According to the latest report by IMARC Group, titled “GCC PVC Pipes Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the GCC PVC pipes market reached a value of US$ 1,370 Million in 2018. PVC or polyvinyl chloride pipes are rapidly replacing cast iron and galvanized pipes in the GCC region on account of their anti-rust, anti-mist and anti-fouling properties. Apart from this, they are resistant to fire and bacterial contamination and can withstand extreme movements and bending. Moreover, as these pipes are lightweight, flexible and durable in nature, they are easy to handle, transport and install, thereby minimizing the overall cost of a project. Owing to the aforementioned factors, the demand for PVC pipes is increasing in the region.
For several decades, the economies in the GCC region have relied on the oil and gas industry for wealth generation. However, with the fall of oil prices in 2014, there has been a rise in concerns regarding economic diversification among governments of the GCC countries. In line with this, they have introduced numerous construction projects for improving the current scenario of the economy. For instance, Saudi Arabia’s Public Investment Fund (PIF) has been proposed for increasing investments in major infrastructure projects, such as Vision 2030, and the development of Jeddah Waterfront, NEOM City and Entertainment City. Apart from this, the region has also allocated funds for developing the infrastructures for transportation, telecommunications, water, agriculture and other related sectors, with the prime focus on housing programs. Other catalyzing forces include expansion of the water desalination capacity and growth in the agriculture sector. Looking forward, the market value is projected to reach US$ 1,829 Million by 2024, expanding at a CAGR of around 5% during the forecast period (2019-2024).
- The market has been segmented on the basis of applications into water supply, irrigation, sewerage and drainage; plumbing; HVAC; and oil and gas. Currently, the water supply, irrigation, sewerage and drainage segment accounts for the majority of the market share.
- Region-wise, the market has been segmented into Saudi Arabia, UAE, Oman, Bahrain, Kuwait and Qatar. Amongst these, Saudi Arabia is the leading market on account of the improving economic conditions and growing demand for better infrastructure in the country.
- The competitive landscape of the market in the GCC region has also been thoroughly examined in the report along with the profiles of the key players operating in the industry.
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