CLEVELAND, Oct. 27, 2020 /PRNewswire/ -- US demand for pipe is forecast to reach $47.4 billion in 2024, with a particularly strong market performance expected for plastic pipe, as materials such as PVC and HDPE continue to gain share over other material types like metal in many applications due to such benefits as:
In addition, pipe replacement projects are expected to benefit suppliers of plastic pipe. Many communities are facing the replacement of aging water and sewer infrastructure, resulting in good growth for these sizable end markets for PVC and HDPE pipe.
Plastic Pipe Demand Growth Expected to Outpace Overall Market Average Through 2024
Plastic pipe demand is forecast to rise 3.5% per year through 2024, a faster rate than expected for overall pipe demand. Advances will be driven by increased water and sewer supply construction spending as urgency to update outdated infrastructure in the US continues to grow.
Federal spending is expected to constitute a significant driver of growth in these applications, especially as local and state government face budget shortfalls due to the negative economic impact of COVID-19.
Growing Pipeline Sizes to Boost Plastic Pipe Demand Growth in Weight & Value Terms
One commonality between major water, sewer, and oil and gas transmission projects is pipeline size.
Where plastic pipelines are replacing older infrastructure, these new plastic pipes are almost universally of a larger diameter than the ones they are replacing. As US water, sewer, and energy needs grow, so too does the diameter of pipes required to handle these needs adequately.
As a result, the average diameter of plastic pipes is increasing, which will support growth in weight and value terms through 2024 and beyond.
Want to Learn More?
Pipe Products & Markets, Plastic Pipe, and Drain, Waste, & Vent Pipe are now available from The Freedonia Group. These studies analyze the US pipe industry. Historical data (2009, 2014, and 2019) and forecasts for the years 2024 and 2029 are provided by material and market.
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SOURCE The Freedonia Group
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