PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304619
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304619
Process Pipping Market size was valued at USD 5,607.8 Million in 2022, expanding at a CAGR of 7.2% from 2023 to 2030.
Process piping systems are used in manufacturing facilities for the delivery of compressed air, steam, and water for several operations such as cleaning, sterilization, and packaging. Additionally, the essential application of the process in pipeline systems is to maintain optimal temperatures in the areas of production. Moreover, in the direct manufacturing of FMCG products process piping is not involved but it plays an important role in maintaining regulatory compliance and optimal work conditions. Further, the growth of FMCG and chemical industries is one of the primary factors propelling the demand for process piping market.
With the rise in rapid industrialization and global population increasing the demand for oil and gas is increasing drastically. In addition, natural gas and crude oil are likely to rise which in turn results in the rapid development of pipeline networks and raising the demand for the process piping market. However, the renewable transition is hindering the oil product growth rate, as a result, may hamper the process piping market growth. Moreover, the oil & gas industry is studying continuous discoveries owing to the rising demand for oil and gas. Further, across several regions, an increasing number of oil and gas reserves is projected to offer lucrative opportunities for the process piping market.
The global process pipping market is segmented on the basis of asset type, operation, technology, and region.
The market is divided into two categories based on asset type: pipeline and process. The pipeline segment is likely to possess the market. Rapid urbanization and industrialization boost the demand for pipeline services.
The market is divided into three categories based on operation: pre-commissioning & commissioning, maintenance, and decommissioning. The maintenance segment is expected to dominate the market. after the decline in crude oil prices rising emphasis on maintaining profitability is projected to drive the segment demand.
The market is divided into five categories based on end use: oil refineries, food and beverage manufacturing plants, paper mills, power plants, and chemical processing. The chemical processing segment is likely to maintain its dominance during the forecast period. It is the subject of environmental regulations and safety.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Market players in the industry are focusing on innovation and technological advancements to reduce the cost of process piping globally. Moreover, market players are practicing various strategies to enhance their foothold in the renewable energy market. Additionally, strategies adopted by market players include mergers & acquisitions, collaborations, partnerships, new product launches, and R&D spending. For instance, in September 2022, Venus Pipes & Tubes approved a capacity expansion for a larger diameter Tube Mill to manufacture stainless steel welded pipes. The existing welded pipes range will increase by new line thickness up to SCH80s and a maximum 20-inch (508mm) diameter with a capacity of 700 mt per month.
For instance, in March 2022, Forterra, Inc. announced its acquisition of all outstanding shares of Forterra for $24.00 per share with Forterra making Quikrete's wholly owned subsidiary.
This proposed research study on process pipping market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year.
The report provides the client the latest up-to-date and trending insights about the process pipping market.
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for process pipping market.
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the process pipping market.
Impact of COVID-19 on process pipping market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on process pipping market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the process pipping market, we have also included competitive landscape and key innovator analysis for the process pipping market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offersdetailed company profiling featuring major market participantswhich will help users to understand their financial information and strategic initiatives of players operating in the process pipping market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global process pipping market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts.
The scope of this report covers the market by its major segments, which include as follows: