Steel Pipe Market Analysis | Size & Forecasts

Global Steel Pipe Market Size

The Global Steel Pipe Market is projected to grow from USD 146.87 billion in to USD 325.64 billion in at a CAGR of 8.24% from to .

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Steel pipes are used in various industries and infrastructural applications as cylindrical steel tubes. They are used widely for product formation and installation of equipment&#;s.  The principal application of pipe is the subterranean transportation of liquids or gases such as oil, gas, and water. Carbon steel pipes are commonly employed in industrial operations that involve severe cold, intense heat, or the transmission of gases such as steam.

The major drivers of the global steel pipe market includes rising oil and gas demand, demand for steel pipes, across the globe, flourishing transportation industry and rising construction activities post pandemic. Growing investment in research and development for stronger production facilities is also one of the major factors to support the market growth.

The oil and gas sector record to have highest market share and revenue in the global steel pipe market. Most of the transfer of gas and liquid is done using steel pipes.  They are often made from low alloy or carbon steel. Inside dimeter, ductility, yield strength, and pressure rating are all important aspects to consider when choosing pipes for certain purposes.

Some of the challenges of the market&#;s growth are installation of steel pipes, high installation cost and lack of availability of the right substitutes.

COVID-19 Impact on Global Steel Pipe Market

The COVID-19 pandemic hampered the growth of the global steel pipe market. Steel pipes and tubes are usually used in industries such as oil and gas, construction activities and petrochemical. The production stopped from to early . As per GME&#;s secondary research analysis, various regions like Latin America, Europe and Asia-Pacific were affected in and are expected to go through the impact during the forecast period.

The steel pipe industry is extremely important and acts as one of the key factors in the infrastructure development. The pipes are used in household usage. During the pandemic, the global steel pipe industry did hit a stagnant stage. However, it picked up its pace post pandemic as most of the sites and petroleum manufacturing regions started lifting lockdown. The post pandemic&#;s rising demand for steel pipe will boost the market's growth opportunities between and .

Ukraine-Russia War Impact on Steel Pipe Market

The on-going political tension between Russia and Ukraine shows evident impact on various sectors. Demand for the steel pipe market is hampered as well. The prices of steel have hit the highest range in Russia since January . Both, Russia and Ukraine come under the major providers of steel and its raw materials. The blockage in their trade has hampered other nations and hence the global supply. The other European markets also witnessed high prices in the steel market. Costs of steel imports have inclined due to which domestic prices have raised. While Ukraine is a small market, Russia is one of the largest, so trade delays will have a significant impact. In both nations, the influence on the steel pipe sector is critical.

Global Steel Pipe Market: By Material Type

The carbon steel pipe segment is expected to have the largest share in the global steel pipe market during the forecast period of -. Material types like iron and carbon are used for constructing steel alloy.  This makes it long lasting material and is used for longer durability. Carbon steel pipe is employed in a range of heavy-duty sectors such as infrastructure, ships, distillers, and chemical fertiliser equipment due to its strength and capacity to endure stress.

Stainless steel is the fastest growing share in the global steel pipe market during -. Stainless steel is a versatile material made up of a steel alloy and a trace of chromium- the inclusion of chromium improves the material's corrosion resistance.

Global Steel Pipe Market: By Technology

Seamless steel pipes segment is expected to have the largest share in the global steel pipe market during the forecast period of -. It is made from billets which are perforated and heated to form a tubular segment. This does not leave any seam welds which helps in installation.

ERW segment is expected to grow the fastest during -. ERW pipes & tubes are gaining prominence in the market owing to their low prices and modest performance. Modern welding technologies, such as high-frequency welding, that are being increasingly integrated into the process of manufacturing ERW pipes & tubes act as a crucial factor supporting the segment growth..

Global Steel Pipe Market: By Application

The oil and gas sector is expected to witness the largest share in the global steel pipe market during the forecast period of -. Due to diversified market conditions and increased demand industries with OCTG, this segment is expected to hold its dominant position throughout the forecast period.

The chemicals and petrochemicals segment is the fastest growing segment during -. Steel pipes and tubes are being utilised tremendously in petrochemical facilities for process refining due to their corrosion and oxidation resistance. Furthermore, they can resist varied degrees of pressure.

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Rapid industrialization and urbanisation, rising population, and expansion in manufacturing sectors, particularly in developing nations, are all predicted to boost the construction industry segment's growth.

Global Steel Pipe Market: By Region

North America has traditionally been a significant producer of oil and gas, and the country's oil reserves have risen to more than 76 billion barrels and natural gas reserves to 521 trillion cubic feet in . Steel pipe demand in the United States has benefited from robust economic development, which has been fuelled by government-led fiscal stimulus, resulting in high corporate confidence. This led in an increase in oil and gas output as well as increased industry activity in the region.

United States is expected to have the largest share in the global steel pipe and tubes market during the forecast period of -. In United States, the oil and gas sector has flourished exponentially. Further, the same product is used in upstream and downstream of crude oil processing. Furthermore, the steel pipe market in the Latin America have been leading and it is expected to rise throughout the forecast period too.  

Asia-Pacific is expected to the fastest during -. This is attributed to rising consumption volume. The majority of steel pipe providers want to expand in equipment&#;s market and hence manufacturers' supply chain management, increased transportation and trade has boosted market share in Asia-Pacific.

The markets in China, India, South Korea and Japan have become significant production centres due to strong development potential and their capacity to manufacture steel pipes and tubes.

The replacement of ageing pipelines in Europe is likely to rise rapidly in the next years. Due to expansion of oil and gas industries in the Middle East and Africa there has been increase in demand and market growth.

Global Steel Pipe Market- Market Share and Competitor Analysis

Tata Steel, Jindal Steel, Rama Steel Tubes Ltd., Tenaris, TPCO, Evraz, Hyundai Steel, Mittal, Nippon Steel Corp., Steel Authority of India Ltd., among others, are key pipe companies in the global market. The global steel pipe market has observed several strategic alliances between company to launch new products with added functionalities and maintain revenue share & profitability. Organic and inorganic growth strategies adopted by small players have been the highlight of this market. GME&#;s company profiles section will offer in-depth analysis for all the top players in the market.

Please note: This is not an exhaustive list of companies profiled in the report.