Plastic Pipes Market to Witness US$ 44 Bn by 2024 in Terms of Value

Plastic Pipes Market to Witness US$ 44 Bn by 2024 in Terms of Value

In pace with the technological developments, facilities of water supply and treatment have been subject to rapid transformation. Attributed to various technological developments, water supply is routed through effective piping network. Plastic pipes witness relatively more demand as compared to the mortar or metal pipes for water supply network. The global plastic pipes market will witness a growth of 5.5% CAGR over the forecast period, 2016-2027.

Relatively low cost of the raw materials, and increasing need for effective maintenance and replacement rate among other piping operations is likely to fuel demand for plastic pipes globally. Moreover, housing markets and the real estate sectors across developing and developed countries are gaining stability, which is likely to impact the growth of the global plastic pipe market significantly.

With increasing technological development, the water supply and treatment techniques have been subject to significant transformation. This is likely to contribute towards growth of the global plastics pipe market during the predicted years. Furthermore, growing preference for HDPE pipes for various applications will boost growth of the global plastic pipe market.

In contrast to this, imposition of strict regulations, and growing plastic waste has limited the application and processing of polymer and plastic materials. Moreover, increasing availability of substitutes for plastics including aluminum, concrete, and metallic fiber is likely to inhibit growth of the global plastics pipe market through 2027.

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