The global steel pipe market is on an upward trajectory, poised to reach a significant valuation of US$ 97.88 billion in 2023, and the forecast suggests that this growth will continue at a steady pace. With an average Compound Annual Growth Rate (CAGR) of 3.9%, the industry is projected to expand even further, potentially reaching an impressive US$ 143.50 billion by 2033. These figures highlight the steel pipe sector’s resilience and its crucial role within the broader global steel industry.
The performance of the steel pipe market is intricately linked to global economic conditions. Economic stability, growth, and trade activities significantly impact the demand for steel pipes. As economies rebound from the effects of the COVID-19 pandemic, increased infrastructure projects and construction activities are contributing to the market’s growth.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Diverse Applications of Steel Pipes in Various Industries:
Steel pipes serve a multitude of purposes across a wide range of industries due to their distinct material properties.
- Industrial Utility: Carbon Steel Pipes for Extremes
Carbon steel pipes find their primary utility in industrial processes that entail extreme temperature variations – from intense cold to high heat. They are also commonly used for transporting gases, including steam, owing to their robustness and resilience.
- Stainless Steel’s Shield: Corrosion Prevention and Beyond
Stainless steel emerges as a highly sought-after material due to its exceptional ability to resist oxidation and corrosion. This quality positions it as a versatile material with widespread use across various applications in modern times.
- Structural Steel Pipes in Construction
Structural steel pipes constitute another significant category, finding extensive application within the construction industry. Their strength and durability make them indispensable components in constructing sturdy and reliable structures.
- Fluid Dynamics and Closed Loop Applications
Steel pipes play a pivotal role in applications involving the controlled flow of fluids within closed-loop systems. Their dependable construction ensures efficient and reliable fluid conveyance across diverse settings.
In essence, the versatility of steel pipes enables their integration into a plethora of contexts, facilitating smooth industrial operations and contributing to robust infrastructural development.
Driving Forces behind the Global Steel Pipe Market:
The rapid expansion of the oil and gas sector has propelled a surge in the demand for steel pipes. Attributes like dependability and robustness prominently fuel the worldwide requisition for steel pipes. These pipes find extensive utility across diverse sectors including automotive, mining, and construction, thereby stimulating the growth of the steel pipe manufacturing industry. The broad spectrum of available steel pipes emerges as a pivotal factor in outpacing the demand across residential and non-residential sectors. Moreover, the global demand for steel pipes is further heightened by the necessity to replace aging pipelines.
Challenges in the Global Steel Pipe Market:
The market’s growth trajectory faces impediments such as the allure of substitutes like iron and plastic pipes, diverting manufacturers towards alternative materials. The corrosive tendencies of carbon steel pipes pose a restraining factor, while the elevated cost associated with stainless steel also casts a shadow over the expansion of the worldwide steel pipe market.
Market Participants:
Examples of some of the participants of the global steel pipe market are:
- Arcelor Mittal
- American Cast Iron Pipe Company
- Baosteel Group corporation
- Evraz Plcevraz plc
- Anhui Tianda Oil Pipe Company Limited
- Hyundai Steel Company
- JFE Holdings Corporation
- Zekelman Industries
- Arabian Pipes Company
- Nippon steel & sumitomo metal corporation
- TMK Group
- United States Steel
- VALLOUREC
- Steel Authority of India (SAIL)
- Tata Iron and Steel,
- Jindal Vijaynagar Steel (JVSL),
- Essar Steel and Ispat Industries
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Key Segments in the Steel Pipe Market:
By Material Type:
- Carbon Steel
- Alloy Steel
- Stainless Steel
- Tool Steel
By Application:
- Automotive industry
- Construction and mining
- Textile Machinery
- Chemicals
- Pharmaceuticals
- Energy industries
- Refinery Petrochemicals
- Oil and Gas Processing
- Water treatment facilities
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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