Portland, OR, Nov. 23, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global stainless steel plumbing pipes market generated $4.92 billion in 2020, and is expected to reach $8.17 billion by 2030, registering a CAGR of 4.8% from 2021 to 2030.
Rise in construction of malls and offices, surge in spending on home remodeling, and renovation of residential and non-residential bathrooms & toilets drive the global stainless steel plumbing pipes market. However, fluctuation in raw material prices and decrease in new construction activities in African nations hinder the market growth. On the contrary, infrastructural development in developing nations is expected to open new opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 pandemic hampered the market due to shutdown of stainless steel plumbing pipes manufacturing facilities. Moreover, the decline in construction of new buildings hampered the demand for stainless steel plumbing pipes.
- Moreover, the pandemic disrupted the supply chain and increased the raw material prices.
The report segments the global stainless steel plumbing pipes market on the basis of application, construction type, end user, and region.
Based on application, the bathtubs segment is projected to register the highest CAGR of 5.7% during the forecast period. However, the faucets segment held the largest share in 2020, accounting for more than one-fifth of the market.
Get detailed COVID-19 impact analysis on the Stainless Steel Plumbing Pipes Market Request Here
On the basis of construction type, the renovation segment is estimated to portray the highest CAGR of 5.2% from 2021 to 2030. In addition, the segment dominated the market in 2020 in terms of revenue, contributing to nearly three-fifths of the market. The research also analyzes the new construction segment.
The global stainless steel plumbing pipes market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the largest share in 2020, accounting for nearly three-fifths of the market. However, the market across LAMEA is estimated to register the highest CAGR of 5.9% during the forecast period.
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Top Manufacturers:
The global stainless steel plumbing pipes market report includes an in-depth analysis of the prime market players such as Geberit AG, Jindal Stainless Limited., Steelmor Industries, Central States Industrial, Mueller Industries Inc., Reliance Worldwide Corporation Limited, Turnkey Industrial Pipe & Supply Inc., Uponor Corporation, Bradley Corporation, and Globe Union Industrial Corp.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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