North America and Europe together account for the majority of seamless steel pipe demand. This is because these areas are home to a large number of chemical, power & energy, and oil & gas businesses, and seamless steel pipes are essential in all of these end-use industries.
With a competitive value market share over other pipe categories, seamless steel pipes have a lot of promise in the worldwide piping sector.
According to a survey published by Fact.MR, the seamless steel pipes market is expected to reach a value of US$ 168 billion in 2021, with a CAGR of close to 7% over the next 10 years.
Key Market Segments Covered in Report
Process
- Hot Rolled
- Cold Rolled
Coating
- Stainless Steel
- Alloy Steel
- Carbon Steel
- Others (Duplex SS etc.)
Material
- 3PP Coating
- FBE Coating
- 3PE Coating
Dimension
- < 10 inches
- 10-15 inches
- ≥ 15 inches
End-use Industry
- Automotive
- Power and Energy
- Construction
- Chemical & Petroleum
- Oil and Gas Connections
- Others
Takeaways from the Market Research
Hot rolled seamless steel pipes account for a significant component, with an absolute dollar opportunity of roughly US$ 117 billion between 2021 and 2031.
Because of the high rise in oil & gas and power & energy consumption over the last decade, the oil & gas industry has been the fastest-growing segment among end-use industries.
North America is expected to lead market revenue in 2021, but by 2031, it is expected to lose 177 BPS.
Through 2031, the market in India and China is predicted to grow at a CAGR of roughly 7% to 8%.
Demand for seamless steel pipes was affected in 2020 as a result of the COVID-19 issue, with a fall in the second and third quarters of the year.
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