Irish-based market research firm Research and Markets has forecast the global plastic pipe market will grow at a compound annual growth rate of 6.8% up to 2020.
In its report ‘Growth Opportunities in Global Plastic Pipe Market 2015-2020: Trends, Forecasts and Market Analysis’, the study found that the major growth drivers for the market will be infrastructure development, rise in construction activities, replacement of aging pipelines made of traditional materials, growing population, and growing urbanisation rate.
In this market, polyvinyl chloride, polyethylene (PE), polypropylene, and other resins are used to manufacture plastic pipes.
The demand for PE plastic pipes was forecast to see the highest growth in the next four years, supported by growing demand in the chemical sector and sewage applications.
Within the plastic pipe market, potable water supply is expected to remain the largest market after wastewater supply applications.
The growth of residential and commercial construction and the boom in infrastructure development are expected to spur growth for this segment over the forecast period.
Asia Pacific is expected to remain the largest market due to the growth in the construction and industrial sectors.