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Iron And Steel Pipe And Tube Market Share, Trends, Growth Rate, Industry Report And Forecast To 2033
Iron And Steel Pipe And Tube Market
According to The Business Research Company's, The iron and steel pipe and tube market size has grown steadily in recent years. It will grow from $200.15 billion in 2023 to $207.95 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth in the historic period can be attributed to infrastructure development projects, industrialization and economic growth, oil and gas exploration, government investments, urbanization and construction boom.
The iron and steel pipe and tube market size is expected to see steady growth in the next few years. It will grow to $236.52 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. The growth in the forecast period can be attributed to renewable energy projects, upgrades in water and wastewater systems, green building initiatives, global trade dynamics, infrastructure resilience projects. Major trends in the forecast period include technological advancements, rising demand in construction, focus on sustainable practices, advancements in coating technologie, technological innovations in material composition.
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Market Drivers and Trends:
Increasing oil and gas production is expected to propel the growth of the iron and steel pipes and tubes market going forward. Oil and gas sectors include the business segment dedicated to hydrocarbon exploration, data collection, development, drilling, production, gathering, refining, distribution, and transportation. Iron and steel pipes and tubes are used in the oil and gas industry to transport oil, gas, and other liquids safely, as they are incredibly strong and can endure extreme temperatures without any danger of failure or cracking. For instance, in March 2023, according to the Energy Information Administration (EIA), a US-based government organization, oil and gas production increased from 99.4 million barrels per day (b/d) in 2022 to 100.9 million b/d in 2023. Therefore, the increasing oil and gas production is driving the iron and steel pipes and tubes market.
Technological advancement is the key trend gaining popularity in the iron and steel pipes and tubes market. Major companies operating in the iron and steel pipes and tubes market are focused on developing innovative products to strengthen their position in the market. For instance, in February 2021, Hypertherm Inc., a US-based manufacturer of cutting equipment and accessories, launched a software called Rotary Tube Pro 3, a tube and pipe cutting software for machines with a rotary axis. It involves cutting along a common line and enables operators to separate two or more parts that provide greater material utilization and better consumable life.
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Major Key Players of the Market:
Nippon Steel Corporation; US Steel Tubular Products Inc.; Sandvik AB; Zaffertec SL; ArcelorMittal SA; United Metallurgical Company JSC; Samuel Associated Tube Group; Tubos Reunidos SA; Sumitomo Corporation; ChelPipe Group; Wheatland Tube Company; Aaditya Stainless Pvt. Ltd.; Anand Seamless Tubes Pvt. Ltd.; Bhuwalka Pipes; AK Steel Holding Corporation; American Cast Iron Pipe Company; Ansteel Group Corporation Limited; Baoshan Iron and Steel Co. Ltd.; Baotou Iron and Steel Group Co. Ltd.; Borusan Mannesmann Boru Sanayi ve Ticaret AS; China Baowu Steel Group Corp. Ltd.; Choo Bee Metal Industries Berhad; Hebei Iron and Steel Group Co. Ltd.; Hunan Standard Steel Co. Ltd.; JFE Holdings Inc.; Jiangsu Changbao Steel Tube Co. Ltd.; Jindal Steel & Power Ltd.; Maharashtra Seamless Limited; Mannesmann Stainless Tubes GmbH; Maruichi Steel Tube Ltd.; Northwest Pipe Company; Nucor Corporation; Pohang Iron and Steel Company; Ratnamani Metals & Tubes Ltd.; Shandong Iron and Steel Group Co. Ltd.; Tata Steel Limited; Tenaris S.A.; Tianjin Pipe (Group) Corporation; TMK Group; United States Steel Corporation; Vallourec S.A.; Welspun Corp Limited
Iron And Steel Pipe And Tube Market 2024 Key Insights:
• The iron and steel pipe and tube market will grow to $236.52 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%.
• Surging Oil And Gas Production Fuels Growth In The Iron And Steel Pipes And Tubes Market
• Technological Advancements Propel Innovation In The Iron And Steel Pipes And Tubes Market
• Asia-Pacific was the largest region in the iron and steel pipes and tubes market in 2023
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