Steel Pipes & Tubes Industry Overview
The global steel pipes & tubes market size was valued at USD 142.4 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 6.2% from 2020 to 2027.
Increasing oil & gas production owing to the demand from the transportation industry is one of the prominent growth drivers for the market. The oil & gas industry is the major consumer segment for steel pipes & tubes. Steel pipes are used for the transportation of gas & liquid in this industry. They are generally manufactured using low alloy or carbon steel. The inside diameter, ductility, yield strength, and pressure rating are some of the key factors considered while selecting pipes for specific applications. The U.S. oil & gas industry is among the primary end-users for steel pipes and tubes. The product is used in upstream, midstream as well as downstream processing of crude oil. The market is anticipated to register steady growth over the forecast period owing to the developments in the U.S. oil & gas industry.
Gather more insights about the market drivers, restrains and growth of the Global Steel Pipes & Tubes Market
The U.S. has always been a leading producer of oil & gas and with the discovery of unconventional oil & gas resources in the recent past, the oil reserves in the country have surged to over 65 billion barrels and natural gas reserves to 430 trillion cubic feet in 2019. The country’s share in global oil production was 17% in 2019 while its share in the global gas production stood at 23% in 2019. These shares are expected to increase over the coming years.
The U.S. crude oil production reached 17,3045 thousand barrels per day in 2019 from 11,801 thousand barrels per day in 2014. The upcoming projects in the country, including the Alaska LNG liquefaction plant worth USD 43 billion and Cameron LNG Liquefaction Plant worth USD 33 billion, are anticipated to surge the need for oil & gas equipment including steel pipes & tubes.
Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.
- Carbon Steel Market – The global carbon steel market size was valued at USD 887.7 billion in 2019 and is anticipated to attain a CAGR of 3.4% from 2020 to 2027. Increasing focus on infrastructure development particularly in Asia Pacific countries is projected to drive the consumption of carbon steel products over the coming years.
- Automotive Stainless Steel Tube Market – The global automotive stainless steel tube market size was valued at USD 3.37 million in 2015 and is projected to grow at a CAGR of 3.9% from 2016 to 2024. Stainless steel has become one of the primary materials in the automotive industry on account of its high strength-to-weight ratio that helps in the overall weight reduction of the vehicle.
Steel Pipes & Tubes Market Segmentation
Grand View Research has segmented the global steel pipes & tubes market on the basis of technology, application, and region:
- Steel Pipes & Tubes Technology Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- Steel Pipes & Tubes Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- Oil & gas
- Chemicals and petrochemicals
- Automotive & transportation
- Mechanical engineering
- Power plant
- Steel Pipes & Tubes Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- May 2020: Tata Steel declared that, in a stage towards a maintainable business, it would endeavor to become carbon neutral by 2050 in the European region.
- April 2020: Steel Authority of India of India turned into the biggest maker of crude steel in India because of drives like utilizing expanded creation limits were introduced under modernization.
Key Companies profiled:
Some prominent players in the global steel pipes & tubes market include
- United States Steel
- Nippon Steel Corporation
- Tata Steel
- Jindal Steel & Power Ltd. (JSPL)
- Rama Steel Tubes Limited
- Steel Authority of India Limited (SAIL)
Order a free sample PDF of the Steel Pipes & Tubes Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519