Europe & Asia Pacific Polypropylene Pipes Market Size, Share & Trends Analysis Report By Product (PP-R, PPR-RCT), By Application, By Region, And Segment Forecasts, 2020 - 2027
New York, Dec. 23, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe & Asia Pacific Polypropylene Pipes Market Size, Share & Trends Analysis Report By Product, By Application, By Region And Segment Forecasts, 2020 - 2027" - https://www.reportlinker.com/p05999621/?utm_source=GNW
Europe And Asia Pacific Polypropylene Pipes Market Growth & Trends
The Europe and Asia Pacific polypropylene pipes market size is expected to reach USD 8.38 billion by 2027. It is anticipated to expand at a CAGR of 3.5% during the forecast period. Asia Pacific region led the PP pipes market for polypropylene pipes owing to significant demand form a variety of end-use industries such as industrial processing, food processing, and chemicals.
The construction and industrial sector are the major application areas propelling the demand for pipes in the market. Factors such as stable exchange rate, rapid industrialization, infrastructural development, subdued oil prices, and a moderate inflation rate drive the overall economic growth in emerging economies like India and China, thereby driving the demand for polypropylene pipes.
Increasing government spending on infrastructure development in residential and non-residential sectors is projected to play an essential role in ascending the piping system’s demand. Moreover, the upcoming industrial hubs in emerging economies such as Vietnam, Taiwan, and India are expected to augment the demand for PP pipes over the forecast period.
Key players in the market are focused on enhancing the product to meet the specific requirements of end-use industries. These players are increasingly focusing on acquisitions, product innovation, and agreements, and on recovering and recycling the plastic to reduce the raw material costs and complete the circular economy in pipe manufacturing.
Europe And Asia Pacific Polypropylene Pipes Market Report Highlights
• PP-RCT are expected to witness the fastest growth from 2020 to 2027, growing at a CAGR of 4.4%, on account of its low maintenance, cost-efficiency propelling its use in industrial, residential, and commercial applications
• Water plumbing application dominated the market in 2019 and is expected to reach USD 3.09 billion by 2027, on account of the leak-proof transmission of water, resistance to weather changes, and desired performance such as cost efficiency and low maintenance offered by PP pipes.
• The Asia Pacific is estimated to witness the fastest growth of 4.1%, owing to the surge in demand from various end-use industries such as industrial processing, food processing, and chemicals.
• China is estimated to have the highest share in the Asia Pacific polypropylene pipes market accounted for over 31.0% in 2019 on account of population expansion and industrial development, the favorable construction industry in the country, favoring the growth of the polypropylene pipes market over the forecast period.
• Key players aim to achieve optimum growth and strengthen their market position through various market expansion strategies such as distribution agreements, new product developments, technical collaborations, and capacity expansions.
Read the full report: https://www.reportlinker.com/p05999621/?utm_source=GNW
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