Hot Rolled Seamless Steel Pipes To Hold Nearly Three-Fourth Market Share, Projects Fact.MR

North America and Europe collectively account for a majority of the demand for seamless steel pipes. This is due to the fact that these regions are home to a considerable number of chemical, power & energy, and oil & gas industries, and seamless steel pipes play a vital role in all of these end-use industries.

Relative high research & development spending to introduce new and advanced coated seamless pipes with improved flow ability and increased life cycle are playing a vital role in developing the overall market. Increase in demand for cyclical replacements in pipelines from chemical, oil & gas, and power generation companies is one of the prime reasons driving rising demand for seamless steel pipes. Hot rolled seamless steel pipes are highly sought-after across industries and regions, and hold around 3/4 market share.

As per the report published by an ESOMAR-certified market research and consulting firm, the seamless steel pipes market is anticipated to surpass a valuation of US$ 168 Bn in 2021, and is poised to expand at a CAGR of close to 7% over the next ten years.

Key Takeaways from Market Study

• Hot rolled seamless steel pipes capture a major portion, and are set to create an absolute $ opportunity of around US$ 117 Bn over 2021-2031.
• Among the end-use industries, the oil & gas sector has been the fastest-growing segment, owing to steep rise in consumption of oil & gas and power & energy over the past decade.
• In 2021, North America is set to dominate market revenue; however, by 2031, it is anticipated to lose 177 BPS in its market share.
• The market in India and China is expected to rise at around 7% to 8% CAGR through 2031.
• Due to the COVID-19 crisis, demand for seamless steel pipes was hit in 2020; decline was observed in the 2nd and 3rd quarters of the year.

“Investing in collaborative R&D will save resources and enhance market growth over the coming years,” says a report analyst.

Winning Strategy
Key players have been investing in research & development to create new, advanced coatings for seamless steel pipes. These enhancements will drive growth of the seamless steel pipes market in the medium- to long-term forecast period.

These insights are based on a report on Seamless Steel Pipes Market by Fact.MR.

For more information, visit www.factmr.com.