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DUBLIN--(BUSINESS WIRE)--The "Piping System and Piping Spools Market by Material, and End-user: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering. The global piping system and piping spools market size was valued at $1,314 million in 2019, and is expected to reach $1,641 million by 2027, registering a CAGR of 3.8% from 2020 to 2027. Piping spools is a fabricated component of the piping system. Pipe spools can be connected with use of valves, and flanges. Piping spools are generally used in power plants, chemical industries, and oil & gas industries. Factors such as increase in exploration and drilling activities for oil around the globe is anticipated to cater to the growth of the market. Rise in growth in success rate of petroleum extracting drives the growth of the market. Increase in use of pipe and fittings in chemical industries and power plant, is anticipated to lead to the growth of the market. Major players are investing toward improving pipe spool product offerings. For instance, in February 2019, EPIC Piping announced that they invested around $40 million to expand its manufacturing facility and pipe spools products globally. Rise in adoption of stainless-steel pipe due to its characteristics such as robust, aesthetic look, and corrosion resistant, is projected to boost the growth of the market. However, high initial capital investment and availability of substitute products are projected to hamper the growth of the global piping system and piping spools market. On the contrary, increase in spooling application in piping system is expected to provide lucrative opportunities for the piping system and piping spools market during the forecast period. The global piping system and piping spools market is segmented on the basis of material, end-user, and region. On the basis of material, the market is divided into stainless steel, carbon steel, alloy steel, and others. Stainless-steel segment generated the highest revenue in 2019. On the basis of end-user, the market is categorized into power plants, petroleum refineries, offshore and marine, chemical and fertilizers, and others. petroleum refineries segment generated the highest revenue in 2019. Region wise, the piping system and piping spools market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Key Benefits Market Dynamics Drivers Restraints Opportunity Key Players For more information about this report visit https://www.researchandmarkets.com/r/8vfygi

Answer: Global Piping System and Piping Spools Market (2020 to 2027) - by Material, and End-user - ResearchAndMarkets.com