Steel pipe market projected to reach US$151 billion

Save to read list Published by Sara Simper, Editorial Assistant World Pipelines, Friday, 16 December 2022 14:00

The global steel pipe market is projected to reach a value of US$1 51 905 million by 2032, with the market growing at a steady CAGR of 5.4% from 2022 to 2032. In 2022, the target market is expected to reach US$90 122 million. The surge in oil and gas production to cater to the demands of the transportation industry will aid the growth of the steel pipe market during the forecast period.

The oil and gas sector is one of the major growth drivers of the target market as steel pipes and tubes find their major usage in this industry. Steel pipes are utilised to transport gas and liquid in the oil and gas sector, which supplements the growth of the target market. Most commonly, alloy steel and carbon steel are used in the production of steel pipes. Owing to this, many manufacturers are considerate of the raw material prices and have reserved suppliers who offer cost benefits to their target consumer base.

The properties of steel pipes such as resistance to corrosion and high levels of reliability play a crucial role in its rising global demand. These inherent characteristics of steel pipes make it a preferred choice for a variety of construction projects, such as the building of homes and companies. Furthermore, steel pipes are gaining increasing usage in industrial settings, which boosts their market prospects. In addition, these steel pipes cost less than traditional pipes and tubing, which amplifies the demand for steel pipes in the global market. All of these factors work together to create an environment of growth for the steel pipes market during the forecast period.

"Rising industrial applications coupled with high demand from oil and gas, and construction industries will likely propel the global growth of the steel pipe market over the forecast period," says an FMI analyst.

Key takeaways:

Regional analysis

The steel pipe market in North America will account for a 28.3% share of the global market. With the presence of one of the major steel pipe markets in the US, this region is expected to demonstrate significant growth during 2022 - 2032. Heightened demand for steel pipes in the power plant sector, the vehicle industry, and the oil and gas industry will bolster the sales of the steel pipe market in this region. Other countries like China, Brazil, Canada, and India will also exhibit notable growth in the steel pipe market over the forecast period.

Competitive landscape

American Cast Iron Pipe Company, Baosteel Group Corporation, Evraz Plc, Nippon Steel & Sumitomo Metal Corporation, JFE Holdings Corporation, Hyundai Steel Company, TMK Group, United States Steel, Tata Iron and Steel, VALLOUREC, and Nucor Corporation among others are some of the major players in the steel pipe market profiled in the full version of the report.

Key market players are keen on providing high-quality products with the help of enhanced technologies. These businesses are focused on improving their operational efficiency and inventory management, increasing consumer satisfaction, and raising their profit margins by adopting new technologies. Mergers and new product releases are some other strategies that these participants employ to gain a competitive edge.

Read the article online at: https://www.worldpipelines.com/special-reports/16122022/steel-pipe-market-projected-to-reach-us151-billion/

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Trends and analysis