PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290805
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290805
Threaded Pipe Fittings Market size was valued at USD 3,504.7 Million in 2022, expanding at a CAGR of 7.1% from 2023 to 2030.
The market for fittings used to join pipes with threaded ends on a global scale is referred to as the threaded pipe fittings market. These fittings are frequently used to join pipes securely and leak-proof in plumbing, heating, and industrial applications. The market offers a wide variety of goods, including couplings, elbows, tees, unions, and adapters manufactured of brass, PVC, stainless steel, and other materials.
Threaded pipe fittings are finding use in suitable water distribution systems and other applications as urban infrastructure development is expanding quickly as a result of expanding government infrastructure projects and a spike in urbanization. As the infrastructure sector has grown to be the main area of focus, the Indian government intends to spend $1.4 trillion on infrastructure from 2019 to 2023 in order to ensure the sustainable development of the nation. Additionally, the government has recommended spending $750 billion on rail infrastructure between 2018 and 2030. All of these investments are expected to fuel market expansion. The U.S. government launched its infrastructure program to update the country's infrastructure in February 2019 with the goal of improving procurement procedures and project implementation. A $200 billion investment was made for it with the goal of generating $1.5 trillion in state funding for local and commercial infrastructure projects. The Conference Board reports that the Fiscal Year 2021 budget proposal included a roughly $200 billion funding initiative for infrastructure that was raised in 2021 along with a $810 billion reauthorization of existing surface transportation programs, which is equivalent to an increase in nominal funding levels of about 4% annually in the United States and will help the market grow.
Threaded Pipe Fittings Market is divided into by type, application and Region.
Based on type, the internal thread segment is expected to dominate the market during the forecast period because it engages more material. Moreover, the internal threading is stronger than exterior threading, driving the segment growth.
Based on application, the chemical industry segment led the industry in 2022 and is expected to continue the same pattern during the forecast period. The chemical industry makes considerable use of threaded pipe fittings. They assist in creating a tight seal between two pipes that have various diameters as well as connecting them. This aids in ensuring an effective fluid flow through the pipes and stops any leaks. In addition to lowering pressure loss, which is a crucial issue for pipelines delivering fluids under high pressure, threaded pipe fittings are also used in this way. One of the most significant industries that uses threaded pipe fittings for numerous applications is the chemical industry.
The Asia Pacific is expected to dominate the market over the forecast period. The market for the production of pipes in APAC is dominated by China. An increase in demand for threaded pipe fittings Market is being driven by significant investment in the upstream, midstream, and downstream oil and gas industries. The Pipes And Fittings Market's fastest-growing industry is the power generation sector, which depends on renewable energy sources. China National Petroleum Corp. (CNPC) predicts that in 2020, China's gas demand will amount to 320 billion cubic meters (BCM). Thus, the aforementioned facts support the growth of the market over the forecast period.
In April 2022, Saint-Gobain agreed to sell a partnership led by the local government 67% of its Chinese pipe business. Through a long-term industrial collaboration, this divestiture enables the company to preserve its connection with the European pipe industry.
The scope of this report covers the market by its major segments, which include as follows: