DUBLIN--(BUSINESS WIRE)--The "Piping System and Piping Spools Market by Material, and End-user: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
The global piping system and piping spools market size was valued at $1,314 million in 2019, and is expected to reach $1,641 million by 2027, registering a CAGR of 3.8% from 2020 to 2027.
Piping spools is a fabricated component of the piping system. Pipe spools can be connected with use of valves, and flanges. Piping spools are generally used in power plants, chemical industries, and oil & gas industries.
Factors such as increase in exploration and drilling activities for oil around the globe is anticipated to cater to the growth of the market. Rise in growth in success rate of petroleum extracting drives the growth of the market. Increase in use of pipe and fittings in chemical industries and power plant, is anticipated to lead to the growth of the market. Major players are investing toward improving pipe spool product offerings. For instance, in February 2019, EPIC Piping announced that they invested around $40 million to expand its manufacturing facility and pipe spools products globally.
Rise in adoption of stainless-steel pipe due to its characteristics such as robust, aesthetic look, and corrosion resistant, is projected to boost the growth of the market. However, high initial capital investment and availability of substitute products are projected to hamper the growth of the global piping system and piping spools market. On the contrary, increase in spooling application in piping system is expected to provide lucrative opportunities for the piping system and piping spools market during the forecast period.
The global piping system and piping spools market is segmented on the basis of material, end-user, and region. On the basis of material, the market is divided into stainless steel, carbon steel, alloy steel, and others. Stainless-steel segment generated the highest revenue in 2019. On the basis of end-user, the market is categorized into power plants, petroleum refineries, offshore and marine, chemical and fertilizers, and others. petroleum refineries segment generated the highest revenue in 2019.
Region wise, the piping system and piping spools market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Key Benefits
- The report provides an extensive analysis of the current and emerging piping system and piping spools market trends and dynamics.
- In-depth market analysis is conducted by piping system and piping spools market estimations for the key market segments between 2019 and 2027.
- Extensive analysis of the piping system and piping spools market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The global piping system and piping spools market forecast analysis from 2020 to 2027 is included in the report.
- The key market players within piping system and piping spools market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the piping system and piping spools market.
Market Dynamics
Drivers
- Growth in Exploration and Drilling Activities for Oil Around the Globe
- Rise in Use of Pipes and Fittings in End Application
- Growing Adoption of Stainless-Steel Pipe Spools
Restraints
- Fluctuation in Raw Material Prices
- Fluctuation in Foreign Currencies Its Influence Over Profit Margins
Opportunity
- Technological Advancement in Piping System and Piping Spool
Key Players
- Dee Piping System
- Metal Forge India
- Prosaic Steel and Alloys
- U.S. Pipe
- Cogbill Construction LLC
- ChelPipe Group
- CCI Leidingsystemen B.V.
- Yena Engineering B.V.
- Cimtas Pipe Fabrication and Trading Co Ltd.
- Arabian International Co for Steel Structure (AIC)
For more information about this report visit https://www.researchandmarkets.com/r/8vfygi
