The raw material needed for constructing oil & gas pipes costs less in comparison with fossil fuels and other sources. This is the factor majorly driving the oil & gas pipes market. At the same time, the fact that people are shifting towards renewable sources of energy can’t be ignored. Persistence Market Research has walked through these facts with probable calls to action in its latest market study entitled “Oil & Gas Pipes Market”.
Oil & Gas Pipes Market Dynamics
The global oil & gas pipes market, by type of material, spans stainless steel, PVC, and HDPE. By end-use, it’s offshore activities and onshore activities. By application, it’s an internal process and external transportation and distribution. Persistence Market Research has etched these findings with future perspectives in its latest market study entitled “Oil & Gas Pipes market”.
North America holds the largest market share, followed by Europe. The International Energy Agency states that demand for oil & gas was expected to grow by 1 Mn barrels every single day on an average/year from 97 Mn BPD in 2018. The Asia-Pacific is also not behind. Miles of oil & gas pipelines are being laid down in several regions. Persistence Market Research has entailed these facts with insights in its latest market study entitled “Oil & Gas Pipes Market”.
Persistence Market Research has profiled the key players in the oil & gas pipes market as Tenaris S.A., Vallourec S.A., Mexichem Sab de C.V., Metalurgica Gerdau S.A., JSW Steel Ltd., JFE Holdings Inc., Aliaxis Group S.A., China Steel Corporation, American Cast Iron Pipe Company, Arcelor Mittal S.A., and likewise.
Persistence Market Research has also mentioned the latest developments in this regard. For instance – Virginia-based RGC Resources Inc., in February 2021, stated that one of the joint ventures is the development of the Mountain Valley gas pipeline between Virginia and West Virginia, which would be worth US$ 5.8-6 Bn.
The pipeline is expected to get finished by the year 2022. Plus, DAPL (Dakota Access Pipeline) Expansion project that started in August 2021, did expand the capacity of the DAPL system by 180K BPD by upgrading pump stations and increasing horsepower. It needs to be noted that DAPL stretches between North Dakota and Illinois including Iowa and South Dakota. The Torrent Group, in July 2019, did announce the plans to invest exorbitantly in laying a gas pipeline network in Uttar Pradesh (India). This network will cater to industrial, commercial, and domestic users.
The global oil & gas pipes market is slated to grow stupendously in the forecast period – Persistence Market Research