Steam condensate piping market drives by owing to increase in investments in manufacturing facilities, petrochemical plants, power plants, and others.

WILMINGTON, DELAWARE, January 24, 2024 /EINPresswire.com/ -- 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.

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.

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Moreover, growing energy demand across the world has positively affected the electricity production industry. Governments and private entities are constructing new power plants and expanding existing ones to meet the rising demands. This is expected to provide lucrative opportunities for growth of key players in the steam condensate piping market as steam systems are extensively used in power plants.

Top Players:

Key companies profiled in the steam condensate piping market report include Jindal Saw Ltd., Metline Industries, Mueller Industries, Inc., Nippon Steel Corporation, Shandong Rigang Metal Material Co., Ltd, Steelmor Industries, Threeway Steel Co., Ltd, Tubacex S.A, voestalpine AG (voestalpine Rotec GmbH), and Zenith Steel Pipes & Industries Limited.

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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.

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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David Correa
Allied Analytics LLP
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