The global HDPE pipes market was valued over US$ 16.16 Bn in 2020 and is expected to reach US$ 28.72 Bn by 2031, expanding at a CAGR of 5.7% during the forecast period of 2021 to 2031. HDPE pipes are made of HDPE, a synthetic polymer that is derived from petroleum and extensively used to produce water pipes, corrosion resistant piping solutions, plastic bottles, etc. The demand for HDPE has been rising consistently since the past few years, due to its optimum lifespan and durability. HDPE is non-toxic and eco-friendly; therefore, the demand for HDPE pipes has been increasing at a significant pace since the past few years.
HDPE is one of the key materials used in the manufacture of pipes. Several plastic materials, such as polyvinyl chloride, polyethylene, and PVC, are widely employed in the manufacture of pipes used in various applications. HDPE pipes sustain high-pressure water flows. These pipes are utilized in housing underground water systems, plumbing, drainage, sewage infrastructure, and farm irrigation systems.
HDPE pipes are extensively utilized in the distribution of oil & natural gas, as HDPE pipes are inherently tough, resilient, and resistant to damage caused by external loads and vibrations. This is expected to fuel the demand for HDPE pipes across the globe. Additionally, HDPE pipes are employed in desalinating seawater, treating wastewater, and supplying water for irrigation and residential & commercial sectors.
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Major Drivers of HDPE Pipes Market
In the municipal sector, majority of the demand for pipes comes from repair and replacement of large-sized, existing infrastructure. There exists a pressing need for spending on water infrastructure; however, repair and replacement are often deferred until a defect manifests itself in the form of a burst pipe requiring immediate action. Water utilities are likely to raise water and sewer fees for end users during the forecast period, enabling themselves to more easily fund repair and replacement projects. In the building & construction sector, the demand for water distribution and service pipes has been increasing since the past few years, due to the rise in new housing construction activities and increase in non-residential building activities. Furthermore, the housing sector is expected to expand considerably from 2021 to 2031, with the expansion of the residential sector. This is expected to drive the demand for water pipes. The increase in the number of bathrooms per new housing unit is also projected to boost the demand for pipes over the next few years. In turn, this is projected to propel the demand for HDPE pipes.
The construction industry in the U.S. is a major industry across the globe. The annual expenditure on construction was valued at US$ 1,231 Bn in 2019. This high spending is driving the U.S. economy. Construction companies in the U.S. are spending more than US$ 10,000 Bn on goods and services and employing more than 10 million workers. Construction projects are being taken up all over the country, making the outlook for the construction industry in the U.S. positive. A strong economy and positive fundamentals for commercial real estate are fueling the industry. This is complemented by an increase in federal and state funding for public works and institutional buildings.
The construction sector in the U.S. has been experiencing a significant increase in private and public housings since the past few years. Private construction costs have continued to increase, reaching US$ 899 Bn in 2016. The cost of new constructions is projected to reach more than US$ 1 Bn by end of 2021.
The demand for HDPE pipes depends considerably on expansion of the construction sector, investments by governments in infrastructure development, and demand for housing across the world.
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Restraints of HDPE Pipes Market
The volatility in raw material prices is expected to restrain the HDPE pipes market during the forecast period. Polyethylene is a key raw material used in the manufacture of HDPE pipes. These polymers are derived from petrochemicals. Thus, the volatility in the prices of raw material is restraining the HDPE pipes market.
The dearth of universal directives pertaining to applications of HDPE pipes is expected to restrain the market during forecast period. Every country has different directives and legislations pertaining to applications of HDPE pipes. Companies find it difficult to comply with these country level directives. Thus, lack of universal directives pertaining to applications of HDPE pipes are discouraging investments, thereby restraining the HDPE pipes market.
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