Steel Pipes & Tubes Market Size, Share & Trends Analysis Report By Technology (Seamless, ERW), By Application (Oil & Gas, Power Plant, Automotive & Transportation, Mechanical Engineering), By Region, And Segment Forecasts, 2023 - 2030

Steel Pipes & Tubes Market Size, Share & Trends Analysis Report By Technology (Seamless, ERW), By Application (Oil & Gas, Power Plant, Automotive & Transportation, Mechanical Engineering), By Region, And Segment Forecasts, 2023 - 2030

Steel Pipes & Tubes Market Growth & Trends

The global steel pipes & tubes market size is anticipated to reach USD 247.90 billion by 2030, according to a new report by Grand View Research, Inc., and is estimated to grow at a CAGR of 3.7% from 2023 to 2030. Increasing investment by governments across the world to improve the water system is expected to propel the demand for steel pipes & tubes over the forecast period. In March 2022, given the increasing concern over drinking water contamination in certain parts of the country, the U.S. EPA announced that it would release a USD 50 billion fund to be used for the development of clean water infrastructures. Such investments are expected to fuel the market growth in water treatment applications over the forecast period.

In the oil & gas industry, steel pipes & tubes are used for a wide range of applications, such as concrete pilings, conveyor belt roller bearings, or wall thickness. This application segment is expected to maintain its dominance across the forecast period, as increasing investment in offshore exploration & production is further aiding the product demand.

For instance, in June 2022, the Netherlands and Germany jointly announced that they would drill a new gas field in the North Sea. The first gas from the field is anticipated to be generated by the end of 2024. This is expected to positively impact the market growth over the forecast period.

Based on region, Asia Pacific is expected to register the fastest CAGR of 4.5% in terms of revenue over the forecast period. Rising investment in chemicals & petrochemicals and the power industry is expected to drive the market growth. For instance, in July 2022, BASFSE announced making an investment of nearly USD 10 billion in the petrochemical project in China by 2030.

Capacity expansion is one of the key strategic initiatives that is adopted by market players to keep pace with competitors. For instance, Rama Steel Tube Ltd. completed a capacity expansion in February 2023 at its plant in Khopoli, India. It is a 30,000 MT expansion for special-grade structural steel and high-thickness tubes. Operations are expected to begin in Q4 FY2023. The plant will cater to the demand for automobiles, infrastructure, and the solar sector.

Steel Pipes & Tubes Market Report Highlights

• Based on technology, the ERW segment is anticipated to register the fastest CAGR of 4.2% over the forecast period. The growth is attributed to its cost-efficient manufacturing process
• Based on application, the chemicals & petrochemical segment is anticipated to grow at the fastest CAGR of 3.9% from 2023 to 2030. Steel pipes & tubes find use in petrochemical processing plants for refining processes owing to their characteristics such as high oxidation and corrosion resistance
• Based on region, North America held the second-largest revenue share in 2022 of the global market. The growth is anticipated to be driven by increasing investment in offshore oil & gas production
• Increasing investment in the construction of pipeline networks to supply oil and gas is expected to propel the demand for steel pipes over the forecast period. For instance, in December 2021, Indian Oil announced an investment of USD 1.19 billion for the construction of a new crude oil pipeline in India

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