Seamless steel pipes hold huge potential in the global piping industry, with a competitive value market share over other pipe categories. These pipes are extensively used as line pipes for the transmission of fluids such as oils and chemicals
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.
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.
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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
“Investing in collaborative R&D will save resources and enhance market growth over the coming years,” says a Fact.MR analyst.
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Winning Strategy
Key players have been investing in research & development to create new, advanced coatings for seamless steel pipes. These enhancements will drive growth of the seamless steel pipes market in the medium- to long-term forecast period.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global seamless steel pipes market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of process (hot rolled and cold rolled), material (stainless steel, alloy steel, carbon steel, and others [duplex SS, etc.]), coating (3PE coating, FBE coating, and 3PP coating), dimension (>15 inches), and end-use industry (automotive, power & energy, construction, chemicals, oil & gas, and others), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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Apr 01, 2021