USD 72451.7 million
Report ID:
SQMIG20C2078 |
Region:
Global |
Published Date: February, 2024
Pages:
281
|Tables:
127
|Figures:
77
Cold Drawn Seamless Steel Pipes Market size was valued at USD 75859.22 Million in 2023 and is poised to grow from USD 79523.22 Million in 2024 to USD 116177.65 Million by 2032, growing at a CAGR of 4.83% during the forecast period (2025-2032).
Continuously growing demand from oil & gas sector for seamless pipes along coupled with the rising number of new oilfield discoveries and rise in offshore spending are key factors anticipated to drive the growth of the Global cold drawn seamless steel pipes market over the forecast period. In addition, aging pipe infrastructure requires the replacement and changing in existing pipelines because aged pipeline has more chances to leak and corrosion, therefore several large service providers and operators of the market are heavily investing in pipeline replacement and innovation, which is likely to propel growth of the Cold Drawn Seamless Steel Pipes Market at a significant growth rate over the coming years.
For instance, in February 2022, China announced their plan to renovate 20,000 kilometers of its aging gas pipelines after blasts in Chongqing, in Southwestern China, in the same month. These types of developments are projected to boost the growth of the global Cold Drawn Seamless Steel Pipes Market over the forecast period.
Moreover, wide range of features and benefits provided by steel pipes like corrosion resistance and metallurgical strength are ideal for various sectors including pharmaceuticals, gas, chemicals, and heat exchangers, which is likely to be other key fueling the adoption and growth of the global cold drawn seamless steel pipes market over the forecast period.
US Cold Drawn Seamless Steel Pipes Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 72451.7 million
Largest Segment
Oil & Gas
Fastest Growth
Automotive
Growth Rate
4.83% CAGR
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Global cold drawn seamless steel pipes market is segmented on the basis of product, production process, end-use, application, and region. By product, the Cold Drawn Seamless Steel Pipes Market is segmented into carbon steel, alloy steel, stainless steel, and others. By production process, the Cold Drawn Seamless Steel Pipes Market is categorized into cross roll piercing & Pilger rolling, continuous mandrel, and multi stand plug mill. By end-use, the Cold Drawn Seamless Steel Pipes Market is classified into oil & gas, automotive, power generation, and others. Based on application, the Cold Drawn Seamless Steel Pipes 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 Cold Drawn Seamless Steel Pipes Market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Cold Drawn Seamless Steel Pipes Market Analysis by Production Process
By production process, the cross-roll piercing & pilger rolling segment held the largest market largest market share in 2021. Rising need for high quality surface finish coupled with the maximum productivity of products and several advantages of this process such as uniform macro and microstructure in cross-cut section of forged part are major factors driving the segment growth.
However, the continuous mandrel rolling segment is likely to grow fastest throughout the forecast period, that is simply attributed to the growing need for reducing the outside diameter and thickness of wall during the production process and the high demand for hydraulically positioned rolls to get high and improved output are key factors likely to drive the growth of the segment market in the coming years.
Cold Drawn Seamless Steel Pipes Market Analysis by End-Use
By end-use, the oil & gas sector accounted for the highest market share in 2021 and is likely to retain its position over the forecast period. Growing number of government initiatives and investments for several type of upstream operations including onshore and offshore drilling, midstream operations, and various general plumbing applications in the oil & gas industry are major factors influencing the growth and demand for segment market at a strong growth rate.
Furthermore, the automotive segment is anticipated to witness fastest growth rate over the forecast period due to the increasing penetration of seamless steel pipes in several automotive applications. The chassis and support frame of the electric vehicles are made from seamless steel pipes, because it has high pressure resistance, high hardness, and corrosion & wear resistance, which can ensure the stability and balance of electric vehicles. Thus, these types of benefits associated with seamless steel pipes are attracting electric vehicles manufacturers to opt for seamless steel pipes and is projected to fuel the adoption among large automotive manufacturers across the world.
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Globally, Asia Pacific dominated the cold drawn seamless steel pipes market and is expected to maintain its dominance throughout the forecast period. Rapid growth in industrialization and extensive rise in the transportation sectors coupled with the growing oil & gas industry are key factors projected to drive the growth of the regional market. Moreover, a tremendous rise in the construction projects mainly in developing countries including India and China are likely to boost the demand for seamless steel pipes in the region.
The North America market is witnessing growth at fastest CAGR during the forecast period owing to high usage of these pipes in automotive sector applications like automobile exhausts systems, cylinder blocks, liquid storage cylinders, and high-strength fasteners. In addition, high technological advancements and presence of many large market players such as American Piping Products Inc., U.S. Steel Tabular Products Inc., and Chicago Tube and Iron Company are likely to have a positive impact on the demand and growth of the regional market over the coming years. For instance, American Piping Products Inc., announced the expansion of its North Houston Rosslyn steel pipe yard and processing center. The new expansion will add approximately 10 acres to the existing facility.
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Cold Drawn Seamless Steel Pipes Market Drivers
Growing popularity of Seamless Steel Pipes in Oil and Gas Sector
Cold Drawn Seamless Steel Pipes Market Restraint
High Cost to Hamper Market Growth
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Global cold drawn seamless steel pipes market is highly fragmented in nature with the existence of many well-known international and regional market players operating around the globe. Key companies of the market are increasing their investment in research & development activities and introduction to new and innovated product launches to cater to the growing consumer demand and expand their market reach to stay ahead of its competitors.
Cold Drawn Seamless Steel Pipes Market Top Player’s Company Profiles
Cold Drawn Seamless Steel Pipes Market Recent Developments
Numerous Properties of Seamless Steel Pipes to Benefit Market
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global cold drawn seamless steel pipes market is witnessing a significant growth over the forecast period owing to the growing adoption of steel pipes in several end-use industries along with the increasing focus of several large market players and government bodies to renovate the existing pipelines. Moreover, improved product efficiency, larger movements of section modulus are likely to propel the demand of the market over the coming years. However, concerns associated with these seamless steel pipes like internal folding, crushing, separation, and scarring are anticipated to hinder the global market growth in the coming years.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 75859.22 Million |
Market size value in 2032 | USD 116177.65 Million |
Growth Rate | 4.83% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Million |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
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Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Cold Drawn Seamless Steel Pipes Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cold Drawn Seamless Steel Pipes Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cold Drawn Seamless Steel Pipes Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Report ID: SQMIG20C2078
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