PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1424986
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1424986
Process Piping Market size was valued at USD 5,162 Million in 2022, expanding at a CAGR of 6.5% from 2023 to 2030.
Process piping is used to move fluids, including completed chemicals, intermediates, and raw materials. Process piping is essential to the chemical industry's ability to transfer fluids effectively and dependably throughout chemical industrial processes.
Process Piping Market- Market Dynamics
Increasing demand from oil & gas industries with rising needs from transportation & oil exploration to propel market demand
The market for process piping is expanding due to several factors, one of which is the increase in production and oil and gas development operations. Process piping systems are needed for oil and gas discoveries to move extracted hydrocarbon from wells to processing facilities. Furthermore, a process piping system is required to facilitate the transportation of chemicals, oil, and gas to the processing and storage facilities because of the development of upstream infrastructure, which includes drilling platforms, onshore and offshore production facilities, and offshore facilities. Liquefied natural gas plants and gas processing facilities are being created in response to the growing demand for natural gas.
One of the most important elements of oil & gas projects is the process pipe system, which makes it easier to transport gases and liquefy and store natural gas. The chemical industry's expansion directly affects the process piping sector. The Indian chemical industry was estimated to be worth USD 220 million in 2022, USD 300 million by 2025, and USD 1 trillion by 2040 by the Ministry of Chemicals & Fertilizers. These aforementioned factors are e=anticipated to fuel the market growth.
Process Piping Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.5% over the forecast period (2023-2030)
Based on Product segmentation, steam process piping segment was predicted to show maximum market share in the year 2022, due to high demand from energy projects.
Based on Application segmentation, oil refineries segment was the leading segment in 2022, due to high demand from oil piping systems.
Based on End-User segmentation, oil & gas segment was the leading segment in 2022, mainly due to growing demand for oil refining & gas piping.
On the basis of region, Asia Pacific was the leading revenue generator in 2022, owing to larger network of piping system.
The Global Process Piping Market is segmented on the basis of Product, Application, End-User, and Region.
The market is divided into five categories based on Product: steam process piping, wastewater piping, crude oil piping, refrigerant piping, and fuel transfer piping. The steam process piping segment dominates the market. The growing demand from oil & gas & chemical industries are expected to boost segment demand.
The market is divided into four categories based on Application: oil refineries, paper mills, power plants, and others. The oil refineries segment dominates the market and is likely to maintain its dominance during the forecast period. The rising network of piping system for oil refinery management is boosting market growth.
The market is divided into six categories based on End-User: oil & gas, food & beverages, pulp & paper, chemical, energy & power, and others. The oil & gas segment dominates the market and is likely to maintain its dominance during the forecast period. The food & beverage segment is expected to grow at significant rate over the forecast period.
Process Piping Market- Geographical Insights
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. The Asia Pacific is expected to lead the market over the projected period. The need for dependable and effective pipe systems in sectors including oil and gas, chemicals, power generation, and water treatment is driven by the region's growing industrialization, urbanization, and infrastructure development.
The industry's leading players are concentrating on innovation and technology developments to reduce the cost of process pipes in the nation. Additionally, to strengthen their position in the renewable energy market in the upcoming years, industry participants are putting many strategic initiatives into practice. Major companies and other industry-related businesses are employing a range of strategies, including product launches, mergers, and acquisitions, to maintain their market position.
In September 2022, Venus Pipes and Tubes announced a capacity expansion to develop a larger tube mill to produce stainless steel welded pipes, at an investment worth USD 6.48 million.