The market for large diameter steel pipes is expected to be worth US$ 12.6 billion in 2023. The market is growing due to the increased use of technologically advanced steel pipes with large diameters and strength in a variety of industries. According to FMI projections, the market will generate US$ 16.8 billion in 2033, with a 2.9% CAGR between 2023 and 2033.
Increasing demand from the chemical and oil & gas industries is expected to drive the global large diameter steel pipes market during the forecast period.
An increase in oil and gas production, as well as increased demand from the transportation sector, are two factors driving the growth of the large diameter steel pipes market. The demand for large diameter steel is increasing.
The increasing infrastructural development in emerging economies such as India and China is expected to drive the large diameter steel pipe market growth during the forecast period. Growing investments in the oil & gas sector in Europe and North America are likely to boost the demand for large diameter steel pipes.
The rapid growth of the oil and gas sector, automotive and chemical industries in the Asia Pacific is encouraging the growth of the market in the region. The rapidly growing chemical industry and increasing investments in wastewater development systems in developing countries like China, India, Germany, and others are driving the market for large diameter steel pipes.
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Increasing applications in the construction and chemical industry have created opportunities for market growth. Increasing industrialization led to an increase in a number of various industries such as chemical and pharmaceutical. Growing advances in these companies led to a boost in demand for large diameter steel pipes.
Key Takeaways:
- From 2018 to 2022, the market demand expanded at a CAGR of 4.8%.
- Based on the application, the oil & gas segment accounts for a CAGR of 3.4%.
- By type, the LSAW pipe segment is expected to expand at a CAGR of 3.2% during the forecast period.
- North America to emerge as a promising market, capturing a CAGR of 2.8%.
- Asia Pacific to be an opportunistic market, expected to capture a CAGR of 2.8% during the forecast period.
Competitive Landscape:
American Cast Iron Pipe Company; American Piping Products, Inc.; Borusan Mannesmann Boru Sanayi ve Ticaret A.S.; Baoji Petroleum Steel Pipe Co., Ltd.; BERG PIPE are some of the leading players operating in large diameter steel pipes market.
Some of the recent development in the market are listed below-
- In July 2021 - American Piping Products (APP) announced the expansion of their North Houston Rosslyn steel pipe yard and processing center. The new lease adds approximately 10 acres to the already 20-acre facility.
- In November 2022 - Summit carbon solutions announce a partnership with American steel pipe to purchase American-made, high-strength steel line pipes. These pipes are used in support of Summit’s transformative carbon capture, transportation, and storage projects.
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Know More What this Market Report Covers:
Future Market Insights offers an unbiased analysis of the global large-diameter steel pipes market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the large-diameter steel pipes market, the market is segmented based on the type and application across five major regions.
Key Segments:
By Type:
- LSAW
- SSAW
By Application:
- Oil & Gas
- Water Treatment
- Chemical
By Region:
- North American
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
