In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
Steel pipes are used for transportation of fluid such as water, oil and gas. The application of steel pipes varies with their capacity or internal diameter. Steel pipes are also used in construction of buildings in order to carry water and gas. Further, steel pipes offer a number of advantages over other materials including ability to carry flammable gas, high durability and show better results in fire sprinkler system. Moreover, steel pipes are highly resistant to water corrosion which makes it more acceptable in pipe fittings.
Global steel pipes market is expected to grow at a compound annual growth rate of 3.6% during the forecast period 2017-2024. Further, the global market is anticipated to reach 79.9 Million metric tons by the end of forecast period. Growing construction activities across the world and development of oil & gas industries are some major factors which are projected to foster the growth of global market of steel pipes.
Moreover, high strength and durability of steel pipes are one of the key reasons which are likely to fuel the growth of market. On the basis of regional platform, global steel pipes market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Further, Asia Pacific region is the largest market of steel pipes. High construction activities and developing oil & gas industries are some of the major factors which are expected to allow Asia Pacific to continue its dominance during the forecast period. Moreover, China alone stood at around 30% share in revenue of global market in 2016 and is anticipated to dominate the Asia Pacific steel pipe market during the forecast period.
North America is the second leading market in steel pipes and is expected to witness satisfactory growth during the forecast period. Factors such as presence of large number of oil and gas industries and growing use of steel pipes in fire sprinkler system are envisioned to foster the growth of North America steel pipes market over the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
Additionally, Europe region is also projected to grow at an acceptable pace during the forecast period. This growth in Europe region can be attributed to growing demand for steel pipes in end use industries in this region.
Our-in depth analysis of the global steel pipes market includes the following segments:
Global steel pipes market is further classified on the basis of region as follows:
Global steel pipes market is primarily driven by factors such as growing construction activities and development of oil & gas industries across the world. Steel pipes have high strength and high thermal resistant. Such features of steel pipes make them more suitable to use in areas like water pipes, oil & gas pipes and sewage pipes. Further, growing adoption rate of steel pipes in different areas is likely to drive the growth of global market.
Moreover, steel pipes are used in fire sprinkler system due to their ability to operate in high temperature zone. This rise in demand for steel pipes in fire sprinkler system installation is expected to drive the market in near future. Additionally, use of structural steels in pole, fencing, handrails exhaust pipes and for oil & gas are also driving the demand for steel pipes globally.
Furthermore, rapid urbanization and development of new industries is also a major factor anticipated to foster the growth of global steel pipes market. The oil & gas industries are projected to capture maximum market share during the forecast period. Moreover, growing oil & gas industries are likely to drive the growth of global steel pipes market in near future.
However, growth of steel pipes market is predicted to decelerate during the forecast period. Adoption rate of steel pipes is decreasing due to their high cost and rising prevalence of alternative products such as plastic pipes due to their low cost and light weight. Moreover, low penetration rate of steel pipes in areas except oil & gas industries is expected to hamper the growth of global steel pipes market in near future.
Overview of the Parent Market
Analyst View
The global steel pipes market is segmented as follows:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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