According to a new report published by Report Ocean, titled, “Piping System and Piping Spools Market by Material, and End-user: Opportunity Analysis and Industry Forecast, 2020–2027,” the global piping system and piping spools market size accounted for $1.31 billion in 2019, and is expected to reach $1.64 billion by 2027, registering a CAGR of 4.5% from 2020 to 2027. In 2019, Asia- Pacific region dominated the global piping system and piping spools market, in terms of revenue, accounting for about 31.80% share of the global piping system and piping spools industry.
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Increase in exploration and drilling activities for oil around the globe is expected to cater to the growth of the market. In addition, rise in use of piping spools in end users such as petroleum and transport, is anticipated to garner the growth of the global piping system and piping spools market. Factors such as surge in adoption of stainless-steel pipe, owing to its aesthetic look, robust, and long durable features, is anticipated to boost the growth of the piping system and piping spools market. Increase in use of spooling applications in piping system is anticipated to provide lucrative opportunities for the growth of the piping system and piping spools market. On the contrary, huge capital investment required and fluctuation in raw material prices are anticipated to hamper the growth of the global piping system and piping spools market.
Owing to the coronavirus situation, various manufacturers in the global piping system and piping spools market had to shut down their business production due to the lockdown implemented in countries such as China, the U.S., India, and others. This break has directly impacted the sales of piping system and piping spools companies. Also, lack of man power and raw material halted the supply chain of piping spools products. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of the piping system and piping spools market at their full-scale capacities.
The global piping system and piping spools market is segmented on the basis of material, end-user, and region. On the basis of material, it is classified into stainless steel, carbon steel, alloy steel, and others. Stainless- steel segment registered the highest revenue in 2019. On the basis of end-user, the market is divided into power plants, petroleum refineries, offshore & marine, and chemical & fertilizers, and others. Petroleum refineries segment accounted for the highest revenue in 2019.
Region wise, the global piping system and piping spools market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
The key players profiled in the piping system and piping spools market report include Dee Piping System, Metal Forge India, Prosaic Steel and Alloys, U.S. Pipe, Cogbill Construction LLC, ChelPipe Group, CCI Leidingsystemen B.V., Yena Engineering B.V., Cimtas Pipe Fabrication and Trading Co Ltd., and Arabian International Co for Steel Structure (AIC).
Key Findings Of The Study