Transparency Market Research has published a new report that talks about the overall working dynamics of the global copper pipes and tubes market. According to the research report, the global copper pipes tubes market is expected to grow at a modest CAGR of 3% for the given projection period of 2019 to 2027. With this rate of growth, the global market is expected to reach an overall valuation of US$39 bn by the end of the forecast period in 2027. Previously, the market was valued at US$29.7102 bn in the year 2018.
Growing Demand for Energy Conserving Pipes and Tubes to Drive Market Growth
There are several factors that are influencing the growth of the global copper and pipes tubes market. One of the key driving factors for market growth has been the increasing demand for heat-exchange equipment that are highly thermally-effective. Moreover, there has been a growing awareness about the concerns regarding excessive energy consumption. Because of the strict environmental conservation regulations, manufacturers are increasingly preferring copper and pipes tubes. This has thus been working in favor of the development of the global market. In addition to this, governmental authorities too have been issuing favorable policies and lucrative tax rebates to encourage the installation of energy saving products and equipment. Copper pipes and tubes are increasingly used in the production of these equipment and thus their growing demand directly corresponds to the growth of the global market.
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Infrastructural Development in Asia Pacific is Fueling Market Growth in Region
In terms of geographical segmentation, the Asia Pacific segment is expected to emerge as the strongest contributor for the overall development of the global copper pipes and tubes market. Other regional segments such as Latin America, North America, Middle East and Africa, and Europe are also projected to experience a moderate growth in the coming years of the forecast period.
One of the leading causes behind the growth of the Asia Pacific market for copper pipes and tubes is the increasing infrastructural developments happening across emerging economies such as India and China. China, in particular is one of the biggest consumers of the copper pipes and tubes market. Moreover, the country is also a home for several of the leading brands operating in the copper pipes and tubes market.
Some of the prominent names in the global copper pipes and tubes market are Furukawa Electric Co. Ltd., Aurubis AG, Mueller Industries Inc., EvalHalcor, and Brass and Copper Holdings Inc. among others.