Copper Pipes and Tubes Market Outlook 2031
The global copper pipe and tubing market was valued at US$32.1 billion in 2021
It is estimated to grow at a CAGR of 3.1% from 2022 to 2031
The global copper pipe and tubing market is expected to reach $44 billion by the end of 2031
Analysts perspective on Copper Tubes and Pipes market scenario
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The global copper pipes and tubes market is expected to be driven by the predominant application of copper pipes and tubes in the construction of household and industrial refrigeration and air conditioning systems. Copper pipes and tubes are reliable because copper is strong, durable and naturally resistant to bacteria. It serves all types of buildings, from small homes to larger industrial buildings. One of the main advantages of using copper as a raw material for manufacturing pipes and tubes is that the majority of pipes are made of copper. All types of electric vehicles require a significant amount of copper pipe and tubing. Manufacturers operating in the global copper pipe and tubing market are expected to focus on combining copper with another metal to create copper alloy tubing that provides enhanced characteristics such as increased strength and corrosion resistance .
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Growing demand for energy efficient pipes and tubes to drive market growth
Several factors are influencing the growth of the global copper tubing and pipe market. One of the major drivers of market growth has been the growing demand for highly thermally efficient heat exchange equipment. Additionally, there has been a growing awareness of concerns about excessive energy consumption. Due to strict environmental protection regulations, manufacturers increasingly prefer copper tubes and pipes. This therefore played in favor of the development of the world market. In addition to this, government authorities have also issued favorable policies and lucrative tax rebates to encourage the installation of energy efficient products and equipment. Copper pipes and tubes are increasingly being used in the production of such equipment and hence their increasing demand directly corresponds to the growth of the global market.
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One of the major drivers for the growth of the Asia-Pacific copper pipes and tubes market is the growing infrastructure development in emerging economies such as India and China. China, in particular, is one of the largest consumers of the copper pipe and tube market. Moreover, the country is also home to several of the leading brands operating in the copper pipes and tubes market.
Some of the big names in the global copper pipes and tubes market include Furukawa Electric Co. Ltd., Aurubis AG, Mueller Industries Inc., EvalHalcor, and Brass and Copper Holdings Inc., among others.
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