Global Piping System & Piping Spools Market to Reach $1.64 Billion by 2027: AMR

Rise in usage of pipes and fittings in end applications and surge in exploration and drilling activities for oil worldwide drive the growth of the global piping system & piping spools market. The market across Asia-Pacific is expected to manifest the register the fastest CAGR of 5.4% during the forecast period. In addition, various business operations were temporarily suspended to comply with lockdown regulations to curb the spread of infection.

/EIN News/ -- Portland, OR, Jan. 14, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global piping system and piping spools market was pegged at $1.31 billion in 2019, and is estimated to garner $1.64 billion by 2027, registering a CAGR of 4.5% from 2020 to 2027.

Rise in usage of pipes and fittings in end applications, increasing adoption of stainless-steel pipe spools, and surge in exploration and drilling activities for oil worldwide drive the growth of the global piping system & piping spools market. However, fluctuations in raw material prices and influence of foreign currency over profit margins hinder the market growth. On the other hand, technological developments in piping systems and piping spools would open lucrative opportunities for the market players in the coming years.

Download Sample PDF (200 Pages with More Insight): https://www.alliedmarketresearch.com/request-sample/ 8329

Covid-19 scenario:

• The prolonged lockdown across the various countries resulted in delays in the manufacturing and production of pipe stools. In addition, various business operations were temporarily suspended to comply with lockdown regulations to curb the spread of infection.
• However, the demand for piping spools for oil & gas projects and chemical projects is anticipated to increase in the near future, owing to the reopening of the piping system and piping spools industry at their full-scale capacities.

The global piping system & piping spools market is segmented on the basis of material, end user, and region. Based on materials, the market is divided into stainless steel, carbon steel, alloy steel, and others. The stainless-steel segment dominated the market in 2019, contributing to more than two-fifths of the market. However, the alloy steel segment is anticipated to manifest the highest CAGR of 5.6% from 2020 to 2027.

Get detailed COVID-19 impact analysis on the Piping System & Piping Spools Market Request Here

On the basis of end user, the market is classified into power plants, petroleum refineries, offshore, shipbuilding, & marine, chemical and fertilizers, pharmaceuticals, and others. The pharmaceutical segment would portray the highest CAGR of 6.6% during the forecast period. However, the petroleum refineries segment held the lion’s share in 2019, accounting for more than one-third of the market.

The piping system & piping spools market is analyzed across various regions such as North America, Asia-Pacific, LAMEA, and Europe. The market across Asia-Pacific is expected to manifest the register the fastest CAGR of 5.4% during the forecast period. Moreover, the region held the largest share in 2019, contributing to nearly one-third of the market.

Schedule a FREE Consultation Call with Our Analysts/Industry Experts to Find Solution for Your Business @ https://www.alliedmarketresearch.com/connect-to-analyst/ 8329

The piping system & piping spools market report includes an in-depth analysis of the key market players such as Prosaic Steel and Alloys, Cogbill Construction LLC, Cimtas Pipe Fabrication and Trading Co Ltd., Metal Forge India, Dee Piping System, U.S. Pipe, CCI Leidingsystemen B.V., ChelPipe Group, Yena Engineering B.V., and Arabian International Co for Steel Structure (AIC).

Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenue/trial/starter

Get more information: https://www.alliedmarketresearch.com/library-access

Similar Reports:

Wind Turbine Foundation Market - Global Opportunity Analysis and Industry Forecast, 2019-2026

Thermoplastic Pipe Market - Global Opportunity Analysis and Industry Forecast, 2014 - 2020

Pipeline Pigging System Market: Global Opportunity Analysis and Industry Forecast, 2020–2027

Natural Gas Pipeline Market: Global Opportunity Analysis and Industry Forecast, 2020–2027

Crude Oil Pipelines Market: Global Opportunity Analysis and Industry Forecast 2020–2027

Plumbing Fixtures Market - Global Opportunity Analysis and Industry Forecast, 2017-2023

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

Contact us:

David Correa

5933 NE Win Sivers Drive

#205, Portland, OR 97220

United States

Toll Free (USA/Canada): +1-800-792-5285, +1-503-446-1141

International: +1-503-894-6022

UK: +44-845-528-1300

Hong Kong: +852-301-84916

India (Pune): +91-20-66346060

Fax: +1-855-550-5975

help@alliedmarketresearch.com

Web: https://www.alliedmarketresearch.com

Follow Us on | Facebook | Twitter | LinkedIn