USD 160.6 Billion
Report ID:
SQSG15O2004 |
Region:
Global |
Published Date: April, 2024
Pages:
157
|Tables:
125
|Figures:
77
Global Steel Pipes And Tubes Market size was valued at USD 160.6 Billion in 2019 and is poised to grow from USD 170.72 Billion in 2023 to USD 278.32 Billion by 2031, at a CAGR of 6.3% during the forecast period (2024-2031).
Water, oil, gas, propane, and other gases are primarily transported using steel pipes. As a result, the pressure rating is significant, and the outside and inside diameter is the key measurement. Steel tubes are an anti-corrosion and rust-free application of iron and steel in a specific niche. The primary use of steel tubes is for structural purposes, like scaffolding. In applications where precise outside diameters are required, they are frequently used. Because it indicates how much the tube can hold, the outside diameter is crucial. Demand for steel pipes and tubes is also rising as a result of new and upcoming oil and natural gas projects. Petrochemicals are necessary for the operation of wind turbines, batteries, medical devices, plastics, detergents, packaging, and tyres. As a result of petrochemical plants using steel pipes and tubes, demand for these products is increasing. Additionally, steel tubes and pipes are used in automotive applications, including tubes for diesel spark plugs, engine block heating, diesel particulate filters, and many more. In addition, governments of numerous developing economies are heavily investing in the development of infrastructure. Rapid industrialization and population growth have led to an increase in the sales of homes, properties, and construction expenditures and hence are expected to positively impact the market expansion during the upcoming years.
US Steel Pipes And Tubes Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 160.6 Billion
Largest Segment
Seamless
Fastest Growth
ERW
Growth Rate
6.3% CAGR
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Global Steel Pipes and Tubes Market is segmented on the basis of technology, application, material, type, and region. According to technology, Steel Pipes and Tubes Market is segmented into Seamless, ERW, and SAW. According to application, Steel Pipes and Tubes Market is categorized into oil & gas, chemicals, and petrochemicals, Automotive & transportation, Mechanical engineering, Power plant, Construction, and others. By material, the Steel Pipes and Tubes Market is segmented into alloy steel, black steel, carbon steel, iron steel, mild steel, and stainless steel. By type, the Steel Pipes and Tubes Market is segmented into line, standard, and structural. Based on the region, the market is divided into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Steel Pipes and Tubes Market Analysis by Technology
Seamless segment dominated the market in 2021. Products made of seamless steel are produced from billets that have been perforated and heated to form the tubular section. In such items, there are no seam welds. Oil & gas, power generation, chemicals & petrochemicals, and engineering are just a few industries that use seamless pipes & tubes. The seamless technology market is dominated by the oil and gas industry. Tubular products that can withstand high pressure, corrosive atmosphere, pressure, and mechanical stress are required by the oil and gas industry. Thus, these products are employed in a variety of upstream, midstream, and downstream operations in the oil and gas industry.
Electric Resistance Welded (ERW) is expected to show prominent growth during the forecast period. This can be attributed to their affordable prices and moderate performance. High-frequency welding is one of the contemporary welding techniques that is increasingly being used in the production of ERW pipes and tubes, and it is a key factor in the segment's expansion.
Steel Pipes and Tubes Market Analysis by Application
Oil and gas segment dominated the global steel pipes and tubes market and accounted for the largest revenue share. Due to the wide variety of uses for the products in the oil and gas industry, including OCTG, transportation, and process piping for turning crude oil into petroleum products, the segment will continue to hold the leading position over the forecast years.
Chemical and petrochemical segment is anticipated to register the highest CAGR during the forecast period. Due to their qualities, such as strong corrosion and oxidation resistance, steel pipes and tubes are being used more and more in petrochemical plants for process refining. Additionally, they can withstand pressures of various intensities.
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Asia‑Pacific region held the highest share in the Global Steel Pipes and Tubes Market in 2021 and is expected to maintain its dominance during the forecast period. Additionally, Asia Pacific steel pipes and tubes market is expected to grow at the fastest CAGR during the forecast period. This can be attributed rising product consumption in the region. Due to the region's extensive manufacturing, petroleum, and petrochemical industries, China, Japan, South Korea, Southeast Asia, and India are the main product consumers.
North America held the second largest market share in 2021 and is expected to witness steady growth during the forecast period. This can be attributed to the robust growth of the U.S. economy and high business confidence brought about by the government-led fiscal stimulus, the demand for steel pipes increased. This caused the region's manufacturing activity to soar and oil and gas production to surge. The market is growing as a result of the pipeline network expansion, an increase in energy and infrastructure projects, rising demand for steel tubes in the automotive industry, and increased capacity for power plant installation.
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Steel Pipes and Tubes Market Driver
Rising Demand from Transportation Sector
Steel Pipes and Tubes Market Restraint
High Cost and Availability of Alternatives to Hamper Market Growth
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Global Steel Pipes and Tubes Market is competitive and fragmented. Major Players include ArcelorMittal, United States Steel, Nippon Steel Corporation, Tata Steel, Jindal Steel & Power Ltd. (JSPL) among others. Manufacturers of steel pipes and tubes are implementing cutting-edge techniques to enhance the performance characteristics of steel tubes and stop them from oxidising and rusting. The market has solid partnerships throughout the entire value chain and places a high priority on innovations. Manufacturers are working hard to strategically partner with end users and regional distributors in order to satisfy the needs of a growing consumer base.
Steel Pipes and Tubes Market Top Player's Company Profiles
Steel Pipes and Tubes Market Recent Developments
The market has seen a large influx of new businesses offering top-notch goods and innovations. Steel tube producers have a big chance to change how they do business by incorporating technology. This will enable them to improve operational efficiency, customer satisfaction, inventory levels, and profit margin. Emerging businesses use advanced heat treatment techniques to produce steel, addressing issues with energy efficiency and personalising product qualities. For instance, an American steel production company, Nucor Corporation, recently acquired a minority equity position in Trion Coatings, the parent company, in order to take advantage of its eco-friendly chrome plating technology and improve the finishing and other qualitative aspects of its steel tubes. The business aims to enhance the finishing of steel products, including steel tubes, without endangering the environment by incorporating chrome plating technology.
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According to our Global Steel Pipes and Tubes Market analysis, an increase in oil and gas production because of demand from the transportation sector. The main consumer for steel pipes and tubes is the oil and gas industry. In this sector, gas and liquid are transported using steel pipes. In terms of technology, seamless tubes segment is leading the market. The rapid expansion in the construction of new transmission pipelines is anticipated to increase the utilisation of these pipes, since seamless pipes are the main component of these pipelines. Additionally, the rising demand for structural steel products in developing markets is predicted to favour ERW pipe adoption. Target markets for ERW steel pipes include newer industries like urban infrastructure, building, metros, piped gas distribution, fire safety segments, shopping centres, airports, and commercial passenger vehicles.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 160.6 Billion |
Market size value in 2031 | USD 278.32 Billion |
Growth Rate | 6.3% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Historical Year | 2019 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Steel Pipes And Tubes Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Steel Pipes And Tubes Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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REQUEST FREE CUSTOMIZATIONSteel Pipes And Tubes Market size was valued at USD 160.6 Billion in 2019 and is poised to grow from USD 170.72 Billion in 2023 to USD 278.32 Billion by 2031, at a CAGR of 6.3% during the forecast period (2024-2031).
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Report ID: SQSG15O2004