September 23, 2022 08:00 ET | Source: FACT.MR FACT.MR
Dublin, Sept. 23, 2022 (GLOBE NEWSWIRE) -- According to the latest analysis by Fact.MR, a market research and competitive intelligence provider, the global seamless steel pipes market is estimated at US$ 61.6 billion in 2022 and is anticipated to evolve at a high CAGR of 7% through 2032.
Seamless steel pipe systems offer many advantages over conventional wielded pipes, which include withstanding high pressure making then an ideal candidate for a wide range of applications in pressure vessels, boilers, automobiles, construction, etc. Seamless steel pipes are also used for architectural applications such as building stadiums and large open structures. These pipes provide stability to the roof structure and enhance architectural design.
The use of seamless steel pipe systems has increased significantly in the operations of oil & gas and chemical companies for fluid transmission. Demand for OCTG has increased as a result of increased exploration & production, development of proved shale reserves, and rising investments by oil & gas operators. Manufacturing seamless OCTG requires a larger initial investment as compared to manufacturing welded OCTG, and choosing the right OCTG can reduce risk and expense.
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Key Takeaways from Market Study
Oil & Gas Exploration Followed By Cyclical Maintenance In Europe Is The Key Factor For Growth In Demand For Seamless Steel Pipes
Due to the presence of a large number of oil refineries, nuclear power plants, and automotive industries in North America, particularly the United States, the regions witnesses the highest demand for seamless steel pipes.
Europe is one of the prominent producers and consumers of seamless steel pipes. On-going oil & gas exploration followed by cyclical maintenance in this region is the key factor for growth in demand for seamless steel pipes.
The market in Southeast Asia & Oceania is expected to grow during the forecast period, due to increasing activities related to oil & gas industries and upcoming new projects in the mid-term.
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Market players are putting their focus on emerging trends in the industry, such as pipes for underground hydrogen storage, to enhance their market presence in the burgeoning field of carbon emission control. Manufacturing industries have begun implementing industry 4.0 as a remedy to produce numerous products, manage resources, and handle materials that used to be a huge challenge, particularly when producing steel-based items for which they required a lot of human work.
Key players are opting for developing advanced coatings with enhanced qualities such as prevention of CO2 corrosion and ensuring increased lifetime and cost optimization of pipe maintenance. In sync with this, major partnerships & acquisitions have been observed in the market. New production plants are being set up, and the production capacities of existing plants are being ramped up.
Key Market Segments Covered in Report
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https://www.factmr.com/checkout/5626 Prominent Market Players & their Strategies
Eminent seamless steel pipe manufacturers are ArcelorMittaland, American Piping Products Inc., Benteler, Hunan Valin Co. Ltd, JFE Steel Corp., Jindal SAW Ltd, Nippon Steel & Sumitomo Metal Corporation, Tenaris SA, TATA Steel, United States Steel, and Vallourec SA.
Market players are adopting new strategies to comply with stringent environmental regulations, especially in regions such as Europe and North America. Key players in the market are focusing on developing strong alloys for their enhanced utilization in the highly corrosive environments of subsea and offshore applications.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global seamless steel pipes market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of process (hot rolled, cold rolled), coating (3 PE coating, FBE coating, 3 PP coating), material (stainless steel, alloy steel, carbon steel, others (duplex SS, etc.)), dimension (< 10 inches, 10-15 inches, > 15 inches), and end-use industry (oil & gas, energy & power, construction, automotive, chemicals, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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