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
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.
To remain ‘ahead’ of your competitors, request for a sample – https://www.factmr.com/connectus/sample?flag=S&rep_id=5626
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.
For critical insights on this market, request for Methodology here – https://www.factmr.com/connectus/sample?flag=RM&rep_id=5626
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.
11140 Rockville Pike Suite 400 Rockville, MD
Phone: +1 (628) 251-1583