DUBAI, UAE / ACCESSWIRE / June 3, 2020 / Pre-insulated pipes are finding significant applications in supply of drinking water, steam, oil, and fluids to industrial plants and other desired destinations. Strigent regulations on fluid supply in various end-use industries are propelling the demand for the pre-insulated pipes in global market. As projected by Future Market Insights (FMI) in its new report, the global pre-insulated pipes market is poised to exhibit an impressive CAGR of 8% during the forecast period (2019-2027).
However, regional and nation-wide lockdowns and travel restrictions as a result of the COVID-19 outbreak are adversely impacting the sales of pre-insulated pipes. Factors such as supply chain disruption, production halts, workforce shortage are collectively hindering the rapid growth of the market. Furthermore, the lockdown in China – the epicenter of the initial outbreak – has hampered the supply of raw materials from the nation, thus causing logistic shortages across the world. With the pandemic showing no signs of slowing down, the downtrend of the pre-insulated pipes market will persist through it.
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Twin Type Remains Preferred over Single Type Pipes
Twin type pre-insulated pipe segment will proliferate at a remarkable rate during the forecast period, on the back of its superiority over single type pre-insulated pipes. Single type pre-insulated pipe segments will witness a gradual dip in market share owing to a decline in usage among end-users.
APEJ to Outperform North American Market by 2030 End
North America accounts for a remarkable share in the global overall market value, owing to the increasing demand for clean drinking water from colder regions. Furthermore, the rising adoption of district heating and cooling (DHC) systems across chemical processing and construction industries in the U.S. and Canada is boosting the market. Asia Pacific (excluding Japan) is projected to register stellar growth and lead the market by the end of the forecast period. The growth is primarily attributed to a booming construction industry, coupled with stringent regulations and standards such as EN 253 for district heating pipes. Furthermore, favorable government initiatives to develop smart cities in China and India are driving the growth of the pre-insulated pipes market in the region.
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“Small and medium-scale players are leveraging the demand from various end-use applications such as oil & gas industry, district cooling & heating applications, and water-supply applications. However, the COVID-19 outbreak is hindering the swift growth of the market,” says the FMI analyst.
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Market Report: https://www.futuremarketinsights.com/reports/pre-insulated-pipes-market
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SOURCE: Future Market Insights
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