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PVC Pipe market size
The PVC pipe market was valued at $6.3 billion in 2021, and is projected to reach $12.1 billion by 2031, growing at a CAGR of 5.5% from 2022 to 2031.
The PVC pipe market was valued at $6.3 billion in 2021, and is projected to reach $12.1 billion by 2031, growing at a CAGR of 5.5% from 2022 to 2031.” - Allied Market Research WILMINGTON, DE, UNITED STATES, September 5, 2024 /EINPresswire / -- PVC Pipe Market : Global Opportunity Analysis and
industry Forecast, 2022-2031," shedding light on the remarkable growth trajectory of the global PVC pipes market. In 2021, the industry amassed $6.3 billion and is poised to soar to $12.1 billion by 2031, boasting a robust CAGR of 5.5% from 2022 to 2031.
Key Drivers of Market Growth:
The surge in demand from construction and agriculture applications is fueling the expansion of the global PVC pipes market. Despite challenges posed by fluctuating raw material prices, emerging economies present new avenues for growth.
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Navigating Through the Covid-19 Pandemic:
The market faced setbacks during the Covid-19 pandemic, with disruptions in the supply chain, prolonged lockdowns, and raw material price fluctuations. However, with governments easing lockdown regulations, the market is poised for recovery.
PVC Resins Segment Dominates:
Among materials, PVC resins emerged as the frontrunner in 2021, capturing over two-thirds of the global PVC pipes market. Their cost-effectiveness and versatility make them a preferred choice. Expect the stabilizers segment to exhibit the highest CAGR of 6.1%, driven by increased demand for pipe protection against heat, UV, and mechanical degradation.
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Plumbing Segment Leads Growth:
In applications, the plumbing segment is forecasted to witness the highest CAGR of 6.1% from 2022 to 2031, fueled by heightened construction activities. Meanwhile, the sewer & drain segment dominated in 2021, benefiting from increased government spending on water and wastewater management.
Asia-Pacific Leads the Charge:
Geographically, Asia-Pacific spearheaded the global PVC pipes market in 2021, followed by North America. With a projected CAGR of 5.8%, Asia-Pacific is expected to maintain its lead, driven by escalating construction activities, population growth, and government investments in water and wastewater treatment.
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Major Players Driving Innovation:
Industry giants such as Advanced Drainage Systems, Inc., China Lesso Group Holdings Ltd., and JM Eagle Company, Inc. are at the forefront of innovation, shaping the future of the PVC pipes market.
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