Carbon Steel Pipe Fittings Market Growth & Trends
The global carbon steel pipe fittings market size is expected to reach USD 10.39 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.7% from 2022 to 2030. Moderate oil & gas exploration activities along with the rise in demand for petrochemical products are expected to assist the market growth. `
Investments associated with oil & gas exploration activities are expected to boost the demand for carbon steel pipe fittings in transportation and storage applications. For instance, In May 2022, Oil & Natural Gas Corporation (ONGC) announced an investment of USD 4.00 billion for exploration activities over the next 4 years. This is an increase of 150% in exploration expenditure compared to USD 2.70 billion from 2019 to 2022.
Investments in water infrastructure in emerging countries such as India are anticipated to drive demand for carbon steel fittings during the forecast period.In 2019, the Government of India announcedan investment of USD 270 billion over the next 15 years for the expansion of water infrastructure. The projects under this investment include Namami Gange, river-linking, piped water supply, and Pradhan Mantri Krishi Sichai Yojna.
Demand for fittings in hydro and other energy plants is also anticipated to boost the market growth in the long run. For instance, as reported by International Energy Agency (IEA), India is set to add around 26,000 megawatts (MW) of hydropower facilities by 2030. The installed capacity of hydropower projects was 46,209 MW as of July 2021. Financial aids for infrastructure expansion and flood control are likely to benefit the expansion of such facilities.
Investments in chemical production industries are anticipated to benefit the demand for carbon steel pipe fittings market during the forecast year. For instance, in October 2021, Sabic, a Saudi Arabia-based petrochemical company announced the investment of USD 1.00 billion at its Teesside plant. The company aims to reduce 60% of its carbon footprint through this project and wants to strengthen its position as the lowest carbon-emitting crackers.
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