The global market for steel pipes is anticipated to reach 79.9 Million metric tons by the end of 2024 by expanding at a compound annual growth rate of 3.6% over the period 2017-2024. Factors such as development of oil & gas industries and growing construction activities around the globe are anticipated to drive the growth of steel pipes in upcoming years. Further, high durability and strength of steel pipes are the key reasons which are estimated to fuel the growth of steel pipes market over forecast period.
The steel pipes market is segmented by application into water pipes, steel casing pipes, sewage pipes, structural steel pipes, industrial steel pipes, steel scaffolding pipes and oil & gas pipes. Among these segments, the oil and gas pipes segment held significant market share in previous years and is anticipated to witness healthy growth over the forecast period. Properties such as its ability to resist heat and pressure combined with high strength are estimated to drive the demand for steel pipes in oil and gas companies and are further anticipated to boom the steel pipes market by noteworthy revenue by the end of 2024.
Geographically, Asia Pacific represented the largest market of Steel Pipes Marketwhere China alone had the market share of 30% in terms of revenue in 2016 and is further anticipated to continue its dominance over the forecast period. This can be attributed to rising construction activities and developing oil & gas industries. North America is the second leading market in steel pipes and is anticipated to grow at satisfactory pace over the forecast period owing to growing use of steel pipes in fire sprinkler systems and presence of large number of oil and gas industries in the region.
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Construction Activities Reflect Significant Opportunities
Steel pipes have high strength and thermal resistant properties due to which they are more suitable in construction and building among others. These factors have driven the demand for steel pipes in construction activities which is believed to supplement the growth of steel pipes market across the globe.
The report titled “Steel Pipes Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation”delivers detailed overview of the steel pipesmarket in terms of market segmentation by technology, material, application, by type and by region.
However, high cost and rising prevalence of low cost alternative products such as plastic pipes is likely to inhibit the growth of the steel pipes market in the near future.
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.
This report also provides the existing competitive scenario of some of the key players of the steel pipes market which includes company profiling ofArcelor Mittal, 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.
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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 steel pipes 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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