Steel Pipes Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034
Page: 215 | Report Code: CM240603 | Research Suite: Report (PDF) & Market Data (Excel)
Steel pipes are cylindrical steel tubes used in a variety of
manufacturing and infrastructure applications. They are the steel industry's
most widely used product. Pipe is mostly used for underground liquid and gas
transportation, including water, gas, and oil. These are suitable for long-term
installations. Steel tubing is widely utilized in plumbing, as it is used to
replace conventional plastic pipes.
MARKET
OVERVIEW
The global market valuation of steel pipes market is valued at approximately USD 97.8 billion in 2023 and is projected to reach USD 148.9 billion by 2034 exhibiting a CAGR of 3.9% during the forecast period of 2024-2034. Using these pipes comes with many benefits such as its long service life, simpler installation, and durability. These are frequently used by the construction industry in both commercial and residential structures as well as in industry sectors since they are lightweight and durable.
GROWTH
DRIVERS
Steel pipes are in high demand because they are widely used
in industries including chemical production, oil and gas pipelines, and water
transportation. The demand for these pipes has increased because of these
industries' need for dependable and long-lasting piping systems. For plumbing,
structural support, and other uses, these pipes are crucial parts of
construction projects. The need for this market is being driven up by the rise
of the construction industry.
Technological developments in manufacturing have enhanced
the productivity and quality of steel pipe manufacture. They are more
cost-effective, durable, and appropriate for a variety of uses, which has
increased demand for them even more.
MARKET
SEGMENTATION:
·
By Type – Welded Pipes,
Seamless Pipes
·
By Production Technology –
furnace Weld (FW), Electric resistance Weld (ERW), Submerged Arc Weld (SAW),
Seamless (SMLs)
·
By Pipe End Finish –
Threaded and Coupled, Threaded Without Coupling, Plain End, Beveled For Welding, Grooved End
·
By Application – Oil
& Gas, Chemical & Petrochemical, Construction, Automotive &
Transport, Mechanical Engineering, Power Plant, Others
·
By Region – North America,
Europe, Asia Pacific, Latin America, Middle East & Africa
Steel
Pipes Market By Type Segment Review:
Seamless steel pipes are expected to dominate the global market during the forecast period. High-pressure applications, crucial industrial processes, and settings where corrosion resistance is crucial frequently uses seamless pipes. Welded pipes are frequently utilized in settings where cost effectiveness is a top concern, like the building and gas industries for fluid transportation, the automobile industry for exhaust systems, and the construction business for structural needs.
Steel Pipes Market By Production
Technology Segment Review:
The better quality, strength, and distinctive production
process of seamless pipes have led to their significant market position in the
worldwide steel pipe market. In the forecast period, the ERW segment is
anticipated to develop at the fastest rate. Because of their affordable costs
and mediocre performance, ERW pipes and tubes are becoming a growing trend in
the market.
Steel
Pipes Market By Pipe End Finish Segment Review:
In situations where simple installation and removal are
necessary, pipe end finishes with threaded and coupled design are frequently
utilized. Since it's easy to join pipes securely, the threaded and coupled
segment holds a large market share.
Steel
Pipes Market By Application Segment Review:
Since steel pipes are widely used in pipelines for the
transmission of gas and oil, the oil and gas sector is one of the biggest users
of these pipes. In this industry, exploration, production, and transportation
operations are driving the demand for the market.
Steel
Pipes Market By Region Segment Review:
Asia Pacific dominated the global steel pipes market with
more than half of total revenue share in 2023 because of some factors,
including the several countries’ fast industrialization, urbanization,
infrastructure development, and construction activities. This region is also
expected to grow at the fastest rate during the forecast period.
Steel
Pipes Market Regional Synopsis:
The oil and gas industry in North America is primarily
responsible for the market's growth, as it needs steel pipes for exploration,
production, and transportation operations. The growing popularity of renewable
energy sources such as solar and wind power is another factor boosting the
region's demand.
Steel pipes are widely used in the manufacturing,
construction, automotive, and energy sectors of Europe's industrial sector. The
European market is further boosted by government initiatives that support
infrastructure projects and sustainable development.
Steel pipes are in high demand in manufacturing,
infrastructure development, and construction due to various nations' rapid
industrialization and urbanization. These are also required for power
generation, distribution networks, and oil and gas exploration due to the
expanding energy industry in Asia Pacific.
Steel pipes are necessary for the extraction of minerals and
the transportation of resources in the mining industry in Latin America. These
pipes are in high demand for building buildings and infrastructure projects due
to the growth of the construction sector in many countries.
Due to the Middle East's dominance in oil and gas production, there is a substantial need for steel pipes for pipeline networks and drilling operations. Further, this market is increasingly in demand in the construction industry due to rising investments in infrastructure projects throughout the region.
Steel
Pipes Market Key Challenges:
Traditional steel pipe producers face challenges from the
rapid improvements in technology, which include the emergence of alternative
materials and manufacturing processes. Maintaining product quality and
efficiency while adjusting to new technology is essential for long-term competitiveness.
Stricter attention to quality standards and environmental laws complicates the
production process. Industry players find it difficult to ensure
cost-effectiveness while satisfying these regulatory criteria.
Steel pipe producers need to incorporate environmentally
friendly methods into every aspect of their business operations considering the
growing emphasis on sustainability and environmental responsibility. In the
ever-changing market context, striking a balance between sustainability goals and
operational efficiency and cost considerations is occasionally challenging.
Steel
Pipes Market Competitive Landscape:
In the highly competitive steel pipes market, companies
invest significantly in research and development to enhance their product offerings,
develop new technologies, drive innovation, improve product quality, and meet
the evolving needs of various industries. The production of premium steel pipes
with improved durability, corrosion resistance, and structural integrity has
been made possible by advancements in welding processes, material composition,
and coating technologies.
Organizations are
investing in energy-efficient production techniques, raw material recycling
systems, and low-carbon emission technology to lessen their impact on the
environment and comply with regulations. Enterprises aim to establish
customized approaches that address the distinct needs of various industries,
propelling market expansion and broadening their customer base.
Global
Key Players:
·
American Cast Iron Pipe Company
·
Baosteel Group Corporation
·
Evraz Plc
·
Nippon Steel & Sumitomo Metal
Corporation
·
JFE Holdings Corporation
·
Hyundai Steel Company
·
TMK Group
·
United States Steel
·
Tata Iron and Steel
·
VALLOUREC
· Nucor Corporation