Steel Pipe Market | Global Industry Report 2023

The global steel pipe market size was valued at USD 147.8 billion in 2022 and is poised to grow at a significant CAGR of 8.4% during the forecast period 2023-29. The primary drivers of the expansion of the global steel pipe market include the increasing demand for steel pipes in the oil & gas industries and energy sectors. In addition, increasing investments by the government and market players in development and expansion are expected to drive the growth of the steel pipes market over the forecast period.

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The steel pipe market is segmented based on technology, material, application, type, and geography.

Based on the technology, the market is segmented into the following:
• Welded Steel Pipes
• ERW Steel Pipes
• Galvanized Steel Pipes

Based on the material, the market is segmented into the following:
• Alloy Steel
• Black Steel
• Carbon Steel
• Iron Steel
• Mild Steel
• Stainless Steel

Based on the application, the market is segmented into the following:
• Water Pipes
• Steel Casing Pipes
• Sewage Pipes
• Structural Steel Pipes
• Industrial Steel Pipes
• Steel Scaffolding Pipes
• Oil & Gas Pipes

Based on the type, the market is segmented into the following:
• Line
• Standard
• Structural

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

Based on the application, the global Steel Pipe market is segmented into Water Pipes, Steel Casing Pipes, Sewage Pipes, Structural Steel Pipes, Industrial Steel Pipes, Steel Scaffolding Pipes, and Oil & Gas Pipes. The oil & gas pipes segment is expected to account for a larger revenue share in the global steel pipe market. The oil and gas industries require strong durable and long-lasting pipelines for the transport of oil, gas, and energy sources. Steel pipes are cost-effective, highly durable, and non-corrosive in addition, the rising investments in the development of steel pipes to enhance durability, and reduce cost is expected to further boost the growth of the steel pipes market in this segment over the forecast period.

Asia Pacific Steel Pipe Market
The Asia Pacific steel pipe market is expected to increase over the forecast period due to the rapid urbanization and industrialization in this region. In addition, the increasing need for energy in this region due to the large population base in this region is expected to increase the demand for steel pipelines in energy sectors. thus, driving the growth of the steel pipes market in this region over the forecast period. Furthermore, the growing infrastructure development activities in this region along with the government support in the development of infrastructure is further expected to boost the growth of the steel pipes market in this region.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.

The global Steel Pipe market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In November 2022, Northwest Pipe launched RBD for Steel Pipe Micro tunneling.

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Key players profiles in the Steel Pipe Market report are ArcelorMittal, United States Steel Corporation, NIPPON STEEL CORPORATION, Tata Steel, Jindal Steel & Power Limited, Rama Steel Tubes Limited, SAIL, Hyundai Steel, Rhinox, Steel Authority of India Ltd.

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This release was published on openPR.