The global steel pipes & tubes market is anticipated to value USD 231.1 billion until 2027. It is also expected to register a CAGR of 6.2% over the forecasted years, 2020 to 2027. The increasing demand for liquid fuels and the need for their transportation are projected to drive market growth.
The segment of seamless technology accounted for the highest share of around 54.0% in 2019 due to the absence of seam welds that can prevent leakage. The ERW pipes & tubes segment is also projected to register substantial growth owing to benefits like lower prices and modest performance.
In 2019, the oil & gas application segment dominated the global market on account of rising usage of these products to transport, process, and refine crude oil to petroleum products. On the other hand, the chemicals and petrochemicals segment is projected to witness a CAGR of 5.0% from 2020 to 2027 owing to enhanced properties of such steel pipes and tubes like good oxidation and corrosion resistance.
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The Asia Pacific accounted for the highest share of around 44.0% across the global market in 2019 due to the increasing presence of petroleum, manufacturing, and petrochemical sector across China, Japan, and India. North America is also anticipated to register steady growth in the upcoming years due to the discovery of non-conventional oil and gas resources across the U.S. and Canada.
Rapid technological advances are being undertaken by these players for boosting the sale of their products.
Further key findings from the report suggest:
• In 2019, the seamless technology segment dominated the global steel pipes and tubes market.
• The chemicals and petrochemical segment accounted for the significant CAGR of 5.0% from 2020 to 2027.
• Asia Pacific accounted for the highest share of around 44.0% across the global market in 2019.
COVID-19 Impact Insights
The steel pipes & tubes market has been negatively impacted owing to the ongoing COVID-19 pandemic. Stagnancy across oil and gas, construction, and manufacturing sectors has reduced the demand for these tubes. Also, decrease in the availability of laborers due to the imposition of lockdown, hindrance in the supply chain, and economic instability have severally impacted the global market. Moreover, a decrease in the demand for crude oil and petroleum products has hampered the demand for steel pipes and tubes.
Global Steel Pipes & Tubes Market: Key Players
Jindal Steel & Power Ltd. (JSPL), ArcelorMittal, Steel Authority of India Limited (SAIL), Tata Steel, and Nippon Steel Corporation.
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