NEW YORK, March 16, 2021 /PRNewswire/ -- The global seamless steel pipes market is set to reach US$ 168 Bn in 2021, with a new study by Fact.MR projecting 7% CAGR through 2031. The latest report by Fact.MR on seamless steel pipes market finds that growing demand from the oil refineries, power plants and automotive industries will spur sales of seamless steel pipes. Europe and US collectively account for leading market share backed by the high presence of oil & gas industries. Ongoing and upcoming oil & gas projects will also bolster demand of seamless steel pipes industry.
According to U.S. Energy Information Administration (EIA), U.S. gross domestic product (GDP) will grow by 5.5% in 2021 and by 4.2% by 2022 backed by the high production of crude oil of approximately 25.3 million barrels per day in the region.
"Heightened investments by manufacturers in oil & gas industries is stimulating growth of seamless steel pipes. Among the end-users, oil & gas sector is anticipated to emerge as the fastest growing segment, bolstering the demand for seamless steel pipes," says a Fact.MR analyst.
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Key Takeaways
- Coated seamless steel pipes preferred over plain pipes owing to their performance efficiency
- US is spearheading growth in North America
- Europe expected to emerge as a lucrative market backed by high presence of oil & gas producers
- Japan seamless steel pipes market reliant on current pricing and innovation from manufacturers
- Southeast Asia and Oceania to witness high growth, attributed to increasing opportunities in oil & gas industries
- Owing to the high consumption from oil & gas industry, Russia to vanguard the sales of seamless steel pipe in Europe
- China is set to exhibit sales at nearly CAGR of 7% until 2031
Competitive Landscape
ArcelorMittal, American piping's Inc., Benteler, Hunan Valin Co. Ltd., JFE Steel Corp., Jindal SAW Ltd., Nippon Steel & Sumitomo Metal Corporation, Tenaris SA, TATA Steel, United States Steel, and Vallourec SA are some of the prominent manufacturers, profiled by Fact.MR. Collaborations and strategic partnerships are the key focus to generate new proceeding for the aforementioned manufacturers.
In December 2020, ArcelorMittal announced to sign a definitive agreement with Nippon Steel Corporation to build an electric arc furnace at AM/NS Calvert in Alabama, U.S. The construction of that 1.5 million tonne capacity EAF was estimated around $775 million and the project was funded by AM/NS Calvert.
Also, in November 2019, Benteler announced the Distribution division was sold to the Van Leeuwen Pipe and Tube Group after the complete approval of authorities. That enabled the firm to develop and produce tailored solutions for the customers.
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More Valuable Insights on Seamless steel pipes Market
Fact.MR, in its latest report, presents a detailed analysis of the global seamless steel pipes market. The study divulges essential insights on the seamless steel pipes market on the basis of process (hot rolled and cold rolled), material (stainless steel, alloy steel, carbon steel, and others), coating (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 &gas connections, and others), and region (North America, Latin America, Europe, East Asia, South East Asia & Oceania, and MEA)
Key Questions Covered in the Report
- How will demand for seamless steel pipes grow in the future?
- Which type of seamless steel pipes account for the highest demand?
- What are the strategies adopted by key seamless steep pipe manufacturers?
- Which are the factors that will drive the demand for seamless steel pipes sales?
- Which region is the most lucrative for seamless steel pipes market?
- What is the impact of Covid-19 on seamless steel pipes market?
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