The copper pipes and tubes market is projected to grow at a CAGR of 3.2% over the forecast period, reaching an estimated market value of USD 34.8 billion in 2023, according to FMI’s analysis.
The growth is primarily driven by a surge in HVAC unit installations due to increased construction activity. Additionally, copper pipes and tubes are utilized in charging stations and electric vehicles (EVs), and the rising adoption of EVs, driven by environmental concerns, has bolstered product demand.
To support the EV market, governments worldwide have introduced subsidies and incentives for EV purchases, further boosting sales of copper pipes and tubes. These materials are also favored for gas transportation due to copper’s non-permeability to air and gas.
Moreover, copper helps reduce contamination and leakage risks from UV rays, oxygen, and adverse temperature conditions. Other factors contributing to the demand for copper pipes and tubes include the rising need for waste heat recovery systems, solar thermal energy, a shift toward sustainability, and rapid urbanization.
Key Takeaways:
- The United States copper pipes and tubes industry is estimated to attain US$ 8.2 billion by 2033. Over the forecast period, the market is expected to expand at a CAGR of 3.1%. From 2018 to 2022, the market registered a CAGR of 4.4%.
- The United Kingdom copper pipes and tubes industry is projected to be worth US$ 1.8 billion by 2033. Over the estimated time, the market is projected to record a CAGR of 2.9%. Before this, the market registered a CAGR of 4.2%.
- The China market stands prominently among the top-tier copper pipes and tubes economies. The market is expected to reach a valuation of US$ 10.4 billion by 2033 end. From 2023 to 2033, the market is projected to expand at a CAGR of 3.1%.
- The Japan market is projected to be valued at US$ 9.4 billion by 2033. In the next ten years, the market is presumed to pace at a CAGR of 3.1%.
- The South Korean copper pipes and tubes industry is projected to be valued at US$ 2.5 billion by the end of 2033. Over the assessment period, the market is expected to expand at a CAGR of 2.8%.
- Based on end use, the HVAC segment is expected to be at the top. The segment is expected to register a CAGR of 3%, as compared to the 4.1% CAGR recorded in the historical period.
- The seamless copper pipes and tubes are expected to record a CAGR of 3.1% in the forecast period. The segment had grown at a CAGR of 4.2% in the historical period.
Competitive Landscape:
- In February 2023, Mettube Copper India Private Limited, which is an Indian arm of the Malaysian firm, entered an arrangement with the Gujarat Government to establish its copper tube production factory in Sanand. The MNC has decided to invest around INR 1,000 crore in the first phase to set up the facility. The company’s copper tubes are used in the air conditioning and refrigeration industries. Since the plant is expected to produce 5th Gen copper tubes, the plant can be instrumental in reducing the carbon footprint in the future.
- In January 2023, Lawton Tubes, a leading manufacturer of medical-grade copper tubes in the United Kingdom, announced that it may exhibit its expertise at Arab Health this year. The company has been a critical distributor of copper pipelines in and out of the United Kingdom, covering 35+ countries. At the event, the company is going to celebrate its assistance during the fight against COVID and discuss the feasibility of copper tubes in carrying medical gases.
Key Segments Profiled:
By Product Type:
- Seamless
- Welded
By End Use:
- HVAC
- Industrial Heat Exchange
- Plumbing
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
Report Preview: https://www.futuremarketinsights.com/reports/copper-pipes-and-tubes-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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