Press release
Iron And Steel Pipe And Tube Market: Insights into Growth Drivers, Key Players and Forecast for 2024-2029
What Is The Projected Market Size Of The Global Iron And Steel Pipe And Tube Market And Its Growth Rate?
The global iron and steel pipe and tube market has shown steady growth in recent years and expected to sustain this trend in the forthcoming period.
• The market size is projected to grow from $208.73 billion in 2024 to $216.95 billion in 2025 at a CAGR of 3.9%.
• The rise in the market during the historical period can be attributed to numerous factors such as infrastructure development projects, industrialization and economic growth, oil and gas exploration, government investments, urbanization and construction boom.
• The market is forecasted to grow to $243.57 billion in 2029 at a CAGR of 2.9%.
• The key drivers of growth during the forecast period include renewable energy projects, upgrades in water and wastewater systems, green building initiatives, global trade dynamics, and infrastructure resilience projects.
What Is Driving The Growth In The Iron And Steel Pipe And Tube Market?
Increasing production of oil and gas is a key factor propelling the growth of the iron and steel pipes and tubes market. As iron and steel pipes and tubes are extensively used in these industries for the safe transportation of oil, gas, and other liquids owing to their strength and ability to withstand extreme temperatures, a rise in oil and gas production contributes to market growth. For instance, in March 2023, the Energy Information Administration (EIA) reported an increase in oil and gas production from 99.4 million barrels per day in 2022 to 100.9 million barrels per day in 2023.
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Who Are the Key Players Driving Iron And Steel Pipe And Tube Market Growth?
Key players include:
• 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
• American Cast Iron Pipe Company
What Are The Key Trends In The Iron And Steel Pipe And Tube Market?
• Technological advancements
• Rising demand in construction
• Focus on sustainable practices
• Advancements in coating technologies
• Technological innovations in material composition
What Are The Segments Of The Global Iron And Steel Pipe And Tube Market?
The market is segmented by:
• By Type: Seamless Pipes And Tubes, Welded Pipes And Tubes
• By Material: Steel And Alloys, Cooper And Alloys, Aluminum And Magnesium Alloys, Nickel And Alloys, Other Materials
• By End-Users: Oil And Gas, Power Generation, Automotive, Aviation, Construction, Process Industry, Other End Users
Which Region Leads The Iron And Steel Pipe And Tube Market?
Asia-Pacific was the largest region in the iron and steel pipes and tubes market in 2024. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Iron And Steel Pipe And Tube Market Global Market Report?
- Market Size Analysis: Analyze the Iron And Steel Pipe And Tube Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Iron And Steel Pipe And Tube Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Iron And Steel Pipe And Tube Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Iron And Steel Pipe And Tube Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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