Cold Drawn Seamless Steel Pipes Market: Overview, Trends, Growth, and Size Projections

The Business Research Company recently released a comprehensive report on the Global Cold Drawn Seamless Steel Pipes Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The cold drawn seamless steel pipes market size has grown strongly in recent years. It will grow from $14.02 billion in 2023 to $15.12 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to oil and gas exploration, automotive industry expansion, energy sector investments, corrosion resistance and durability, booming construction activities, stringent quality standards.

The cold drawn seamless steel pipes market size is expected to see strong growth in the next few years. It will grow to $21 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to growing emphasis on green construction, expansion of the aerospace sector, rapid industrialization in emerging markets, focus on energy efficiency, government investments in infrastructure. Major trends in the forecast period include advancements in manufacturing technologies, strategic mergers and acquisitions, integration in high-tech applications, application in high-pressure systems, development of specialized alloys.

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Market Drivers and Trends:

The growth in the oil and gas sector is expected to propel the growth of the cold-drawn seamless steel pipes market going forward. Cold-drawn steel seamless pipes are commonly used in the oil and gas industry as they can handle the transportation of unprocessed raw oil, which requires large tubes for transfer. These pipes are required for offshore and onshore oil casing and tubing and are a reliable and efficient means of transferring oil from one reservoir to another. For instance, in March 2021, according to International Energy Agency, a France-based autonomous intergovernmental organization that shapes energy policies, the global oil demand increased from 42.1 million barrels per day, in 2020 to 44.7 million barrels per day, in 2021, whereas the oil demand in Non-OECD countries also increased gradually to reach 51.7 million barrel per day, in 2021 from 48.9 million barrel per day, in 2020. Further, in July 2022, according to IEA, the global gas demand is set to rise by a total of 140 billion cubic meters (BCM) between 2021 and 2025. Therefore, the growth in the oil and gas sector is driving the growth of the cold-drawn seamless steel pipes market going forward.

Product innovations are a key trend gaining popularity in the cold-drawn seamless steel pipes market. Major companies operating in the cold-drawn seamless steel pipes market are focused on developing new innovative products to strengthen their position. For instance, in February 2022, Rhinox, a US-based company that specializes in manufacturing pipes and press fittings, launched hygienic stainless-steel pipes and press fittings that consist of double O-rings with VV-shaped grooves. These stainless-steel tubes are produced using autogenous (fusion) longitudinal gas tungsten welding methods, ensuring the highest quality standards. This material can serve as a substitute for traditional product materials in hygienic drinking water installations.

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Major Key Players of the Market:

Nippon Steel Corporation; ArcelorMittal SA; Jindal Saw Ltd.; Salzgitter AG; Tenaris SA; JFE Holdings Inc.; Hunan Standard Steel Co. Ltd.; Sunny Steel Enterprise Ltd.; US Steel Tubular Products Inc.; United Seamless Tubulaar Private Limited; Xiamen Landee Industries Co. Ltd.; Bri-Steel Manufacturing Inc.; Tata Steel Limited; PJ Industries Inc.; Salem Tube International Limited; American Tube Technology Inc.; Bull Moose Tube Company; Central Tube and Bar Inc.; Chicago Tube and Iron Company; Dover Tubular Alloys Inc.; Federal Steel Supply Inc.; HandyTube Corporation; Industrial Tube and Steel Corporation; K-Tube Technologies; Louisiana Steel Company; Marmon/Keystone LLC; McKnight Steel & Tube Co.; Mead Metals Inc.; Metal Associates Inc.; Metalmark Inc.

Cold Drawn Seamless Steel Pipes Market 2024 Key Insights:

• The cold drawn seamless steel pipes market will grow to $21 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.
• Rising Expansion Of Oil And Gas Sector To Drive Market Growth
• Product Innovations Transforming The Cold-Drawn Seamless Steel Pipes Market
• Asia-Pacific was the largest region in the cold drawn seamless steel pipes market in 2023

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