SAN FRANCISCO, Sept. 2, 2019 /Kiewire/ — The global steel pipes & tubes market size is anticipated to reach USD 258.9 billion by 2025, accelerating at a CAGR of 9.0% over the forecast period, according to a new report by Grand View Research, Inc. The market growth is majorly driven by the rising demand for pipelines & tubes, especially from the oil & gas sector.
Key suggestions from the report:
- Seamless technology segment is anticipated to register a CAGR of 9.2%, in terms of revenue, over the forecast period, owing to growing demand from boilers in various end-use industries
- Oil & gas segment was the largest segment in 2018 and is projected to grow at a CAGR of 7.1%, in terms of volume, due to the increasing demand for pipes & tubes for their use in the construction of new oil & gas projects across the globe
- The Middle East & Africa is anticipated to be the fastest-growing segment accelerating at a CAGR of 10.8%, in terms of volume, owing to the increasing energy consumption and growing oil & gas industry
- North America was the second-largest regional market and accounted for a revenue share of 24.2% in 2018 owing to the increasing demand for steel pipes & tubes from oil & gas industry.
Read 118 page research report with TOC on “Steel Pipes & Tubes Market Size, Share & Trends Analysis Report By Technology (ERW, SAW, Seamless), By Application (Power Plant, Chemicals & Petrochemicals, Oil & Gas), By Region, And Segment Forecasts, 2019 – 2025” at: https://www.grandviewresearch.com/industry-analysis/steel-pipes-tubes-market
The production of natural gas increased by 3.6% from 2016 to 2017, as per the International Energy Agency. Increasing demand for crude oil & natural gas is likely to boost the need for pipes & tubes in oil & gas industry as they are used for transportation over long distances. The properties of steel pipes such as high strength, toughness, and impact resistance make them useful in the safe transportation of oil & gas. This is likely to augment the market growth over the coming years.
Growing industrialization is likely to increase the utilization of steel pipes & tubes owing to rising demand from automotive, power generation, and petrochemical industries across the globe. For instance, the global production of vehicles increased by 6.7% from 2014 to 2018, as per the OICA. Rising demand for vehicles is attributable to the rise in production capacity of automotive sector, which, in turn, drives the need for steel pipes & tubes over the coming years.
In recent years, plastic pipes & tubes have been replacing steel pipes & tubes in low-pressure applications owing to their low cost. Plastic pipes are characterized by corrosion resistance, their lightweight, and are commonly used in moderate temperature and pressure applications. This is likely to challenge the market growth over the coming years.
The market is competitive in nature owing to the presence of key players such as Tata Steel, Nippon Steel Corporation, Steel Authority of India Limited, and United States Steel. Key players are adopting strategies such as capacity expansions, mergers & acquisitions, and binding contracts with end users to strengthen their position in the market for steel pipes & tubes. For instance, in January 2019, Tenaris S.A. acquired 47.8% of shares of Saudi Steel Pipe (SSP). The latter is a manufacturer of welded steel pipes in Saudi Arabia. The acquisition helped Tenaris S.A. expand its presence in Saudi Arabia.
Grand View Research has segmented the global steel pipes & tubes market on the basis of technology, application, and region:
Technology Outlook (Revenue, USD Million; Volume, Kilotons, 2014 – 2025)
- Electric Resistance Welded
- Submerged Arc Welded
Application Outlook (Revenue, USD Million; Volume, Kilotons, 2014 – 2025)
- Oil & gas
- Chemicals & petrochemicals
- Automotive & transportation
- Mechanical engineering
- Power plant
Regional Outlook (Revenue, USD Million; Volume, Kilotons, 2014 – 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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