MOSCOW (MRC) -- The GCC chlorinated polyvinyl chloride (CPVC) pipes market size reached USD472.1 M in 2021, said Globenewswire.
Looking forward, the publisher expects the market to reach $628.2 M by 2027, exhibiting a CAGR of 4.88% during 2021-2027. CPVC is a thermoplastic produced by the chlorination of the PVC resin. As CPVC can withstand high temperatures and is more flexible than standard PVC, it is used for manufacturing pipes which are further utilized for dispensing hot and cold water, and industrial liquid handling.
In comparison with conventional galvanized pipes, CPVC pipes offer advantages such as long service life, ease of installation and maintenance, additional safety, and resistance to corrosion. In the GCC region, growing awareness about health, hygiene, sanitation and wastewater management is increasing the demand for lightweight, sustainable and acoustic drainage pipes. As a result, CPVC pipes are gaining traction in the commercial and residential sectors in the region. Traditionally, the GCC countries have relied on the oil and gas industry for economic growth. However, the governments of these countries have resolved to diversify their economies after the recent fall in oil prices.
In line with this, they have introduced different development projects, such as Saudi Vision 2030, NEOM City, Jeddah Waterfront and Entertainment City, for escalating the influx of tourists in their countries. Additionally, due to strong growth in the hospitality sector on account of the rising number of cafes, hotels and restaurants, and religious tourism, the GCC region holds lucrative opportunities for manufacturers in the CPVC pipes industry.
Moreover, governments are investing in the development of transportation, telecommunication, water distribution, agriculture and other infrastructures which, in turn, is proliferating the demand for CPVC pipes. Breakup by application: plumbing, water supply systems and chemical industry, sewerage, drainage and irrigation, and others. At present, plumbing represents the largest application area accounting for the majority of the total market share. Regional insights: Saudi Arabia, UAE, Kuwait, Bahrain, Oman, and Qatar. Region-wise, Saudi Arabia enjoys the leading position in the GCC CPVC pipes market. The competitive landscape of the market has been analyzed in the report. Some of the key players operating in the industry include: IKK Group, AGM, SAPPCO, and MMT Group. A table shows the report attribute.
We remind, on 16 Feb 2022, Shin-Etsu Chemical Co Ltd announced plans to invest over $695 M to expand its silicone manufacturing plants across Japan to meet a very strong demand for advanced functional products. According to the company, the new plant investments will expand the manufacturing capacity of "highly diversified" kinds of silicone resins, fluids, and rubber end products by 2025. The expansion project will start with Shin-Etsu's main facility, the Gunma Complex in Gunma Prefecture, and will be followed by two other facilities in Naoetsu, Niigata Prefecture, and Takefu, Fukui Prefecture.