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Carbon Seamless Steel Pipes Market is projected to expand at a healthy CAGR of close to 7% by 2031 - States Fact.MR
Carbon Seamless Steel Pipes Market
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Relative high research & development spending to introduce new and advanced coated seamless pipes with improved flow ability and increased life cycle are playing a vital role in developing the overall market.
Increase in demand for cyclical replacements in pipelines from chemical, oil & gas, and power generation companies is one of the prime reasons driving rising demand for seamless steel pipes.
Hot rolled seamless steel pipes are highly sought-after across industries and regions, and hold around 3/4 market share.
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As per the report published by Fact.MR, the seamless steel pipes market is anticipated to surpass a valuation of US$ 168 Bn in 2021, and is poised to expand at a CAGR of close to 7% over the next ten years.
Key Takeaways from Market Study
Hot rolled seamless steel pipes capture a major portion, and are set to create an absolute $ opportunity of around US$ 117 Bn over 2021-2031.
Among the end-use industries, the oil & gas sector has been the fastest-growing segment, owing to steep rise in consumption of oil & gas and power & energy over the past decade.
In 2021, North America is set to dominate market revenue; however, by 2031, it is anticipated to lose 177 BPS in its market share.
The market in India and China is expected to rise at around 7% to 8% CAGR through 2031.
Due to the COVID-19 crisis, demand for seamless steel pipes was hit in 2020; decline was observed in the 2nd and 3rd quarters of the year.
“Investing in collaborative R&D will save resources and enhance market growth over the coming years,” says a Fact.MR analyst.
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Winning Strategy
Key players have been investing in research & development to create new, advanced coatings for seamless steel pipes.
These enhancements will drive growth of the seamless steel pipes market in the medium- to long-term forecast period.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global seamless steel pipes market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
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The study divulges essential insights on the market on the basis of process (hot rolled and cold rolled), material (stainless steel, alloy steel, carbon steel, and others [duplex SS, etc.]), coating (3PE coating, FBE coating, and 3PP coating), dimension (15 inches), and end-use industry (automotive, power & energy, construction, chemicals, oil & gas, and others), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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