Copper Pipes & Tubes Market – Growth Avenues with the Surging Demand in Plumbing & Construction Sector
Across the multi-faced applications of copper, it provides proven added value to modern life, where commercial and industrial requirements are being met on a large scale. The copper industry’s continuous focus on research, development, and validation of newer concepts to deliver a stream of innovations is transforming all associated businesses, including the copper pipes & tubes market. The role of technology to help meet the surging copper demand is also being evaluated.
Constant electric vehicle evolution has led manufacturers to introduce new EV components. Declining battery prices and government incentives for EVs are continuously showering growth opportunities for associated businesses. Copper is essential to EV technology and its supporting infrastructure. As copper pipes are used in electric vehicles, charging stations, and associate infrastructure, owing to its durability, high conductivity, and efficiency, the flourishing EV market is likely to have a positive impact on overall copper demand over the coming years.
Addressing the continual developments in the copper pipes & tubes industry, the TMR study offers detailed information about the current status quo, and the future prospects of the market. The surging demand for HVAC systems banking on the rising construction activities and growing global construction expenditure is anticipated to positively influence the global copper pipes & tubes market growth.
Preference for Copper over Aluminum in Air Conditioning
Condensing coils have been previously manufactured from aluminum, owing to its benefits to manufacturers in terms of high transfer properties and cost-effectiveness. However, the high maintenance costs associated with aluminum coils shifted manufacturers’ focus towards copper tubes. Repairing aluminum is impossible, resulting in the need for complete coil replacement. Moreover, the high thermal conductivity of copper, which is up to 8 times that of aluminum, further solidified their reliance on this metal.
The copper pipes & tubes market is expected to generate high revenue over the coming years, as the demand for copper pipes & tubes continues to pick up pace in plumbing applications. Cost-effectiveness, durability, recyclability, and reliability of copper pipes over its counterparts, including plastic and lead pipes are making the first choice of end users for material selection in piping infrastructure. According to the TMR study, revenue from the copper pipes & tubes market is expected to be valued at ~ US$ 30.5 Bn, with ~ 4034 kilo tons of sales volume in 2019.
The increasing demand for eco-friendly copper pipes & tubes, along with the demand generated from varied application sectors, has directed manufacturers’ efforts towards product innovation in terms of compact size and customization, thereby enabling them to expand their consumer reach
Transforming Trends in the Copper Pipes & Tubes Industry
Lead Pipe Replacement Trend
Continuous depletion of natural water infrastructure and water resources has pushed the quest for a more viable solution. Copper’s reliability, durability, and long-lasting profile has made it useful in water pipe infrastructure. Its corrosion resistance over lead has resulted in significant replacement of copper in place of lead. A number of cities across Canada and the United States have already begun the process of replacing lead pipes with copper ones. The effectiveness of copper in brining clean water resources to communities, worldwide, is evident through the success of copper water infrastructure in Michigan, Milwaukee, and Toronto.
Focus on Energy Efficiency & Cost-effectiveness
Increasing inclination towards sustainability and major emphasis given to energy efficiency are having a major influence on a number of industries. This has shifted focus towards eco-friendly and economical copper tubes that help attain greater energy efficiency, less use of material, and greater durability. Moreover, as the overall system size can be reduced by using small diameter tubes, OEMs are showing major focus on copper variants.
Customized Product Development
Growing applicability in air conditioning and refrigeration systems, plumbing purposes, and other industrial setups has propelled manufacturers to offer product customization that allows them to provide tailored copper pipes & tubes that meet specific consumer requirements. Efficient copper pipes & tubes are being designed to meet the increasing demand for the product.
Although metallic pipes has been an industry preference for years, with copper being the material-of-choice for potable water piping lines, and a typical inclination of the commercial plumbing industry towards copper pipes, the market is likely to have certain shortcomings. Market volatility impacts the prices of copper, resulting in fluctuating material expenses. With only a finite production capacity, global supply struggles to keep up with the surging demand, resulting in price hikes. With such a varying pricing scenario, alternatives are considered, thereby hampering the copper pipes & tubes market growth.
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