LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global pipe and tubing tools market is expected to grow at a CAGR of more than 2% during the forecast period.
This research report titled ‘Global Pipe and Tubing Tools Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global pipe and tubing tools market into six major end-user segments, of which the top three are discussed in detail. They are:
- Oil and gas
- Water and wastewater
- Infrastructure and construction
- Automotive
- Engineering
- Others
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Oil and gas
The global pipe and tubing tools market will be affected by the performance of the oil and gas industry worldwide, which is expected to face challenges during the forecast period. Uncertain conditions in exploration and production activities, pipeline developments, and refineries are expected to impact the industry in terms of spending. Considering these factors and their influence on the oil and gas industry worldwide, Technavio expects the global pipe and tubing tools market in this industry to grow at a slower rate. The expansion of oil and gas pipelines, due to increased exploration and production (E&P) activities in shale gas will lead to the growth of the market.
Water and wastewater
The global water industry includes processes, such as wastewater treatment, effluent treatment plants, sewage treatment plants, and water recycling. Technologies like disinfection, filtration, distillation, and testing are some of the critical processes of the global water and wastewater treatment industry. The need for efficient water management solutions is mostly propelled by the economic development and rapid urbanization in emerging nations like China and India. Industries and organizations are required to treat and recycle wastewater before discharging.
“The increase in demand for water is driven by fast-paced industrial and urban development. Inadequate availability of fresh water resources has led to stringent regulations on the discharge of wastewater, thus increasing the demand for tubes and pipes, which are widely used for municipal and industrial water and sewage applications,” says Anju Ajaykumar, a lead analyst at Technavio for tools and components research.
Infrastructure and construction
The global urban population is expected to rise by more than 70% by 2050. To cater to the rising population, there is an increase in demand for infrastructure development, residential, and non-residential projects.
“The global construction market is expected to reach USD 12 trillion by 2020. This is expected to impact the market for pipe and tubing tools positively. Pipes and tubes are widely used for water supply and as wastewater conveyors for residential and commercial construction,” says Anju.
Galvanized pipes of 0.5 to 1.5-inch diameter are mostly used in four-storey buildings and up to 4-inch diameter pipes are used in high-rise buildings. Pipes with large diameters, such as up to 10-inch diameter, are used for water supply in large residential colonies and complexes.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- ESCO Tool
- Reed Manufacturing
- RIDGID
- Techtronic Industries
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