Steel Pipe Market In North America Has The Highest CAGR At 28.3% - Future Market Insights, Inc

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.

In 2022, it is predicted that the global steel pipe market will most likely reach a value of US$ 90,122 Million. By 2032, the market for steel pipes is anticipated to grow at an average CAGR of 5.4% and reach US$1,51,905 Million.

An increase in oil and gas production to meet the demands of the transportation industry is one of the most significant factors propelling the growth of the steel pipe market. The oil and gas sector is where steel pipes and tubes are most commonly used. Steel pipes are used in this industry to transport gas and liquid. In their manufacture, low alloy and carbon steel are frequently used. As a result, manufacturers take into account the cost of raw materials and work with specialised suppliers to provide cost advantages to their target market.

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Global Steel Pipe Market: Region-wise outlook

The Asia Pacific is estimated to have a major share in the global steel pipe market. China has many manufacturers in the steel pipe industry, which makes it a dominating player in the Asia Pacific market. The countries in North America, such as the U.S. and Canada with developed steel manufacturing industries, represent as prominent regional markets.

Moreover, the U.S. has produced a wide range of products related to carbon and stainless steel. The U.S. president Mr Donald Trump also signed a memo for new steel pipelines with the use of U.S.-manufactured raw steel. Based on these factors, the U.S. is estimated to have a hefty market share in the steel pipe market globally. The replacement of ageing pipelines in Europe is expected to gain high market growth over the coming years. Latin America has sluggish growth in the global steel pipe industry market. The Middle East and Africa are estimated to show sustainable growth due to rising oil and gas industries.

United States

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 pipe demand has been bolstered by sustained economic growth in the country, supported by fiscal stimulus from the government, and the resulting improvement in company confidence.

In addition, the United States has seen significant growth in crude oil output, which has offered steel pipe market participants attractive chances to profit from. There have been a lot of ups and downs in the US steel pipe market over the past several years, with strong growth in 2017 and 2018, especially in the oil and gas industry. The reduction in demand for oil prices is expected to have a negative impact. Industrial limitations are expected to be eased during the next few years, allowing the sector to revive.

Brazil

Brazil's economy has been showing considerable activity, albeit at a modest rate. In recent years, the steel pipe market has been driven by industrial growth in the country as well as rising consumer prices in the region. Latin American economic uncertainty has had an impact on steel production. As a result, Brazil has seen a decline in imports of finished steel products, while the country's crude steel production has remained relatively consistent.

The ongoing trade tensions between China and the United States, as well as tight economic conditions and lower commodity prices, are major concerns for Brazilian steel pipe market participants. Brazil is the only country in Latin America that has been able to sustain a surplus of completed steel commerce, accounting for more than half of the region's steel pipe market share.

Favourable government measures in the country are forecasted to also aid in a healthier monetary environment and the reduction of inflation. Due to improved business confidence in the industrial and construction sectors through 2021, the steel pipe industry is expected to grow throughout the projected period.

Canada

Steel pipes are in high demand in Canada because of the country's relatively high cost compared to numerous Latin American countries. However, the government has been confronted with difficulties due to major drops in crude oil prices and a persistent reduction in energy industry demand.

As a result, steel prices have fluctuated, making it difficult for businesses to make a profit. As steel prices rise and the Canadian dollar depreciates, the steel pipe market is expected to develop steadily but slowly until 2030.

Russia

Due to rising consumer demand for steel pipe, Europe has a competitive share in the worldwide market, with Russia accounting for a significant portion of this market share. During the projection period, the country would be able to lead the seamless steel pipes sector in Europe due to ongoing and upcoming oil and gas projects.

China

Customers in China are becoming more affluent and have more disposable cash, which has a beneficial effect on the steel pipe market. Demand for steel pipes is increasing as a result of an increase in demand for contemporary house interior design and architecture.

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Global Steel Pipe Market: Drivers

As the oil and gas industry is growing rapidly, the demand for steel pipes is also increasing. Features such as reliability and durability are some of the prominent factors driving the global demand for steel pipes. Steel pipes have a wide range of usability, they are used in the automotive, mining and construction industries, which drives the manufacturing steel pipe industry. The available range of steel pipes becomes one of the reasons surpassing the demand of residential and non-residential sector of steel pipes. The replacement of ageing pipelines also increases the global demand for steel pipes.

Global Steel Pipe Market: Restraints

Substitutes such as iron and plastic pipes, which create diversions for the manufacturer towards other material pipes, are estimated to restrain the market growth. The corrosive behaviour of carbon steel pipes is one of the restraining factors, and the high cost of stainless steel also hinders the growth of the global steel pipe market.

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This release was published on openPR.