Stainless Steel Pipe, Frontier In The Efficient Piping Solutions

Stainless steel Market pipe over the time has become primary choice for piping solutions across various industry verticals including automotive, energy, civil construction and others. Superior performance characteristics, ease of Fabrication, high resistance to corrosion are among the key properties that provide stainless steel an edge over other materials for piping solution. The global Stainless steel pipe market is pegged to grow with a CAGR of over 7% over the forecast period of 2019-2026. High growth in the construction industry, strong demand from the automotive sector and ease of raw material availability are sought to be the key driver for the growth of stainless steel pipe market. Enhanced safety and durability offered by stainless steel pipe along with cost effectiveness of stainless steel has created a strong demand for stainless steel pipe in the automotive sector. As per OICA globally 91.53 million passenger cars and commercial vehicles were produced globally and with the strong economic outlook and recovery in the global GDP the demand for cars is expected to rise. The growth in the vehicle production is expected to inject huge growth opportunities in the market

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China and India the hotspot driving the stainless-steel pipe market

Efficient water management in agriculture sector and high investment for the development of smart cities coupled with rising urban population owing to rapid industrialization and high economic growth rate has created a staggering demand for efficient piping solutions in India and China. India is primarily an agrarian economy with the agriculture sector contributing to 17% of the India’s GDP according to Indian brand equity foundation (IBEF). According to the Government of India annual economic survey 2016, agriculture consumes more than 80% of India’s water supply and thus, creates significant scarcity of water that demands the deployment of water management solutions. China has the world’s largest populations with ~20% of world’s population residing in China, however only ~6% of global freshwater resources are available in China. The water sector is on the top priority for the Chinese government, growing focus of the government on efficient water and waste management is expected to drive the Chinese market. The 12th and 13th five-year plans of China focuses on the development of smart cities and a smart city investment hub was launched in China during 2016 that boost the development of smart city projects in China. Similarly according to India brand equity foundation, Smart City Mission in India is expected to witness net investment of $7.5 billion over next five years till 2021 through Public Private Partnership (PPP) aiding growth in the stainless steel pipe market. Further established automotive sector in the region also act as a major driver for the growth of stainless steel pipe market. China, Japan, India and South Korea in total account for approximately 50% of the passenger car and commercial vehicles production in 2018 as per International Organization of Motor Vehicle Manufacturers (OICA).