PUBLISHER: SkyQuest | PRODUCT CODE: 1205826
PUBLISHER: SkyQuest | PRODUCT CODE: 1205826
Global Cold Drawn Seamless Steel Pipes Market was valued at USD 12 billion in 2021 and it is expected to reach a value of USD 20.7 billion by 2028, at a CAGR of 8.1% over the forecast period (2022-2028).
The market for cold drawn seamless steel pipes is expanding primarily due to the rising demand for seamless pipes in the oil and gas industry. Additionally, it is anticipated that the expansion of offshore spending and recent oilfield finds would offer the market's players significant growth prospects. The emergence of new replacements and trade protectionism, however, present obstacles to the market's expansion.
Top-down and bottom-up approaches were used to estimate and validate the size of the global cold drawn seamless stell pipes market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global cold drawn seamless steel pipes market is segmented on the basis of product, production process, end-use, application, and region. By product, the market is segmented into carbon steel, alloy steel, stainless steel, and others. By production process, the market is categorized into cross roll piercing & Pilger rolling, continuous mandrel, and multi stand plug mill. By end-use, the market is classified into oil & gas, automotive, power generation, and others. Based on application, the market is segmented into Precision Instrumentation, Boiler Tubes, Heat Exchanger Tubes, Hydraulic Applications, Fluid Transfer Lines, Rifled Tubes, Bearing Pipes, Mining Applications, Automotive Applications, and General Engineering Applications. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
One of the biggest markets for cold drawn seamless steel pipes is the oil and gas industry.
The world's top producers and users of oil and gas include the United States, China, Japan, India, and Germany. The U.S. Energy Information Administration reports that as of March 2022, the country's oil production was 11.7 million barrels per day. The nation also produces the most oil in the entire world. According to data from the U.S. Energy Information Administration (2021), the U.S. consumed 20% of the world's oil in 2019, compared to the country's 20% share of worldwide oil production in 2020. The country's oil and gas industry is likely to expand, increasing demand for seamless steel pipes and driving up cold steel prices.
The main factor anticipated to hinder the global market for cold drawn seamless steel pipes during the projected period will be volatility in the pricing of raw materials used in the production of seamless steel pipes, such as structural alloy sheets and structural carbon sheets. The expansion and growth of the global market are also being hampered by the absence of innovative manufacturing processes in a number of small-to-medium-sized economies worldwide.
Since they are utilized as line pipes to transport fluids like oils and chemicals throughout end-use industries, cold drawn seamless steel pipes have enormous potential in the global manufacturing sector. Market expansion is being supported by the rising need for oil and gas to meet the demands of the expanding population in the oil and gas, infrastructure & construction, power generation, automotive industries, and fast urbanization sectors.