The stainless-steel segment dominated the market in 2019, contributing to more than two-fifths of the market. However, the alloy steel segment is anticipated to manifest the highest CAGR of 5.6% from 2020 to 2027.
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On the basis of end user, the market is classified into power plants, petroleum refineries, offshore, shipbuilding, & marine, chemical and fertilizers, pharmaceuticals, and others. The pharmaceutical segment would portray the highest CAGR of 6.6% during the forecast period. However, the petroleum refineries segment held the lion’s share in 2019, accounting for more than one-third of the market.
The piping system & piping spools market is analyzed across various regions such as North America, Asia-Pacific, LAMEA, and Europe. The market across Asia-Pacific is expected to manifest the register the fastest CAGR of 5.4% during the forecast period. Moreover, the region held the largest share in 2019, contributing to nearly one-third of the market.
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The piping system & piping spools market report includes an in-depth analysis of the key market players such as Prosaic Steel and Alloys, Cogbill Construction LLC, Cimtas Pipe Fabrication and Trading Co Ltd., Metal Forge India, Dee Piping System, U.S. Pipe, CCI Leidingsystemen B.V., ChelPipe Group, Yena Engineering B.V., and Arabian International Co for Steel Structure (AIC).
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.