Hot Rolled Seamless Steel Pipes to Hold Nearly Three-fourth Market Share, Projects Fact.MR
Published : 15 Mar 2021 Industry: Chemical & Materials
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. 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.
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.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global seamless steel pipes market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of process (hot rolled and cold rolled), material (stainless steel, alloy steel, carbon steel, and others [duplex SS, etc.]), coating (3PE coating, FBE coating, and 3PP coating), dimension (<10 inches, between 10-15 inches, and >15 inches), and end-use industry (automotive, power & energy, construction, chemicals, oil & gas, and others), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
About the Chemicals & Materials Division at Fact.MR
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Consultant - Chemicals & Materials