The spigot end cap market is projected to grow at a CAGR of 6.5% over the forecast period, from a value of US$35.27 billion in 2022 to US$66.21 billion by 2032.
Spigot end cap sales are anticipated to increase as a result of quick urbanisation, rising middle-class discretionary income, and growing private and public investment. Additionally, the durable and corrosion-resistant end use of spigot end caps for building and construction is driving up demand for them. Over the forecast period, this aspect is anticipated to enhance the spigot end cap market.
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The fact that spigot end caps require less maintenance after being employed in a protective application is another factor boosting sales. The market share for spigot end caps is also growing as a result of the rising demand for spigot end cap piping solutions in irrigation.
The growing need for safe packaging solutions for spigot end caps in the building and construction sector is also anticipated to offer potential opportunities for the spigot end cap market. Additionally, strict plastic consumption restrictions are predicted to hinder spigot end cap sales for the duration of the forecast period.
What are the Key Drivers to the Spigot End Cap Market Share?
The demand for spigot end cap strong and durable solutions for building and construction applications, such as spigot end cap, has grown in recent years. The sales of spigot end cap is growing as manufacturers are now producing protective packaging solutions like spigot end caps based on consumer needs. Another factor propelling the demand for spigot end caps is that they can be used in traditional packaging applications such as bottles, pipes, and so on.
The demand for spigot end cap is rising as they are gaining popularity in multiple end use industries. Spigot end cap are also used on packaging for building and construction applications, automobile spare parts, electronic appliances, consumer products, and other applications. As a result, the sales of spigot end cap is projected to grow rapidly during the forecast period. Furthermore, the demand for spigot end cap is growing as it cost-effective closing solution which aids in boosting the safety of packed items and applications.
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How is the Competitive Landscape in the Spigot End Cap Market?
- Plastitalia Spa,
- Fusion Group Limited,
- Kuzeyboru Company,
- Kimplas Piping Systems Ltd.,
- T-mex Ltd,
- Adroit Piping Systems,
and others are some of the key players in the spigot end cap market. During the projected period, some unorganized and local companies are also expected to contribute to the spigot end cap market growth.
Key Developments
- Saint-Gobain agreed to sell 67 percent of its pipe business in China to a consortium led by the Chinese government in April 2021. This sale allows it to preserve a long-term industrial collaboration with the pipe business in Europe.
- Aliaxis agreed to sell its plastic piping system business in Southeast Asia to LESSO Conglomerate, a big Chinese industrial group that makes pipes and fittings as well as building materials, in February 2021. The divestment is being carried out in order to concentrate on core growth areas and opportunities.
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