Largest market for Water Pipe?
North America is the largest market for water and wastewater pipe, followed by Europe and Asia Pacific. Asia Pacific region is expected to be the fastest growing market. China and India hold the key for future market trends in water and wastewater market owing to increasing urban population, increase in living standards due to higher disposable income and high growth in the building and construction sector. Rising disposable income increase the living standard of customer and leads to more spending on houses, which indirectly drives the demand for water and wastewater pipe.
According to the National Bureau of Statistics China, annual per capita disposable income of urban households in China increased from USD 2,271.0 in 2008 to USD 3408.5 in 2012. The overall annual disposable income in India medium household income increased from USD 1,366.2 billion in 2010 to USD 1,587.6 billion in 2013. Currently more than half of the population dwells in cities. The number is expected to increase to more than 60.0% by 2030. According to United Nations, Department of Economic and Social Affairs (UN DESA) in 2013, largest urban population growth took place in Asian countries such as India and China. By 2050, India is expected to add 404 million urban dwellers while China 292 million. Urban population is more concerned about their water and wastewater system, this leads to increase in the demand for water and wastewater pipe.
The market of water and wastewater pipe is expected to witness a double digit growth rate in the coming years. Some of the major drivers contributing the overall market growth of water and wastewater pipe include increased demand for housing in urban areas, increasing non-residential building construction and increasing municipal market. Governments and private sectors across the globe are investing in better infrastructure facilities. Construction of residential and non-residential buildings leads to the demand for water and wastewater pipe market. For infrastructure development, the U.K government’s public sector investment is expected to rise by USD 4.9 billion to about USD 77.7 billion in 2013-14 over 2012-13. It is further expected to increase to about USD 83.0 billion in 2014-15. With the increase in infrastructure investment, demand for water and wastewater pipe will increase.