U.S. Cold Drawn Seamless Steel Pipes Market to be $994.3 Million by 2029 - Exclusive Report by Meticulous Research®

According to a new market research report titled, 'U.S. Cold Drawn Seamless Steel Pipes Market By Standard (ASTM A179, ASTM A106, ASTM A511/A511M, ASTM A213, ASTM A192, ASTM A209, ASTM A210, ASTM A333, ASTM A335, ASTM A53, Other Standards), Product Type (MS Seamless Steel Pipes), Production Process (Cross-roll Piercing & Pilger Rolling, Continuous Mandrel Rolling), Application (Boiler Tubes), and End-use Industry (Oil & Gas)- Forecasts to 2029,' the U.S. cold drawn seamless steel pipes market is expected to grow at a CAGR of 7.7% during the forecast period 2022-2029 to reach $994.3 million.

Get a PDF Sample Copy of the Report : https://www.meticulousresearch.com/download-sample-report/cp_id=5269

The increasing demand for seamless pipes in the oil & gas sector is the key factor driving the growth of the U.S. cold drawn seamless steel pipes market. However, the volatile raw material prices and lower demand in saturated markets are expected to restrain the growth of this market. Furthermore, increased offshore spending and new oilfield discoveries are expected to create significant growth opportunities for the players operating the U.S. cold drawn seamless steel pipes market. Trade protectionism and the introduction of new substitutes pose serious challenges to the growth of this market.

Impact of COVID-19 on U.S. Cold Drawn Seamless Steel Pipes Market

The outbreak of the COVID-19 disease during the last quarter of 2019 severely affected numerous businesses across the globe. By March 2020, the COVID-19 outbreak had spread to most countries worldwide, with the WHO declaring the outbreak a global pandemic. Most industries were negatively impacted due to the disruption of supply chains and workforce limitations caused by the nationwide lockdowns. The closure of factories and trade restrictions also added to the challenge, severely affecting several industries. Manufacturing plants were shut down, affecting production, which led to a significant demand-supply gap.

The oil & gas sector in the U.S. was severely affected, with petroleum consumption falling to its lowest level in decades due to travel restrictions and the economic slowdown. The U.S. Energy Information Administration (EIA) forecasted that crude oil production would fall to 11.7 million barrels per day (b/d) in 2020 and further to 10.9 million b/d in 2021, compared to the 2019 average of 12.2 million b/d.

Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5269

Infrastructure & construction industries in the U.S. witnessed acute labor shortages, suspension & cancellation of projects, and disrupted supply & logistics. According to a national survey conducted by the Associated General Contractors of America in October 2020, of 1,077 respondents, 840 (78%) contractors confirmed project delays or disruptions, which reduced the demand for steel pipes in the construction industry.

In 2020, the total energy consumption of the U.S. fell to 93 quadrillion British thermal units (quads), a 7% decline from 2019, according to the U.S. EIA's Monthly Energy Review. This decline in the demand for electricity affected the growth of the power generation industry. In addition, the nationwide lockdowns impacted the automotive industry in the U.S. due to its dependence on automotive components imported from China.
Thus, the COVID-19 pandemic negatively impacted the U.S. cold drawn seamless steel pipes market due to diminished demand from end-use industries. However, supportive government policies helped the U.S. steel industry recover from the significant economic and production losses. For instance, in March 2022, the U.S. and Japan agreed to expand coordination involving trade remedies and customs matters, monitor bilateral steel & aluminum trade, cooperate on addressing non-market excess capacity & carbon intensity in these sectors, and review their arrangement annually.

Based on product type, the U.S. cold drawn seamless steel pipes market is segmented into MS seamless steel pipes, hydraulic MS seamless pipes, ERW square & rectangular hollow section pipes, and honed tubes. In 2022, the MS seamless steel pipes segment is estimated to account for the largest share of the U.S. cold drawn seamless steel pipes market. This segment is also slated to register the highest CAGR during the forecast period. The high growth of this segment is attributed to its increasing use in the construction industry due to its high strength & pressure-bearing capability and growing use in the manufacturing of structural & mechanical parts, including oil drill pipes, automobile transmission shafts, bicycle frames, and steel scaffolding.
Based on production process, the U.S. cold drawn seamless steel pipes market is segmented into cross-roll piercing & pilger rolling, multi-stand plug mill, and continuous mandrel rolling. In 2022, the cross-roll piercing & pilger rolling segment is estimated to account for the largest share of the U.S. cold drawn seamless steel pipes market. The high growth of this segment is attributed to the simplicity of the process, including multi-stand plug mill & continuous mandrel rolling, and the need to identify the formation of cavity and zone at ductile fracture. Also, factors such as the rising need for a high-quality surface finish with maximum productivity and its advantages, including uniform macrostructure and microstructure in the cross-cut section of the forged part, are driving the growth of this segment.
The continuous mandrel rolling segment is slated to grow at the highest CAGR during the forecast period. The high growth of this segment is attributed to the increasing need to reduce the outside diameter and wall thickness during production and the rising demand for hydraulically positioned rolls to achieve high output and cater to mass production lines.

Based on application, the U.S. cold drawn seamless steel pipes market is segmented into precision instrumentation, boiler tubes, heat exchanger tubes, hydraulic applications, fluid transfer lines, rifled tubes, bearing pipes, mining applications, automotive applications, and general engineering applications. In 2022, the boiler tubes segment is estimated to account for the largest share of the U.S. cold drawn seamless steel pipes market. This segment is also estimated to register the highest CAGR during the forecast period. The high growth of this segment is attributed to the increasing need for boiler tubes in steam boilers, fossil fuel plants, industrial processing plants, and electric power plants. Additionally, the growing demand for boiler tubes from end-use industries drives the growth of this segment.

Buy Now This Premium Report to Grow your Business : https://www.meticulousresearch.com/Checkout/86481462

Based on end-use industry, the U.S. cold drawn seamless steel pipes market is segmented into oil & gas, infrastructure & construction, power generation, automotive, and other end-use industries. In 2022, the oil & gas segment is estimated to account for the largest share of the U.S. cold drawn seamless steel pipes market. The large market share of this segment is attributed to increasing government initiatives and investments, rising need for upstream operations, including onshore & offshore drilling, general plumbing applications, and midstream operations in the oil & gas industry.

However, the power generation segment is slated to register the fastest CAGR during the forecast period. The growth of this segment is attributed to the growing need for low machinery, tighter tolerances, section properties & improved straightness in bearings, wind turbine components, nuclear, solar, and coal energy plants.

The major players operating in the U.S. cold drawn seamless steel pipes market are ArcelorMittal North America Holdings LLC (U.S.), U. S. Steel Tubular Products Inc. (U.S.), Chicago Tube and Iron Company (U.S.), American Piping Products Inc. (U.S.), Bison Stainless Tube, LLC (U.S.), Penn Stainless Products, Inc. (U.S.), Bri-steel Manufacturing (Canada), Michigan Seamless Tube, LLC. (U.S.), U.S. Metals, Inc. (U.S.), and Industrial Tube and Steel Corporation (U.S.).

Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email- sales@meticulousresearch.com
Visit Our Website: https://www.meticulousresearch.com/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Content Source: https://www.meticulousresearch.com/pressrelease/65/dairy-alternatives-market-2027

ABOUT / Portrait of the company -
We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition.

This release was published on openPR.