Market study: Agriculture and wastewater to drive growth in Indian plastic pipe market
The future of the Indian plastic pipe market looks attractive with opportunities in the potable water supply, wastewater supply, agriculture, and chemical sector, a new market report says.
According to global strategic consulting and market research firm Lucintel, the Indian plastic pipe market is forecast to grow at a CAGR of 10.4% from 2016 to 2021.
The major growth drivers for this market are the growth of government infrastructural spending, increasing residential and commercial construction, industrial production, irrigation sector, and replacement of aging pipelines.
Polyvinyl chloride, polyethylene, and polypropylene are the major raw materials used to manufacture pipe in the Indian market.
Lucintel predicts that the demand for polyvinyl chloride (PVC) plastic pipes is likely to experience the highest growth in the forecast period, supported by growing demand in the potable water, wastewater supply, and agriculture sectors.
On the basis of the new research, Lucintel forecasts that the agriculture and wastewater applications are expected to show above average growth.
The growth of residential and commercial construction and the growth in infrastructure development especially in the agriculture sector in India are expected to spur growth for this segment.
For market expansion, the report suggests new product development, where the unique characteristics of plastic can be capitalised.
Emerging trends, which have a direct impact on the dynamics of the market, are the usage of anti-microbial plastic pipes to improve hygiene, consumption of chlorinated polyvinyl chloride (CPVC) piping system in various applications of plastic pipes, and increasing consumption of multilayer plastic pipe in gas distribution.
Supreme Industries, Finolex Industries, Astral Poly Technik, Jain Irrigation Systems, and Prince Pipes and Fitting are among the major manufacturers of plastic pipe in the Indian market.
The complete market study is available here.