Steel Pipes Market size is expected to cross USD 705 Billion by the end of 2036, growing at a CAGR of 9% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of steel pipes was over USD 185 Billion. Over the course of the forecast period, an increase in the number of new petrochemical facilities being built globally is anticipated to drive up demand for steel pipes and tubes. In the chemical and petrochemical industries, steel pipes and tubes are used in heat exchangers, pressure tubes, and pipeline systems. Therefore, it is anticipated that rising investment in the building of petrochemical plants will support market expansion. One of the world's top producers of petrol and oil is the United States. The U.S. Energy Information Administration reports that as of December 2021, proven crude oil reserves have climbed by 14.8% year over year to 41.2 billion barrels. The reserves of wet natural gas increased by 32.1% to 625.4 trillion cubic feet. In 2021, the nation's proportion of the world's oil production was approximately 14.5%.
In addition to this, steel pipes are widely used for structural purposes in the building industry. They are employed in the construction of pilings, scaffolding, and frameworks. The growth of the building industry, especially in emerging nations, is expected to fuel demand for steel popes. Urbanization and population growth are expected to have a positive effect on steel pipes market expansion. Moreover, government investments in infrastructure projects such as airports, bridges, and roadways are driving the demand for steel pipes.
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~ 9% |
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Base Year Market Size (2023) |
~ USD 185 Billion |
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Forecast Year Market Size (2036) |
~ USD 705 Billion |
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Regional Scope |
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Growth Drivers
Challenges
End-User (Oil & Gas, Power Plant, Automotive & Transportation, Mechanical Engineering)
The oil & gas segment is projected to account for 32% of the global steel pipes market share during the forecast period. The product is mostly used in distribution, process pipes, oil & gas industry applications, and oil country tubular goods (OCTG). Over the course of the projection period, rising investment in the network of cross-country pipelines for the transmission of gas and oil is anticipated to drive demand for steel pipes and tubes. Global oil production exceeds four billion metric tonnes annually, with the Middle East holding about half of the proven oil reserves. Given how many uses there is for oil, it should come as no surprise that oil and gas firms rank among the biggest in the world.
Technology (Seamless, ERW)
Steel pipes market from the ERW segment is predicted to hold the largest share of about 52% by the end of 2036. The growth of the segment is because of its affordable price and moderate performance, the electric resistance welded (ERW) segment is becoming more and more popular in the market. Plans by fertiliser, oil and gas, and electricity firms to build transportation pipelines are expected to propel this segment. For example, the Indian Oil Corporation (IOCL) stated in December 2021 that it will invest INR 9,028 crore (about USD 1,105.6 million) to build a new crude pipeline from Mundra (Gujarat) to Panipat (Haryana), India. Also, because of their affordable costs and mediocre performance, ERW pipes and tubes are becoming increasingly popular in the market. The segment's growth is significantly aided by contemporary welding technologies like high-frequency welding, which are being incorporated into the process of creating ERW pipes and tubes.
Our in-depth analysis of the global steel pipes market includes the following segments:
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Technology |
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Material |
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Type |
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End-User |
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Application |
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APAC Market Forecast
Steel pipes market in the Asia Pacific region is expected to hold 27% of the revenue share by 2036. The growth of the region is due to the existence of sizable manufacturing and petrochemical industries, nations like China, South Korea, India, and Japan are credited with a big portion of the market share. These nations are major consumers of steel pipes and tubes. China's production of crude steel reached a remarkable 536 million tonnes in the first half of 2023, up 1.3% year over year, according to figures issued by the National Bureau of Statistics. On the other hand, there was a 1.9% decline in the apparent consumption of crude steel during the same period.
Middle East & Africa Market Statistics
Steel pipes market in middle east & Africa region is predicted to hold second largest share of about 25% during the forecast period. The growth of the region is due to increasing private sector investment in the establishment of new petrochemical facilities, the Middle East and Africa region is expected to have moderate growth throughout the projection period. For example, the Saudi Arabian Ministry of Energy approved Alujain Corporation's application to develop a new petrochemicals project in Yanbu Industrial City in November 2022.
Author Credits: Richa Gupta, Harshita Srivastava
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