Valued to be $214.8 Billion by 2026, Seamless Pipes and Tubes Slated for Robust Growth Worldwide

2022-06-10 23:09:06 By : Ms. mila sun

SAN FRANCISCO , May 31, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Seamless Pipes and Tubes - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 17; Released: May 2022 Executive Pool: 2832 Companies: 199 - Players covered include ArcelorMittal SA ChelPipe EVRAZ North America JFE Steel Corporation Jindal SAW Ltd. Maharashtra Seamless Limited Nippon Steel Corporation PAO TMK Tenaris S.A. Tianjin Pipe (Group) Corporation UMW Group United States Steel Corporation Vallourec & Mannesmann Tubes (France ) Wheatland Tube Company and Others. Coverage: All major geographies and key segments Segments: Type (Hot Finished, Cold Finished); End-Use (Oil & Gas, Infrastructure & Construction, Power Generation, Automotive, Other End-Uses) Geographies: World; USA ; Canada ; Japan ; China ; Europe ; France ; Germany ; Italy ; UK; Spain ; Russia ; Rest of Europe ; Asia-Pacific ; Australia ; India ; South Korea ; Rest of Asia-Pacific ; Latin America ; Brazil ; Mexico ; Rest of Latin America ; Middle East ; Africa .

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Amid the COVID-19 crisis, the global market for Seamless Pipes and Tubes estimated at US$174.7 Billion in the year 2022, is projected to reach a revised size of US$214.8 Billion by 2026, growing at a CAGR of 5.3% over the analysis period. Hot Finished, one of the segments analyzed in the report, is projected to grow at a 6.1% CAGR. While growth in the Cold Finished segment is readjusted to a revised 4.3% CAGR. Global seamless pipes and tubes market has a history spanning 100 years with origins in the transportation sector. Seamless pipes and tubes find use in a wide range of applications wherein corrosion resistance, high strength, and longer product life hold high significance. Major advantages of seamless pipes include the ability to form thicker walls for smaller diameters, and the absence of seam which could make the pipe vulnerable in demanding applications. It is also due to corrosion resistance and metallurgical strength characteristics that seamless pipes and tubes are considered ideal for use in industries such as oil and gas, chemicals, pharmaceuticals, and steam boilers, heat exchangers, among others. Seamless steel tubes are used in making automobile components, gas cylinders, bearings, drill rods, boilers, and hydraulic cylinders, among others.

Demand for seamless pipes and tubes is closely linked to the dynamics of the energy sector and manufacturing sector. Among the seamless pipes categories, demand for oil country tubular goods (OCTG) and line pipes closely follow the trend in number of active oil and gas rigs, which is significantly affected by the crude oil and natural gas prices. By nature, the pipeline business is a cyclical business. While seamless pipes compete with welded pipes in the oil and gas industry, rise in drilling complexity is likely to drive their consumption. The severe slump in the global oil market in recent past resulted in some of pipe and tube manufacturers employ strategies such as diversification across end use markets to reduce dependence on particular market segment and entering into partnership with customers to develop appropriate solution in line with their requirements. Though cost cutting initiatives have become an essential part of the industry, the paradigm has shifted from simple concepts of minimizing overheads to implementing measures to enhance functional productivity. The business of exploring and developing crude oil and natural gas reserves is highly capital-intensive. Overcapacity, widening price spreads, low demand, and plummeting prices tend to control the market growth prospects for products used in the oil and gas sector. Fluctuations in the cost of raw material and stringent ecological regulations also restrain growth. The sharp decline in global oil prices and overcapacity issues in recent times resulted in uneven impact on demand for steel pipes across various countries across the world. To survive an era of cut throat competition and looming challenges, conventional measures such as plant closures, asset sales, and layoffs, are not considered as long term solutions. Organizations are hence compelled to outgrow the old model of optimizing production and look forward to augment their scale of operations through technology innovations and service-oriented manufacturing.

Post pandemic growth in the global seamless pipes and tubes market will be driven by improving economic conditions and recovering demand in key end-use markets, and increasing demand for new, efficient, and innovative products that are sustainable and feature light weight, good strength, and corrosion resistance. The magnitude of growth in the OCTG sector would depend on the level of capital expenditures on exploration, development and production by participants in the oil and gas industry. The market is expected to witness strong growth in demand for OCTG pipes in 2021 driven by resurgence in exploration & production activity in the oil & gas sector and greater emphasis on horizontal and directional drilling operations. Another key driver for the seamless pipes market growth is growing demand from industries such as chemical and fertilizers, and pharmaceuticals, where the usage of boilers and other chemical processes is more frequent. Transporting highly corrosive materials through seamless pipes prevents pipe failure and leakage, while increasing the cost-effectiveness. By region, Asia Pacific market is expected to benefit mainly from increasing industrialization in the region, followed by rapid infrastructural growth. The industry is also expected to benefit from improving conditions in the Middle East and Russia with the stability in oil prices and rise in number of E&P projects.

In recent times, low weight pipes are increasingly finding adoption among customers, reflecting the low weight trend globally. This has forced manufacturers to cut down on materials so as to produce pipes of lower weight. Focus is also geared towards development of seamless pipes for applications in the most demanding conditions. Demand is on rise for high-grade OCTG products owing to enhanced focus on drilling operations in harsh environments and the continuous shift towards directional drilling projects. As most of the remaining reserves of oil and gas are largely found in difficult-to-reach areas or in areas that require digging to greater depths, there exists an increasing demand for higher grade tubing and casings to meet the growing complexity of drilling operations. The environment in deeper depths is naturally hostile, posing extreme conditions of pressure and temperature for pipes that are deployed for drilling activities. In addition, directional drilling, which is based on an advanced recent technology, requires flexible, high strength pipes, which in turn are driving demand for seamless OCTG products. Increasing focus on development of sour grade projects, namely unconventional and deep water projects, is further expected to drive the demand for high-grade OCTG products. More

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