- Welded Steel Pipes
- ERW Steel Pipes
- Galvanized Steel Pipes
Steel Pipe Market was valued at USD 147.8 billion in 2022 and is expected to grow at an 8.4% CAGR from 2023 to 2029. The steel pipes are used in several industrial & infrastructural applications as steel pipe tubes. Steel pipes are also used in the assembly of equipment in industries. The major use of steel pipe is the transportation of oil, gasses, and water through sub-terrains. Carbon steel pipes Are used majorly in industries having high-temperature variances. The increasing demand for oil & gas, construction chemicals, and water distribution, and energy along with rapid industrialization is expected to drive the steel pipes market over the forecast years. In addition, growing government investments in infrastructure development such as investment in the water distribution network, gas pipelines, and other energy infrastructures are expected to boost the growth of the steel pipe market at a significant rate. Furthermore, the increasing investments by the market key players in research & development in enhancing the durability, efficiency, and safety of steel pipes are expected to increase the demand for steel pipes in pipeline infrastructures in the forecast years. However, factors like the installation of steel pipes, the high cost of installation, the fluctuation of raw materials such as steel scrap, coal, and iron ore, and competition from other market players are expected to hinder the growth of the steel pipes market over the forecast period. Whereas, increasing demand for eco-friendly and non-corrosive pipes in oil and gas industries, and growing applications of steel pipes owing to their durability are anticipated to provide an opportunity to the market key players in the forecasted years. Geographically, the Asia Pacific region held the major market share in 2022 and is expected to dominate the global steel pipe market in the forecasted years.
Fastest Growing Market
The steel pipe market is expected to grow over the forecasted period due to the increasing demand for steel pipes in the oil & gas industries, and energy sectors. Steel pipes are used for the transportation of oils, gases, water, and other energy sources owing to their high durability and safety of steel pipes. Steel pipes are preferred in energy transportation owing to their cost effectiveness, high durability, and ability to withstand high pressures and temperatures. However, the development of oil & gas industries in remote locations has the necessity to install steel pipelines which are expected to drive market growth in this segment.
Steel Pipe Market was valued at USD 147.8 billion in 2022 and is expected to grow at an 8.4% CAGR from 2023 to 2029
Increasing demand for steel pipes in the oil & gas industries and energy sectors is expected to drive the growth of the steel pipes market over the forecast period.
The leading players in the global Steel Pipe market are ArcelorMittal, United States Steel Corporation, NIPPON STEEL CORPORATION, Tata Steel, Jindal Steel & Power Limited, Rama Steel Tubes Limited, SAIL, Hyundai Steel, Rhinox, Steel Authority of India Ltd.
Installation of steel pipelines, the high cost of installation, and the availability of substitutes are expected to hinder the growth of the steel pipes market over the forecast period.