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Extensive use in various industrial applications such as sterilization, chemical cracking, and other heating processes drives the global steam condensate piping market.
PORTLAND, Ore. , June 22, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Steam Condensate Piping Market by Piping Material (Stainless Steel, Carbon Steel, Others), by Application (Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2020-2031." According to the report, the global steam condensate piping industry generated $4.3 billion in 2020, and is expected to reach $6.3 billion by 2031, witnessing a CAGR of 3.3% from 2022 to 2031.
Extensive use in various industrial applications such as sterilization, chemical cracking, and other heating processes and widening applications in industries such as paper & pulp, oil & gas refining, food processing, and others drive the growth of the global steam condensate piping market. Moreover, supportive government initiatives that include phase out old coal-fired power plants and the replacement with new natural gas-fired power plants present new opportunities in the coming years.
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The carbon steel segment to maintain its lead status throughout the forecast period
Based on piping material, the carbon steel segment accounted for the highest market share in 2020, contributing to nearly half of the global steam condensate piping market, and is estimated to maintain its lead status throughout the forecast period. This is attributed to its cost-effectiveness. However, the stainless steel segment is expected to manifest the fastest CAGR of 3.5% from 2022 to 2031, owing to its benefits such as high resistance to corrosion and long life.
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The industrial segment to maintain its leadership status by 2031
Based on application, the industrial segment held the highest share in 2020, accounting for around 94% of the global steam condensate piping market, and is projected to maintain its leadership status by 2031. Moreover, this segment is projected to witness the highest CAGR of 3.3% from 2022 to 2031. This is due to extensive use of steam systems in various manufacturing and processing industries. The report also analyzes the commercial segment.
Asia-Pacific to continue its lead position by 2031
Based on region, Asia-Pacific contributed to the highest market share in terms of revenue in 2020, accounting for nearly half of the global steam condensate piping market, and is projected to continue its lead position by 2031. This is attributed to large number of manufacturing and processing industries. However, LAMEA is estimated to witness the largest CAGR of 4.2% during the forecast period. This is due to increase in investments in the African region and considerable growth of the manufacturing industry in Latin America .
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