North America and Europe collectively account for a majority of the demand for seamless steel pipes. This is due to the fact that these regions are home to a considerable number of chemical, power & energy, and oil & gas industries, and seamless steel pipes play a vital role in all of these end-use industries.
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Relative high research & development spending to introduce new and advanced coated seamless pipes with improved flow ability and increased life cycle are playing a vital role in developing the overall market. Increase in demand for cyclical replacements in pipelines from chemical, oil & gas, and power generation companies is one of the prime reasons driving rising demand for seamless steel pipes. Hot rolled seamless steel pipes are highly sought-after across industries and regions, and hold around 3/4 market share.
As per the report published by Fact.MR, the seamless steel pipes market is anticipated to surpass a valuation of US$ 168 Bn in 2021, and is poised to expand at a CAGR of close to 7% over the next ten years.
Key Takeaways from Market Study
- Hot rolled seamless steel pipes capture a major portion, and are set to create an absolute $ opportunity of around US$ 117 Bn over 2021-2031.
- Among the end-use industries, the oil & gas sector has been the fastest-growing segment, owing to steep rise in consumption of oil & gas and power & energy over the past decade.
- In 2021, North America is set to dominate market revenue; however, by 2031, it is anticipated to lose 177 BPS in its market share.
- The market in India and China is expected to rise at around 7% to 8% CAGR through 2031.
- Due to the COVID-19 crisis, demand for seamless steel pipes was hit in 2020; decline was observed in the 2nd and 3rd quarters of the year.
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Key Market Segments Covered in Report
- Hot Rolled
- Cold Rolled
- Stainless Steel
- Alloy Steel
- Carbon Steel
- Others (Duplex SS etc.)
- 3PP Coating
- FBE Coating
- 3PE Coating
- < 10 inches
- 10-15 inches
- ≥ 15 inches
- Power and Energy
- Chemical & Petroleum
- Oil and Gas Connections
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
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Crucial insights in the Seamless Steel Pipes Market research:
- Underlying macro- and microeconomic factors impacting the growth of the Seamless Steel Pipes Market Basic overview of the Seamless Steel Pipes Market including market definition, classification, and applications.
- Scrutinization of each Seamless Steel Pipes Market player based on mergers & acquisitions, R&D projects, and product launches.
- Adoption trend of Seamless Steel Pipes Market across various industries.
- Important regions and countries offering lucrative opportunities to Seamless Steel Pipes Market stakeholders.
For More Insights-https://www.globenewswire.com/news-release/2022/03/09/2400432/0/en/Low-Code-Development-Industry-is-Projected-to-Achieve-a-Global-Market-Size-of-US-187-Bn-by-2032-Currently-US-Accounts-For-the-Largest-Market-Share-in-the-World.html
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