Steel Pipes & Tubes Market To Reach $192.60 Billion By 2030

Steel Pipes & Tubes Market Growth & Trends

The global steel pipes & tubes market size is expected to reach USD 192.60 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.1% from 2024 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, in view of 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 growth of CAGR 7.2% in terms of revenue across the forecast period. Rising investment in chemicals & petrochemicals and the power industry is expected to drive the market growth. For instance, in September 2023, China-based Dushanzi Petrochemical Corp commenced construction of a ~USD 3 billion petrochemical complex in Xinjiang. The operations at this new plant are anticipated to begin in 2026.

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.

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Steel Pipes & Tubes Market Report Highlights

• Based on technology, ERW is anticipated to register a growth rate of 6.3% across the forecast period. The growth is attributed to its cost-efficient manufacturing process

• Based on application, the chemicals & petrochemicals is anticipated to grow at a CAGR of 6.1% from 2024 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 2023 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 in the coming years. For instance, as of January 2024, ~41,999 miles of pipeline are under construction, and 80,557 miles are in planning stage, as per the Pipeline & Gas Journal

Steel Pipes & Tubes Market Segmentation

Grand View Research has segmented the global steel pipes & tubes market based on technology, application, and region:

Steel Pipes & Tubes Technology Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Seamless

• Electric Resistance Welded

• Submerged Arc Welded

Steel Pipes & Tubes Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Oil & Gas

• Chemicals & Petrochemicals

• Automotive & Transportation

• Mechanical Engineering

• Power Plant

• Construction

• Others

Steel Pipes & Tubes Regional Outlook (Volume, Kil0tons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • Russia

  • France

  • Italy

• Asia Pacific

  • China

  • India

  • Japan

  • Indonesia

  • Philippines

• Central & South America

  • Brazil

• Middle East & Africa

  • Saudi Arabia

List of Key Players of Steel Pipes & Tubes Market

• ArcelorMittal

• United States Steel

• Nippon Steel Corporation

• Tata Steel

• Jindal Steel & Power Ltd.

• Rama Steel Tubes Limited

• Steel Authority of India Limited (SAIL)

• Hyundai Steel

• AM/NS INDIA

• VALLOUREC

• EVRAZ plc

• ThyssenKrupp AG

• JFE Steel Corporation