North America Is Leading The Steel Pipe Market With A CAGR Of 28.3% | Future Market Insights
The global steel pipe market is projected to reach a value of US$ 1,51,905 Mn by 2032, with the market growing at a steady CAGR of 5.4% from 2022 to 2032. In 2022, the target market is expected to reach US$ 90,122 Mn. The surge in oil & gas production to cater to the demands of the transportation industry will aid the growth of the steel pipe market during the forecast period.
With a 28.3% share of the steel pipe market, North America has a significant impact. The pipeline network is expanding, energy and infrastructure projects are increasing, steel pipes are in greater demand in the vehicle industry, power plant capacity is increasing, and the oil and gas industry is booming, all of which are driving the steel pipe market.
Steel pipes and tubes are widely used in the oil and gas industry, which is one of the target market’s major growth drivers. Steel pipes are used to transport gas and liquid in the oil and gas industry, which contributes to the target market’s growth. Steel pipes are most commonly made from alloy steel and carbon steel. As a result, many manufacturers are concerned about raw material prices and have reserved suppliers who provide cost savings to their target consumer base.
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The properties of steel pipes such as resistance to corrosion and high levels of reliability play a crucial role in its rising global demand. These inherent characteristics of steel pipes make it a preferred choice for a variety of construction projects, such as the building of homes and companies. Furthermore, steel pipes are gaining increasing usage in industrial settings which boosts their market prospects. Also, these steel pipes cost less than traditional pipes and tubing which amplifies the demand for steel pipes in the global market. All of these factors work together to create an environment of growth for the steel pipes market during the forecast period.
“Rising industrial applications coupled with high demand from oil & gas and construction industries will likely propel the global growth of the steel pipe market over the forecast period,” says an FMI analyst.
- The advancing construction sector will strengthen market prospects for the steel pipe industry.
- High transportation costs will hamper the growth of the target market.
- In 2022, the oil & gas application segment will account for over 51% of the global revenue share.
- Most essential steel pipe markets are present in the United States, China, and India.
- North America holds about 28.3% of the overall steel pipe market share.
- Favorable government measures will drive the steel pipe market in Brazil.
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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, and Nucor Corporation among others are some of the major players in the steel pipe market profiled in the full version of the report.
Key market players are keen on providing high-quality products with the help of enhanced technologies. These businesses are focused on improving their operational efficiency and inventory management, increasing consumer satisfaction, and raising their profit margins by adopting new technologies. Mergers and new product releases are some other strategies that these participants employ to gain a competitive edge.
More Insights into Steel Pipe Market Report
In its latest report, FMI offers an unbiased analysis of the global steel pipe market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of material type (carbon steel, alloy steel, stainless steel, tool steel), application (automotive industry, construction & mining, textile machinery, chemicals, pharmaceuticals, energy industries, refinery petrochemicals, oil & gas processing, water treatment facilities), and region.
According to the latest FMI reports, based on segmentation, the oil and gas application segment will be a major contributor to the overall growth of the steel pipe market. This segment is predicted to account for over 51% of the revenue share. The oil and gas application segment will be followed by the construction industry in terms of the contribution to the overall steel pipe market growth.
Based on region, the steel pipe market in North America will account for a 28.3% share of the global market. With the presence of one of the major steel pipe markets in the United States, this region is expected to demonstrate significant growth during 2022-2032. Heightened demand for steel pipes in the power plant sector, the vehicle industry, and the oil and gas industry will bolster the sales of the steel pipe market in this region. Other countries like China, Brazil, Canada, and India will also exhibit notable growth in the steel pipe market over the forecast period.