Large Diameter Steel Pipes Market Share and Competitive Analysis: CAGR of 2.9% and US$ 16.8 Billion Anticipated by 2033

The Large Diameter Steel Pipes Market is experiencing robust growth, driven by a surge in oil and gas production and a rising need within the transportation sector. This heightened demand for large diameter steel pipes can be attributed to their advantageous physical and chemical properties, such as exceptional corrosion resistance and minimal environmental impact.

The global large diameter steel pipes market size is likely to be valued at US$ 12.6 billion in 2023. The increasing application of technologically improved steel pipes with large diameters and strength across various industries is driving market growth. The FMI projects market is estimated to garner US$ 16.8 billion in 2033, recording a CAGR of 2.9% from 2023 to 2033

The global large diameter steel pipes market is expected to continue growing during the forecast period driven by increasing demand from the chemical and oil & gas industries.

One of the factors propelling the growth of the large diameter steel pipes market include an increase in oil & gas production and increasing demand from the transportation sector. The demand for large diameter steel pipes is attributed to beneficial physical and chemical attributes including resistance to corrosion and low environmental impact.

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The increasing infrastructural development in emerging economies such as India and China is expected to drive the large diameter steel pipe market growth during the forecast period. Growing investments in the oil & gas sector in Europe and North America are likely to boost the demand for large diameter steel pipes.

The rapid growth of the oil and gas sector, automotive and chemical industries in the Asia Pacific is encouraging the growth of the market in the region. The rapidly growing chemical industry and increasing investments in wastewater development systems in developing countries like China, India, Germany, and others are driving the market for large diameter steel pipes.

Increasing applications in the construction and chemical industry have created opportunities for market growth. Increasing industrialization led to an increase in a number of various industries such as chemical and pharmaceutical. Growing advances in these companies led to a boost in demand for large diameter steel pipes.

Key Takeaways from the Market Study

• From 2018 to 2022, the market demand expanded at a CAGR of 4.8%

• Based on the application, the oil & gas segment accounts for a CAGR of 3.4%

• By type, the LSAW pipe segment is expected to expand at a CAGR of 3.2% during the forecast period

• North America to emerge as a promising market, capturing a CAGR of 2.8%

• Asia Pacific to be an opportunistic market, expected to capture a CAGR of 2.8% during the forecast period.

"Growing demand in the end-use industry and technological innovation in large diameter steel pipes are expected to drive the market in the forecast period."

Competitive Landscape

American Cast Iron Pipe Company; American Piping Products, Inc.; Borusan Mannesmann Boru Sanayi ve Ticaret A.S.; Baoji Petroleum Steel Pipe Co., Ltd.; BERG PIPE are some of the leading players operating in large diameter steel pipes market.

Some of the recent development in the market are listed below-

• In July 2021 - American Piping Products (APP) announced the expansion of their North Houston Rosslyn steel pipe yard and processing center. The new lease adds approximately 10 acres to the already 20-acre facility.

• In November 2022 - Summit carbon solutions announce a partnership with American steel pipe to purchase American-made, high-strength steel line pipes. These pipes are used in support of Summit's transformative carbon capture, transportation, and storage projects.

Know More about What the Large Diameter Steel Pipes Market Report Covers

Future Market Insights offers an unbiased analysis of the global large-diameter steel pipes market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the large-diameter steel pipes market, the market is segmented based on the type and application across five major regions.

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Key Segments Covered in the Large-Diameter Steel Pipes Industry Analysis

By Type:
• LSAW
• SSAW

By Application:
• Oil & Gas
• Water Treatment
• Chemical

By Region:
• North American
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa

About Us
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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This release was published on openPR.