The PEX market size is estimated to be USD 6.1 billion in 2019 and is projected to reach USD 8.3 billion by 2024, at a CAGR of 6%
The growth of the construction, automotive, and power industries is expected to drive the PEX market.
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NEW YORK, Jan. 23, 2020 /PRNewswire/ -- The PEX market size is estimated to be USD 6.1 billion in 2019 and is projected to reach USD 8.3 billion by 2024, at a CAGR of 6%. The increasing demand for PEX wires & cables from the power, communication, and automotive industries is the major factor driving the global PEX demand during the forecast period. Furthermore, PEX is used in various applications such as building pipework and tubing systems, hydronic radiant heating, and cooling systems. However, PEX tubing cannot be used in applications exposed to sunlight and is vulnerable to being perforated by the mouthparts of plant-feeding insects. Moreover, there can be safety issues and chances of plumbing failure as well. These are some of the factors that are expected to restrain market growth during the forecast period.
HDPE is the largest and fastest-growing type of PEX.
HDPE is estimated to be the fastest-growing type of PEX between 2019 and 2024.HDPE is expected to register a slight increase in demand as compared to LDPE owing to its superior properties such as high tensile strength and resistance to cracks and deformation that occurs due to external factors such as temperature, stress/strain, and climatic changes.
Furthermore, the rising demand for HDPE in developing countries worldwide owing to the steady growth in construction spending and improved investments in the industrial and public infrastructure are the key factors responsible for market growth.
PEXa is the largest technology of PEX.
The PEXa technology is estimated to lead the PEX market in 2019.It is the most frequently used technology for the production of PEX as it offers the maximum and the most uniform degree of cross-linking.
PEXa has numerous advantages such as improved resistance to stress cracking, decent weatherability, better chemical resistance, and superb degradation stability. These properties are significant for cable insulation and pipe applications, thereby, driving the demand for PEXa technology.
Wires & cables is the largest application of PEX.
The wires & cables application is projected to lead the PEX market during the forecast period.PEX is extensively used as electrical insulation in power cables of all voltage ranges, though it is more appropriate for low and medium voltage applications.
This is likely to drive the PEX market in the wires & cables application.PEX is the most common polymeric insulation material, which is resistant to weather, heat, and moisture.
It delivers better protection to copper wires to transfer energy safely and efficiently. Hence, the growing demand for wires & cables from these applications is expected to drive the PEX market during the forecast period.
APAC is the largest as well as the fastest-growing market for PEX.
APAC (comprising China, Japan, India, South Korea, Australia and Rest of APAC) is estimated to be the largest and fastest-growing PEX market during the forecast period.The region's rapid industrialization and expanding transmission & distribution lines in the electrical & communication industry drive the demand for PEX-based wires & cables.
Extensive use of XLPE wires in automotive battery cables, wire & cable coating layer, motors, and other high-voltage resistance materials in APAC is also driving the PEX market. Moreover, the growing residential and non-residential infrastructures in this region are leading to the construction of pipelines and tubing, which is boosting the PEX market in the plumbing application as well.
Extensive primary interviews were conducted in the process of determining and verifying sizes of different types, technologies, and applications of the PEX market gathered through secondary research.
The breakdown of primary interviews is given below:
• By Company Type: Tier 1 – 30%, Tier 2 – 43%, and Tier 3 – 27%
• By Designation: C Level Executives – 21%, Director Level – 23%, and Others – 56%
• By Region: North America – 30%, Europe – 18%, APAC – 41%, South America – 6%, Middle East & Africa – 5%
The key companies profiled in this report on the PEX market include The Dow Chemical Company (US), Borealis AG (Austria), Solvay (Belgium), LyondellBasell (Netherlands), ExxonMobil Corporation (US), PolyOne Corporation (US), 3H Vinacom Co., Ltd. (Vietnam), Falcone Specialities AG (Switzerland), Hanwha Chemical Corporation (South Korea), and HDC Hyundai EP (South Korea).
Research Coverage
The PEX market has been segmented based on type, technology, application, and region.This report covers the PEX market and forecasts its market size until 2024.
It also provides detailed information on company profiles and competitive strategies adopted by the key players to strengthen their position in the PEX market.The report also provides insights into the drivers and restraints in the PEX market along with opportunities and challenges.
The report also includes profiles of top manufacturers in the PEX market.
Reasons to Buy the Report
The report is expected to help the market leaders/new entrants in the following ways:
1. This report segments the PEX market and provides the closest approximations of revenue numbers for the overall market and its segments across different verticals and regions.
2. This report is expected to help stakeholders understand the pulse of the PEX market and provide information on key market drivers, restraints, challenges, and opportunities influencing the market growth.
3. This report is expected to help stakeholders obtain an in-depth understanding of the competitive landscape of the PEX market and gain insights to improve the position of their businesses. The competitive landscape section includes detailed information on strategies such as new product launch and expansion.
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