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Piping System and Piping Spools Report

Piping System and Piping Spools Report

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Piping System and Piping Spools Report

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  1. The Global Piping System and piping spools market size was valued at $4,832.5 million in 2019, and is expected to reach $6,035.0 million by 2027, registering a CAGR of 4.5% from 2020 to 2027. Pipe spool is a fabricated component of a piping system. Pipe spools is a piping system in which a number of raw pipes and pipe fittings (elbows, flanges, and others) are fabricated in fabrication shops or on-site. Roll correction and welding, and durable position fitting and welding, are the two processes used in pipe spooling. Piping spools are generally used in power plants, chemical industries, and oil & gas industries. Steel pipes, alloy steel, or carbon steel is the material used for pipe spooling. The factors such as growth in exploration and drilling activities for oil around the globe is anticipated to drive the growth of the piping system and piping spools market. For instance, exploration drilling activities increased by nearly 30% from 2017 to 2018. Many oil companies and governments are focusing on new exploration and drilling activities for oil & gas to gain a competitive edge over the other players and fulfil the growing oil demand around the world. For instance, in November 2018, PetroChina, a China- based oil & gas company aimed to raise the oil output in 2021 in Northwestern Xinjiang region. The site is a newly discovered oilfield. However, the fluctuation in raw material prices required for piping spools is anticipated to hamper the growth of the piping system and piping spools market. On the other hand, technological advancement in the piping spools industry is anticipated to provide lucrative opportunities for the market players in the piping spools industry. Moreover, increase in government investment in oil & gas

  2. refinery project is projected to cater to the growth of the piping system and piping spools market. For instance, in August 2020, German government invested around $100.8 million on hydrogen project at oil refinery project in Hamburg. Get Free Sample:- https://www.alliedmarketresearch.com/request- sample/8329 The COVID-19 pandemic has forced many companies in the Global Piping System and Piping Spools market to halt their business operations to comply with new government regulations for curbing the spread of COVID-19. This halt in operations directly impacts the revenue flow of the global piping system and piping spools market. In addition, there is a halt in providing raw material to the manufacturers of piping system and piping spools products. However, the demand for piping spools for oil & gas project and chemical projects is expected to increase in the near-term. Hence, halt in manufacturing activities and lockdowns for several months have affected the global piping system and piping spools market, with slow recovery is anticipated during 2021. This is further projected to the re-opening of piping system and piping spools

  3. industry at their full-scale capacities, which in turn, would aid the market to recover by the start of 2022. Based on material, the market is divided into stainless steel, carbon steel, alloy steel, and others. The carbon-steel segment is projected has highest revenue during the forecast period. By end-user, the market is divided into power plant, petroleum refineries, offshore, shipbuilding, and others, chemical and fertilizers, pharmaceuticals, and others. The pharmaceuticals segment is projected to grow at a significant CAGR during the forecast period. Region wise, the global piping system and piping spools market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Based on region, Asia- Pacific is expected to grow at a highest rate during the forecast period. Competition Analysis Key companies profiled in the report include Dee Piping System, Metal Forge India, Prosaic Steel and Alloys, U.S. Pipe, Cogbill Construction LLC, ChelPipe Group, CCI Leidingsystemen B.V., Yena Engineering B.V., Cimtas Pipe Fabrication and Trading Co Ltd, Arabian International Co for Steel Structure (AIC), Sung IL Sim Co. Ltd., Seonghwa Industrial Co. Ltd., and Larsen & Toubro Limited. Full Report With TOC:- https://www.alliedmarketresearch.com/piping-system- and-piping-spools-market-A07964

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