PUBLISHER: The Business Research Company | PRODUCT CODE: 1409548
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409548
“Iron And Steel Pipe And Tube Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on iron and steel pipe and tube market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for iron and steel pipe and tube? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The iron and steel pipe and tube market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Iron pipes and tubes are circular tubular devices used for the distribution of fluids and gases. Steel pipes and tubes, on the other hand, are long, hollow tubes utilized for various purposes, including controlled fuel injection and car suspension systems. They offer flexibility under extreme conditions, helping prevent spills or leaks.
The main types of iron and steel pipes and tubes are seamless and welded. Seamless pipes and tubes are those without welding seams. These pipes and tubes are made from various materials, including steel and alloys, copper and alloys, aluminum and magnesium alloys, nickel and alloys, among others. They find applications in various industries, serving end-users such as oil and gas, power generation, automotive, aviation, construction, the process industry, and others.
The iron and steel pipes and tubes market research report is one of a series of new reports from The Business Research Company that provides iron and steel pipes and tubes market statistics, including iron and steel pipes and tubes industry global market size, regional shares, competitors with an iron and steel pipes and tubes market share, detailed iron and steel pipes and tubes market segments, market trends and opportunities, and any further data you may need to thrive in the iron and steel pipes and tubes industry. This iron and steel pipes and tubes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The iron and steel pipe and tube market size has grown steadily in recent years. It will grow from $200.15 billion in 2023 to $207.95 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth observed in the historical period can be attributed to infrastructure development projects, industrialization, and economic growth, as well as activities related to oil and gas exploration. Government investments, along with urbanization and a construction boom, have also played a significant role in contributing to the growth of iron and steel pipes and tubes during this period.
The iron and steel pipe and tube market size is expected to see steady growth in the next few years. It will grow to $236.52 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. The anticipated growth in the forecast period can be attributed to an increased focus on renewable energy projects, upgrades in water and wastewater systems, initiatives promoting green building practices, changes in global trade dynamics, and infrastructure resilience projects. Major trends expected in the forecast period include technological advancements, a growing demand in the construction sector, an increased focus on sustainable practices, advancements in coating technologies, and continuous technological innovations in material composition.
The anticipated increase in oil and gas production is set to drive the growth of the iron and steel pipes and tubes market. The oil and gas sectors encompass various activities related to hydrocarbon exploration, development, drilling, production, refining, and transportation. Iron and steel pipes and tubes play a crucial role in the oil and gas industry, ensuring the safe transport of liquids such as oil and gas due to their strength and ability to withstand extreme temperatures. As of March 2023, the Energy Information Administration (EIA) reported a rise in oil and gas production from 99.4 million barrels per day (b/d) in 2022 to 100.9 million b/d in 2023, highlighting the driving force behind the iron and steel pipes and tubes market.
The expanding demand within the construction industry is poised to be a significant factor propelling the growth of the iron and steel pipes and tubes market. Embracing diverse activities, the construction industry involves planning, design, and execution of structures and infrastructure projects. Iron and steel pipes and tubes are integral components in construction, offering strength, versatility, and durability, along with cost-effectiveness and recyclability. A report by Oxford Economics in September 2021 projected a 42% increase in global construction output by 2030, reaching USD 15.2 trillion. The surge in construction demand is thus contributing to the growth of the iron and steel pipes and tubes market.
A prominent trend gaining traction in the iron and steel pipes and tubes market is technological advancement. Major industry players are channeling efforts into developing innovative products to strengthen their market position. An example of this is Hypertherm Inc.'s launch of Rotary Tube Pro 3 in February 2021. This tube and pipe cutting software, designed for machines with a rotary axis, allows cutting along a common line, enhancing material utilization and consumable life.
Environmentally friendly products have become a focal point for major companies in the iron and steel pipes and tubes market, aiming to drive revenues while prioritizing sustainability. Environmentally friendly pipes and tubes are manufactured using sustainable practices, reducing carbon emissions and resource consumption. For instance, Prince Pipes and Fittings Limited introduced Prince OneFit with Corzan CPVC technology in August 2021. This product serves as a cost-effective and eco-friendly alternative for pipes, particularly in scenarios where factors such as heat, UV protection, flame resistance, and corrosion resistance are critical. The innovative system offers high performance, combating corrosion and minimizing downtime, thus contributing to uninterrupted production.
In July 2022, Tenaris S.A. further solidified its presence by acquiring Benteler Steel & Tube Manufacturing Corporation, a move that expanded Tenaris' product line and local manufacturing capabilities in the United States. This acquisition positioned Tenaris as a prominent player in the seamless steel pipe manufacturing sector.
Major companies operating in the iron and steel pipe and tube market report are Nippon Steel Corporation, US Steel Tubular Products Inc., Sandvik AB, Zaffertec SL, ArcelorMittal SA, United Metallurgical Company JSC, Samuel Associated Tube Group, Tubos Reunidos SA, Sumitomo Corporation, ChelPipe Group, Wheatland Tube Company, Aaditya Stainless Pvt. Ltd., Anand Seamless Tubes Pvt. Ltd., Bhuwalka Pipes, AK Steel Holding Corporation, American Cast Iron Pipe Company, Ansteel Group Corporation Limited, Baoshan Iron and Steel Co. Ltd., Baotou Iron and Steel Group Co. Ltd., Borusan Mannesmann Boru Sanayi ve Ticaret AS, China Baowu Steel Group Corp. Ltd., Choo Bee Metal Industries Berhad, Hebei Iron and Steel Group Co. Ltd., Hunan Standard Steel Co. Ltd., JFE Holdings Inc., Jiangsu Changbao Steel Tube Co. Ltd., Jindal Steel & Power Ltd., Maharashtra Seamless Limited, Mannesmann Stainless Tubes GmbH, Maruichi Steel Tube Ltd., Northwest Pipe Company, Nucor Corporation, Pohang Iron and Steel Company, Ratnamani Metals & Tubes Ltd., Shandong Iron and Steel Group Co. Ltd., Tata Steel Limited, Tenaris S.A., Tianjin Pipe (Group) Corporation, TMK Group, United States Steel Corporation, Vallourec S.A., Welspun Corp Limited .
Asia-Pacific was the largest region in the iron and steel pipes and tubes market in 2023. The regions covered in the iron and steel pipe and tube market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the iron and steel pipe and tube market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The iron and steel pipe and tube market consists of sales of carbon steel, stainless steel, and alloys. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.