Carbon Seamless Steel Pipe Market Is Anticipated To Surpass A Valuation Of US$ 168 Bn In 2021


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

seamless-steel-pipes-market

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

  • 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.

“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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About Fact.MR

Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. We have offices in US and Dublin, whereas our global headquarter is in Dubai

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Fact.MR

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United States
Phone : +1 (628) 251-1583
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Published on

Apr 01, 2021

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