High-Density Polyethylene (HDPE) Pipe Market to Exhibit CAGR of 4.8%
High-Density Polyethylene (HDPE) pipe is used to prevent groundwater pollution. It is a type of thermoplastic which is well-known for its tensile strength. HDPE is a hydrocarbon polymer produced from ethylene or petroleum by a catalytic process. It has a greater strength to density ratio. HDPE is a thermoplastic pipe made from a material that can be melted and reformed. It is flexible and durable. It has superior chemical and environmental stress crack resistance. It can carry potable water, wastewater, slurries, chemicals, hazardous wastes, and compressed gases.
High-Density Polyethylene (HDPE) Pipe market
will observe a CAGR of 4.8 % from 2018 to 2024. It is owing to its ability to witness high temperature and resistance to stiffness property and it’s usage in agriculture for water supply, drainage, and irrigation which has impelled the market growth in the recent few years. The market was valued at USD 13.53 Bn in 2017 and is assured to reach USD 18.85 Bn by the end of 2024.
In addition to this, these pipes are also used in households in the developing countries. Since HDPE is associated with the construction activity, upcoming project like residential project and road & highway project is further to propel the market growth. Moreover, growing needs to improve agricultural practice and dam’s projects are under-construction is likely to shape the market growth.
Rising government investment in improving sanitation coverage and growing awareness of safety and hygiene is also major factor accounting for the future growth of the market. Also, growing awareness on water conservation, irrigation, sewerage facility and water supply have been the major focus which has boosted the demand for HDPE pipes in the market. Growing population rate, rising FDI in construction and development, high investment in improving gas distribution network and increasing number of housing units are some other key factors that may have a positive impact on the market creating additional demand in the future.
According to the report “Global HDPE Pipe Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast 2017 to 2024
” the construction industry is growing steadily in the emerging countries which will impact the market positively in the near future. India and China have accounted for the highest spending’s on construction activity is contributing to the HDPE market. HDPE has been successfully adopted by various sectors like automotive, electronics, telecommunication and oil and gas station in emerging countries. Thus, thriving electronics industry and industrial expansion across the world will provide an opportunity to enhance the market.
However, increasing awareness among people for using HDPE along with the demand for HDPE pipe for water supply in industrial as well as the commercial sector will enhance the production level of HDPE pipes globally.
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