The global steel pipe market is projected to reach USD 143.50 billion by 2033, growing at a steady CAGR of 3.9% from 2023 to 2033. In 2023, the market is expected to be valued at USD 97.88 billion. Growth in oil and gas production, driven by demand from the transportation industry, will significantly boost the steel pipe market during this period.
The oil and gas sector is a major driver for steel pipe demand, as these pipes are essential for transporting gas and liquids. Steel pipes, typically made from alloy steel and carbon steel, are widely used in this industry. Manufacturers are increasingly mindful of raw material costs, partnering with suppliers who offer favorable pricing to maintain competitiveness.
Key attributes of steel pipes, such as corrosion resistance and high reliability, have increased their demand across various construction projects, including residential and commercial buildings. Additionally, their growing use in industrial applications and lower cost compared to traditional pipes further enhance the market outlook. These factors together create a favorable environment for the steel pipe market’s expansion over the forecast period.
Key Takeaways:
- The advancing construction sector will strengthen market prospects for the steel pipe industry.
- High transportation costs will hamper the growth of the target market.
- In 2022, the oil & gas application segment will account for over 51% of the global revenue share.
- Most essential steel pipe markets are present in the United States, China, and India.
- North America holds about 28.3% of the overall steel pipe market share.
- Favorable government measures will drive the steel pipe market in Brazil.
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.
Key segments
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
Report Preview: https://www.futuremarketinsights.com/reports/steel-pipe-market
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