Steel Pipe Market Is Expected To Expand At An Average CAGR Of 5.4%| Get Insights FMI

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.

The oil and gas sector is one of the major growth drivers of the target market as steel pipes and tubes find their major usage in this industry. Steel pipes are utilized to transport gas and liquid in the oil and gas sector which supplements the growth of the target market. Most commonly, alloy steel and carbon steel are used in the production of steel pipes. Owing to this, many manufacturers are considerate of the raw material prices and have reserved suppliers who offer cost benefits 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.  

Key Takeaways:

• 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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Competitive Landscape 

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.