Seamless Pipe Market Competitive Landscape, Growth Factors, Revenue Analysis, 2017–2027
The global Seamless Pipe market is forecast to reach USD 302.69 Billion by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand from the oil and gas industries majorly with the growing needs for superior performance benefits, including the ability to withstand high temperature, high-pressure, and high mechanical stress. However, seamless pipes are valued generally higher than the crease weld pipes inferable from their unpredictable assembling process needing high initial investments are likely to hamper the demand for the Seamless Pipe market.
Rapid urbanization has changed the way of life of the individuals and, thus, has expanded the pervasiveness of the oil and gas industry for commercial purposes over a broad aspect, therefore, augmenting the market demand. Furthermore, low consumer awareness and fluctuating oil prices, which results in price variations of polymers, is expected to attract the attention of new players in the industry, thus increasing the threat of new entrants in the market anticipating to hinder the growth of the market.
The use of Seamless Pipe is supported by the Ministry of Steel, Heavy Industries, & Public Enterprises, Ministry of Rural Development, Ministry of Petroleum and Natural Gas, and Department of Commerce (Commerce) of the Indian Government, as the seamless pipe market in India, is among the major contributor to the manufacturing sector, thus creating a demand for the product in the market. Indian Government permits Oil and Natural Gas Corporation (ONGC) to import seamless steel pipes for government projects. India’s Domestically Manufactured Iron & Steel Products (DMI&SP) Policy previously mandated that all government programs must use domestic steel. Moreover, other nations such as China, Japan, and the United States are also supported by their respective Government, which help them to withhold their position in the market and raise the potential to increase expenditure in the Seamless Pipe sector. The Asia Pacific region is forecasted to grow with the highest growth rate owing to the increase in the use of Seamless Pipe.
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Top Players Analyzed in the Report are:
- Maharashtra Seamless Ltd. (MSL)
- United Metallurgical Company
- Kamal Steel
- IPP Group
The COVID-19 impact:
As the COVID-19 crisis grows, manufacturers are quickly changing their practice and purchasing priorities to meet the required demand of a pandemic, which has cut the need for seamless pipes in the market. Over a couple of months, there will be a series of both positive and negative shocks, as manufacturers and their suppliers respond to providers changing needs. With an unfortunate global situation, the export-dependent economies of many regions look vulnerable. Global Seamless Pipe market is reshaped by the effects of this pandemic, as some suppliers are either shutting down or reducing their output, due to a lack of demand from the downstream market. While some are having their production suspended by the governments of their respective nations as a precautionary measure to combat the spread of the virus. In certain regions, markets are focusing on becoming more localized, by looking at the severity of the outbreak, and the consequent actions by the individual national authorities. Under these circumstances, market conditions in Asia Pacific regions have been very fluid, declining weekly, making it challenging to stabilize itself.
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Further key findings from the report suggest
- Based on material, Copper Alloys are expected to grow with a CAGR of 5.3% in the forecast period owing to its fundamental characteristics, which include weldability, flexibility, and conductivity, thereby making it appropriate to use for a variety of applications.
- The Cross-Roll Piercing and Pilger Rolling process are expected to grow with a CAGR of 5.4% in the forecasted period, as it produces high-quality tubes with flawless surfaces and high dimensional accuracy.
- The oil & gas sector is the major contributor to the Seamless Pipe market, which forecasted to USD 139.84 billion by 2027. The oil & gas industry of the Asia Pacific region is the major shareholder of the Seamless Pipe market, holding around 47.0% of the market in the year 2019.
- The Asia Pacific dominated the market for Seamless Pipe. The consistent focus of the region on cost-effective and innovative procedures adopted in the area is driving the market. According to studies, the Asia Pacific region holds approximately 59.0% of the Seamless Pipe market, followed by North America, which contains around 19.6% market by area in the year 2019.
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For the purpose of this report, Reports and Data have segmented into the global Seamless Pipe market on the basis of materials, production process, application, and region:
Material Outlook (Revenue, USD Billion; 2017-2027)
- Steel Alloys
- Copper Alloys
- Nickel Alloys
Production Process Outlook (Revenue, USD Billion; 2017-2027)
- Continuous Mandrel Rolling
- Multi-stand plug mill
- Cross-roll piercing & Pilger rolling
Application Outlook (Revenue, USD Billion; 2017-2027)
- Oil & Gas
- Building & Construction
- Power Generation
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
Benefits of Global Seamless Pipe Market Report:
- Comprehensive analysis of the changing market dynamics
- A futuristic outlook on different factors influencing the market
- An 8-year forecast of the market growth and expected revenue growth
- Ease of understanding of the market, key segments, and their future growth
- In-depth analysis of the competitive landscape to give an advantageous edge for the companies
- Extensive insight into the market with in-depth analysis of the segmentation
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