News

Jul 07, 2023

Demand For Seamless Steel Pipes Market To Increase Substantially From Key

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

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.

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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.

Segmentation of Seamless Steel Pipe Industry Research

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Key Takeaways from Market Study

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Market Development

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.