The Carbon Steel Pipe Fittings Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Carbon Steel Pipe Fittings Global Market Report 2024, The carbon steel pipe fittings market size has grown strongly in recent years. It will grow from $6.97 billion in 2023 to $7.38 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to global trade and export, replacement and maintenance, cost-effectiveness, corrosion resistance and durability, manufacturing and fabrication demand.
The carbon steel pipe fittings market size is expected to see strong growth in the next few years. It will grow to $9.11 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to infrastructure development projects, growing industrialization, energy sector growth, urbanization and construction, replacement market demand. Major trends in the forecast period include collaboration and partnerships, integration of iot and analytics, emphasis on health and safety standards, market expansion in developing regions, modular and prefabricated solutions.
The increasing construction and infrastructure sectors are expected to propel the growth of the carbon steel pipe fittings market going forward. Construction refers to the process of assembling or building physical structures, such as buildings, bridges, roads, and other infrastructure. Infrastructure refers to the fundamental facilities and systems that support a society or organization, including transportation, communication, sewage, water, and electric systems. Carbon steel pipe fittings are widely used in the construction and infrastructure industries for various applications such as plumbing, HVAC (heating, ventilation, and air conditioning) systems, fire protection systems, and structural supports. Carbon steel pipe fittings are preferred due to their high strength, durability, and resistance to corrosion, making them suitable for use in harsh environments and heavy-duty applications. For instance, in 2022, according to a report shared by ToolSense, an Austria-based software company related to construction, facility services, mining, agriculture, logistics, or manufacturing, the number of housing units built in 2021 was 1,337,800, which is a 4% rise over the previous year. Between March and July 2020, the volume of residential construction rose by 275%. Therefore, the increasing construction and infrastructure sectors are driving the growth of the carbon steel pipe fittings market.
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The carbon steel pipe fittings market covered in this report is segmented –
1) By Type: Hot-Rolled Steel Pipes, Cold-Rolled (Drawn) Steel Pipes
2) By Application: Oil and Gas, Chemicals and Petrochemicals, Construction and Infrastructure, Industrial
3) By Distribution Channel: Online, Offline
Technological advancements are the key trends gaining popularity in the carbon steel pipe fittings market. Major companies operating in the carbon steel pipe fittings market are adopting new technologies to strengthen their position in the market. For instance, in March 2023, NIBCO Inc., a US-based provider of flow control solutions, adopted press technology for fuel and gas carbon steel pipe applications to expand its BenchPress G carbon steel fittings line to incorporate and launch 2-inch diameters into its current product lineup. The BenchPress G press technology enables quick and affordable installation of carbon steel piping systems for residential, commercial, and industrial usage. It also provides users with consistent joint integrity and a polished look. It provides a simpler, cleaner, and faster installation process because it doesn’t call for threading tools or lubricants.
The carbon steel pipe fittings market report table of contents includes:
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