NEW YORK, April 13, 2022 (GLOBE NEWSWIRE) -- The Americas pipe fittings market is anticipated to witness a growth rate of 4.1% over the decade.
The North American region has experienced high growth in the telecommunication industry in the past few years, and it is expected that telecommunication networks in the region will expand more over coming years, due to which, the network of cables will also increase. This will lead to an increment in the demand for piping systems and pipe fittings to cover the cables underground to protect them.
Also, one of the primary reasons driving the sales of pipe fittings is the growing population and economic growth in American countries, which has directly impacted the growth of various manufacturing, energy, and construction companies
The COVID-19 outbreak had a significant impact on the construction sector, which is sensitive to the economic cycles of American countries, and was observed to be impacted by around 2%-5%. Yet, on the upside, this sector holds the potential to stimulate recovery from the crisis, which, in turn, supports the transformation toward sustainability and has similarly impacted all the related markets, which include the construction equipment market, pipes and pipe fittings market, and construction material market.
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Key Takeaways from Market Study
- Increasing demand for water and wastewater treatment projects in agriculture, food & beverages, automotive, pharmaceuticals, and chemicals is fueling demand for pipe fittings, which is expected to peg the market at around US$ 27.9 Bn by 2032.
- Emerging commercial spaces and rising inclination toward modernization of infrastructure and ageing piping systems in the Americas will drive demand for pipe fittings during the assessment period.
- The U.S. is anticipated to remain one of the key markets in the Americas, accounting for around 60% market share in 2022.
- Based on function type, the push-fit segment is projected to account for a foremost share of the market owing to significant benefits such as fast and reliable connections for new installations or emergency repair.
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“Upsurge in demand for pipe fittings from commercial and residential spaces is creating a positive outlook for the market. Also, production of custom-made pipe fittings in terms of material by key manufacturers is being witnessed,” says a Persistence Market Research analyst.
Competitive Landscape
The Americas pipe fittings market is fragmented with the presence of key manufacturers along with regional manufacturing companies. Some of the key market players included in the report are Swagelok Company, JM Eagle, LASCO Fittings, Future Pipe Industries, U.S Pipe, and Victaulic.
In line with increase in demand for infrastructural development, key players are developing new piping and fitting products while looking at strategic mergers and acquisitions with various entities to sustain their effective performance.
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Conclusion
Infrastructural development and modernization of ageing piping systems are major factors that are the paving way for major adoption of pipe fittings in the years to come. Also, growth of the Americas pipe fittings market is highly benefiting from government economic stimulus programs and ongoing projects in the oil & gas industry in both, North America and Latin America.
More Valuable Insights Available
Persistence Market Research, a research and consulting firm, has published a new market research report on the Americas pipe fittings market that contains industry analysis of 2017–2021 and opportunity assessment for 2022–2032.
The report provides in-depth analysis of the market through different segments, namely, fitting type, material, function, end use, and country. The report also provides supply and demand trends along with an overview of the parent market.
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