Fri, 09 Dec 2022

In 2022, it is predicted that the global steel pipe market will most likely reach a value of US$ 90,122 Million. By 2032, the market for steel pipes is anticipated to grow at an average CAGR of 5.4% and reach US$1,51,905 Million.

An increase in oil and gas production to meet the demands of the transportation industry is one of the most significant factors propelling the growth of the steel pipe market. The oil and gas sector is where steel pipes and tubes are most commonly used. Steel pipes are used in this industry to transport gas and liquid. In their manufacture, low alloy and carbon steel are frequently used. As a result, manufacturers take into account the cost of raw materials and work with specialised suppliers to provide cost advantages to their target market.

Inside diameter, ductility, yield strength, and pressure rating are all crucial factors to take into account when choosing pipes for particular applications. In the oil and gas sector in the United States, steel pipes and tubes are frequently used. The three stages of crude oil processing are pre-treatment, mid-treatment, and post-treatment. Over the course of the forecast period, steel pipe demand is expected to expand steadily due to changes in the American oil and gas industry.

The main factor limiting the growth of the demand for steel pipe is the increase in tariffs and levies. The market for steel pipes is also suffering as a result of the trade war. Steel pipe adoption requires a longer lead time for the procurement process when compared to welded pipes.

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Key Drivers and Restraints in the Steel Pipe Market?

Drivers:

Steel pipes have a number of characteristics, including high levels of dependability and corrosion resistance. Steel pipes are the material of preference for many construction projects, including the construction of homes and businesses. The demand for steel pipes is increasing as well because they are more frequently used in industrial applications and are less expensive than conventional pipes and tubing.

One of the main drivers of the expansion of the steel pipe market is the rising demand for steel tubing in the building and construction sector. A significant contributor to the growth of the steel tube industry is the low or free maintenance costs of steel tubes.

Restraints:

Despite being made of inexpensive materials, pipes are more expensive to transport because of their weight. The market for pipes worldwide is anticipated to grow more slowly as a result. About half of the total administrative and logistical expenses for pipes are related to transportation.

Typically, 50% of pipes are transported by road, and in some areas, if the material is trucked more than 20 miles, the cost of shipping pipes can be greater than the cost of production. As a result, the pipes industry is extremely localised and dispersed.

Additionally, because the cost of every type of transportation vehicle is so high, pipe manufacturers must either enter into agreements with logistics firms or outsource their work to others.

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Key Players:

  • 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
  • Nucor Corporation

Competitive Landscape

How Key Players are Contributing in the Steel Pipe Market?

New businesses offering top-notch goods and technologies have flooded the market for steel pipes. Steel tube producers have a great opportunity to use technology to increase operational effectiveness, customer satisfaction, inventory levels, and profit margins.

Recent mergers and product launches

ArcelorMittal has agreed to a $1.4 billion sale of its U.S. assets to Cleveland Cliffs Inc. in order to expand and diversify its market presence. The company has also made plans to construct a new electric arc furnace plant with hot dip galvanising lines as part of its expansion in Calvert, Alabama.

Tenaris has announced plans to scale back operations at its melt facilities in the United States, including those in Koppel, Pennsylvania, and Ambridge, Pennsylvania, as a result of the sharp drop in the price of oil. The company has also purchased IPSCO Tubulars, a well-known manufacturer of pipes with headquarters in Houston, for an estimated $1.1 billion.

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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

By Region:

  • North America
  • Latin America
  • Asia Pacific
  • MEA
  • Europe

Explore Our Trending Reports of FMI's Industrial Automation Market Insights Landscape

Americas Steel Pipes Market Growth - While the Americas steel pipes market is projected to grow steadily albeit at a slow rate through 2030, steel pipe manufacturers are expected to face obstacles that will restrain the potential of growth in the long term.

Stainless Steel Welded Pipe Market Demand - East Asia and South Asia Pacific, the supply and shortage in demand are expected to result in a significant drop in Y-O-Y growth, yet FMI expects the global stainless steel welded pipe market to grow at a 4.6% CAGR through 2031.

Pipeline Monitoring System Market - Electric readings are recorded for the effective and accurate location of defective areas inside the pipelines. Such advancements and increasing automation in pipeline monitoring systems are expected to boost the overall pipeline monitoring system market in the coming future.

Pipe Inspection Robot Market - As per the ongoing research, the global pipe inspection robot market is expected to experience an optimistic rate with projections around 15 %- 18 % CAGR from 2021 to 2031.

Pipes Market - The global pipes market reached a valuation of US$ 127.2 Bn in 2021 and is estimated to grow at a CAGR of 5.4%, surpassing US$ 225.5 Bn by 2032

About Future Market Insights (FMI)

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The post The Steel Pipe Market is Anticipated to Expand Steadily Due To Changes In The American Oil and Gas Industry appeared first on Future Market Insights.

Original Source of the original story >> The Steel Pipe Market is Anticipated to Expand Steadily Due To Changes In The American Oil and Gas Industry

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