- The copper pipes and tubes market is predicted to gain considerable momentum between 2019 and 2027 on the back of the prospering construction sector
- The global copper pipes and tubes market is anticipated to expand at a CAGR of 3 percent
ALBANY, N.Y., Dec. 4, 2020 /PRNewswire/ -- The booming population numbers and the escalating urbanization across the world have brought immense opportunities for the global copper pipes and tubes market. The burgeoning growth of the oil and gas industry is also one of the prominent reasons for the growth of the copper pipes and tubes market.
The properties of copper pipes and tubes make them one of the preferred options for the stakeholders in the construction industry. It has extensive ability to withstand any type of temperature with ease. The lifespan of a typical copper pipe is 50-70 years depending on the overall environment and operating patterns. All these factors help to enhance the growth prospects of the copper pipes and tubes market.
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Based on the analysis of the researchers at Transparency Market Research, the global copper pipes and tubes market may expand at a CAGR of 3 percent during the forecast period of 2019-2027. The global copper pipes and tubes market was valued at US$ 29.7102 bn in 2018 and is expected to reach a valuation of US$ 39 bn by the end of the forecast period.
The effective use of copper pipes has led to the availability of clean water resources to communities as they do not release hazardous materials into water. In addition, they are flexible and highly durable. These pipes and tubes are fully recyclable. All these factors help in adding extra stars of growth to the copper pipes and tubes market.
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Copper Pipes and Tubes Market: From Analysts' Desk
The copper pipes and tubes market is expected to gain majorly from Asia Pacific according to the experts at Transparency Market Research (TMR). The growing influence of smart and energy-efficient HVAC and refrigeration systems is further anticipated to increase the demand for copper pipes and tubes.
The analysts advise the players in the copper pipes and tubes market to strengthen their distribution network in Asia Pacific. The analysts also advise the players to focus more on launching new products that are related to HVAC and refrigeration for gaining more revenues.
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Copper Pipes and Tubes Market: Key Revelations
- The HVAC and refrigeration segment is prognosticated to prosper immensely during the assessment period
- The industrial heat-exchange equipment segment is expected to gain lucrative growth across the forecast period of 2019-2027
- Asia Pacific is the largest consumer of copper pipes and tubes, thus gaining the tag of the leading growth-contributing region
- China and India may serve as prominent growth contributors for Asia Pacific's copper pipes and tubes market during the assessment period
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Copper Pipes and Tubes Market: Growth Accelerators
The increasing popularity of air conditioners and refrigerators may eventually lead to the growth of the copper pipes and tubes market across the forecast period of 2019-2027.
- Rapid industrialization around the world may serve as a positive growth indicator for the global copper pipes and tubes market
- Easy availability of raw materials and labor force may further assist in generating promising growth for the copper pipes and tubes market
Copper Pipes and Tubes Market: Vital Challenges
Volatility in prices of copper metals is a prime restraint. As the prices fluctuate, the rate of copper sometimes is costlier which proves to be a loss for the manufacturers as they cannot apply these prices to the consumers. Copper production is largely concentrated in Chile and Peru. These regions comprise nearly 40 percent share of the copper supply. Disruption in copper supply hampers the growth rate of the copper pipes and tubes market extensively.
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Global Copper Pipes and Tubes Market: Segmentation
- HVAC & Refrigeration
- Industrial Heat Exchange Equipment
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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