According to a new market report published by Credence Research Global HDPE Pipes Market- Growth, Future Prospects & Competitive Analysis, 2016 – 2024, the Global HDPE Pipes Market is expected to reach US$ 19.7 Bn by 2024, expanding at a CAGR of 4.7% during the forecast period 2016 to 2024.
Browse the full Global HDPE Pipes Market by Application and Geography – Growth, Future Prospects & Competitive Analysis, 2016 – 2024 report at https://www.credenceresearch.com/report/hdpe-pipes-market
HDPE pipes market is to witness substantial growth with increasing application for the HDPE pipes in various end use industries. HDPE pipes are polyethylene thermoplastic pipes used to transit gas, water for agriculture irrigation, drinking water supply, in sewage systems and others. HDPE pipes are corrosion resistant and recyclable. Thus, seen as the replacement to various metal pipes. HDPE pipes are cost effective, light in weight and considered as a preferred choice over traditional metal pipes. The growth of global HDPE pipes market is fueled by growing demand from water irrigation systems in agriculture industry coupled with urbanization due to influx of middle class, resulting in upgrading, expansion and huge demand for infrastructural improvements and water supply across the globe. Further, HDPE pipes are widely used in sewage systems. Growing sewage disposal infrastructure across the globe is expected to drive the demand for HDPE pipes. HDPE pipes are also used in transportation of oil & gas products which is expected to fuel the demand for HDPE pipes over the forecast period (2016-2024). However, volatile raw material prices owing to fluctuation in prices of crude oil along with stringent regulation regarding recycling and disposal of plastic products is expected to hamper the growth of HDPE pipes market during the forecast period (2016-2024).
Global HDPE Pipes market is segmented on the basis of application and geography. By applications, in 2015 water supply segment was the most dominant segment accounting for over 30% revenue share in global HDPE pipes market. High adaptability of HDPE pipes in water supply application due to its light weight, non-corrosive properties coupled with low cost as compared to traditional metal pipes is anticipated to augment the growth of the segment during the forecast period.
Major players in global HDPE pipes market are investing in expansion of production capacity along with high focus on research and development to develop unique product portfolio. To increase the market penetration companies are focusing in merger and acquisition.
Overall, global HDPE pipes market is anticipated to register significant growth over the forecast period (2016-2024).
- Merger & Acquisition
- New Product launch
- Joint ventures and agreements
- Investment in research and development