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Cold Drawn Seamless Steel Pipes Market Projected to Reach $22,335.7 Million by 2029-Exclusive Report by Meticulous Research®
The report forecasts a promising future for the cold drawn seamless steel pipes market, anticipating a robust CAGR of 8.0% during the forecast period, with a valuation of $22,335.7 million by 2029.
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The growth of the cold drawn seamless steel pipes market is primarily driven by the increasing demand for seamless pipes in the oil & gas sector. Furthermore, the surge in offshore spending and the discovery of new oilfields present lucrative growth opportunities for market players.
Despite these optimistic projections, challenges such as trade protectionism, the emergence of substitutes, volatile raw material prices, and the lingering impacts of the COVID-19 pandemic may impede market growth.
Industries such as oil & gas, manufacturing, education, logistics & supply chain, power generation, and automotive bore the brunt of the pandemic's impact. The oil & gas sector experienced a substantial downturn, with petroleum consumption plummeting to historic lows due to travel restrictions and economic slowdowns.
However, supportive government policies and stimulus packages aimed at reviving economies are expected to facilitate the recovery of end-use industries, thereby driving demand for cold drawn seamless steel pipes in the coming years.
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Based on application, the 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 cold drawn seamless steel pipes market. This segment is also slated to register the highest CAGR during the forecast period. The rapid 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.
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Based on end-use industry, the 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 cold drawn seamless steel pipes market. The large share of this segment is attributed to the increasing government initiatives and investments and the rising requirement for upstream operations, including onshore and offshore drilling, general plumbing applications, and midstream operations in the oil & gas industry. However, the power generation segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is driven by the growing need for low machinery, tighter tolerances, section properties & improved straightness in bearings, wind turbine components, and nuclear, solar, and coal energy plants.
Furthermore, geopolitical tensions between Russia and Ukraine have disrupted global supply chains, potentially escalating into conflicts with significant monetary damages, including disruptions in iron & steel supplies.
Market Segmentation and Key Players:
The cold drawn seamless steel pipes market is segmented based on standard, product type, production process, application, end-use industry, and geography. Leading players in the market include Nippon Steel Corporation, ArcelorMittal S.A., Jindal Saw Ltd., ISMT Ltd., Salzgitter AG, Tenaris S.A., JFE Holdings, Inc., American Piping Products Inc., Chicago Tube and Iron Company, United Seamless Tubulaar Private Limited, Xiamen Landee Industries Co., Ltd., Hunan Standard Steel Co.,Ltd, U. S. Steel Tubular Products Inc., Sunny Steel Enterprise Ltd., and Bri-steel manufacturing.
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