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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.Read the full report: https://www.reportlinker.com/p04664182/?utm_source=PRN
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.
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