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Seamless steel pipes
hold huge potential in the global piping industry, with a competitive value
market share over other pipe categories. These pipes are extensively used as
line pipes for the transmission of fluids such as oils and chemicals
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.
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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 Fact.MR, 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 Fact.MR analyst.
For critical insights
on this market, request for Methodology here - https://www.factmr.com/connectus/sample?flag=RM&rep_id=5626
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.
Contact Information
Fact.MR
11140 Rockville Pike Suite 400 Rockville, MD
20852
United States
Phone: +1 (628) 251-1583
Find More: https://www.prnob.com/release/show/carbon-seamless-steel-pipe/44577