Steel Pipes Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034

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