LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global galvanized pipe fittings market to grow at a CAGR of close to 8% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global galvanized pipe fittings market for 2017-2021. The report also lists residential and non-residential as the two major end-user segments of the market, of which the non-residential segment accounted for more than 64% of the market share in 2016.
The use of galvanized pipes in the housing and residential building sector has been increasing of late, which is primarily because of the growing appreciation of the performance benefits of galvanized pipes. Also, accelerated spending on infrastructure is expected to drive the galvanized pipe fittings market during the forecast period as they are extensively used in non-residential construction activities.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global galvanized pipe fittings market:
- Economic advantages of pipeline transportation in the oil and gas industry
- Falling raw materials prices
- Growing demand for water and wastewater industry
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Economic advantages of pipeline transportation in the oil and gas industry
The advantages of pipeline transportation are its pervasive impact on the economic benefits. Studies and research on pipeline transportation over the past decades have offered gainful insights into the benefits of its use. The cost of transportation and the risks during transportation are considerably lower for pipelines. This leverages the use of pipelines for oil and gas transportation over other modes of transportation, thus creating a demand for galvanized pipe fittings.
Falling raw materials prices
One of the key factors in ensuring the commercial success of any product or market is the implementation of an effective pricing strategy. The profit earned is the net difference of the revenues generated and the costs incurred in the production of the product. A significant cost in the production of galvanized pipelines is expended on the purchase of raw materials such as steel.
According to Gaurav Mohindru, a lead analyst at Technavio for tools and components research, “The prevailing trend of low steel prices is expected to provide a significant boost to the natural gas pipeline market and consequently, have a positive impact on the demand for galvanized pipe fittings.”
Growing demand for water and wastewater industry
The global water and wastewater equipment market is expected to grow at a substantial pace during the forecast period. The reasons driving this growth include the increasing population, rising manufacturing activities, and the increase in oil and gas production.
Water is a critical element in manufacturing industries such as food and beverage, pharmaceutical, and pulp and paper. To meet the rising demand for consumables and processed food, the governments of most developed and developing economies are establishing new water treatment plants while modernizing aging water treatment plants.
“With depleting water resources, especially in countries such as the UAE, Egypt, India, and China, there will be a rise in investments in wastewater and desalination plants to meet the growing domestic demand for water, which augurs well for the galvanized pipe fitting market during the forecast period,” says Gaurav.
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