The global steel pipe market is projected to reach at a valuation of USD 79.9 Million by the end of 2024.
The global steel pipe market is segmented by technology into welded steel pipes, ERW steel pipes and galvanized steel pipes. ERW steel pipes segment among other segments is likely to witness substantial growth over the forecast period.
Growing adoption of ERW (Electric Resistance Welded) steel pipes to transport liquid, such as fuel, gas is expected to drive the growth of this segment over the forecast period. Additionally, dean accurate surface of steel pipes is a key reason which makes them more adoptable in applications such as water pipelines, agriculture, gas pipe lines and in transportation of LPG and other toxic gases.
Global steel pipe market is expected to register a 3.6% CAGR over the forecast period. Moreover, The market is primarily driven by a number of factors such as rapid industrialization and increasing constructional activities across the globe.
Further, growing use of steel pipes to deliver high flammable oil & gases in various industries including oil & gas industries is predicted to drive the growth of market in upcoming years.
The stainless steel segment by material type is expected to emerge as fastest growing market among other segments of global steel pipes market. Stainless steel pipes offer numerous advantages over other material pipes such as high resistance to rust, high durability and more hygienic in terms of transporting water.
Further, increasing adoption of stainless steel pipes in industries where corrosion resistance is a major concern is expected to escalate the growth of this segment over the forecast period.
Wide Scale Applications
Steel pipe finds a number of applications in various industries such as power plants, chemical industries, construction industries, and others. Further, growing use of steel pipes in agriculture and irrigation industries for water mains, sewerage systems, industrial water lines and plant piping is expected to encourage the growth of global steel pipes market in near future.
Additionally, use of steel pipes in fire sprinkler system is also a well know application of steel pipes which is augmenting the expansion of steel pipes market across all regions.
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Rising Construction Activities
Rapid urbanization and industrialization across the globe, especially in developing countries are augmenting construction activities. Further, increasing use of steel pipes in construction industries is augmenting the growth of global steel pipes market in upcoming years.
However, presence of other alternatives such as plastic pipes and comparatively high price of steel pipes are likely to inhibit the growth of the steel pipe market in the near future.
The report titled “Global Steel pipe Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the global steel pipe market in terms of market segmentation by technology, by material, by application, by type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global steel pipe market which includes company profiling of ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation, Hebei Iron & Steel Group, Baosteel, Wuhan Iron & Steel Group, Posco, Jiangsu Shagang, Tata Steel Group, Hyundai Steel Company, and JFE Steel Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global steel pipe market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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