Steel Pipe Market By Product (Seamless Pipes and Welded Pipes), Material (Carbon Steel Pipes, Stainless Steel Pipes, and Others), End Use (Oil & Gas, Automotive, Chemical, Wastewater Treatment, Power Generation, Others) and Region - Market Perspective, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast for 2023 – 2032

Market Perspective

The global Steel Pipe Market size was worth around USD 124.7 billion in 2022 and is anticipated to grow to around USD 207.8 billion by 2032 at a CAGR of around 5.2% between 2023 and 2032.

One of the main drivers for market growth is the increase in construction activities, which has been fueled by the rising global population. Steel pipes are widely used for transporting gas and liquids in the oil and gas sector, contributing to the steel pipe market share. The production of steel pipes is mainly based on two materials: alloy steel and carbon steel. The usage of steel pipes for transporting water, oil, and gas has emerged as a common trend and is expected to fuel long-term growth in the market. Moreover, the industrial use of steel pipes is growing, which further enhances their market prospects.

Structural steel pipes are in high demand in end-user industries that require constant operating conditions. These pipes are also cost-effective compared to other types of pipes and tubes, which drives up their demand in the global market. The overall effect of these factors is expected to provide a favorable environment for the growth of the steel pipe market over the forecast period.

In addition, steel pipes are highly resistant to water corrosion, making them a popular choice for piping applications. The use of metal and alloy-based materials in manufacturing these pipes ensure they can withstand high temperatures, corrosion, and cracking, and have high strength. With the growth of commercial and residential buildings, there is a greater need for such welded pipes, and the intensive architectural implementation has contributed to an increased adoption rate.

 Key Insights

• Based on the product, the seamless pipes segment held the largest market share
• Based on material, the stainless steel pipes segment generated the highest revenue
• Based on end-use, the oil & gas products segment generated the highest revenue
• On the basis of region, North America accounted for the largest market share

Availability of Technically Advanced Pipes to Improve its Strength and Durability Augments the Market Growth

The steel pipe market is expected to experience significant growth due to the increasing investment in research and product development aimed at enhancing manufacturing facilities with advanced products. Industrial automation and robotics are finding impressive applications in the steel industry, and the ongoing advancements from SMEs and increased R&D in this area are expected to further expand the market share and revenue.

To enhance automation in the steel pipe factory, ongoing research is being conducted on the design and development of spiral steel pipe manufacturing machine components, pipe transfer systems, and non-destructive testing systems. Moreover, artificial intelligence is being applied to enable predictive maintenance and support decision-making in the factory toward Industry. These efforts toward the expansion of the manufacturing plant have led to overall growth in the market.

Growing Construction Industry Drives the Market Growth

The construction sector has undergone a revolution with the use of steel pipes, owing to their durability, strength, and resilience to harsh weather conditions. Over the past decade, steel pipes have been widely used in the construction industry and are utilized in a variety of industries, including sculpture, offering numerous benefits in both home and commercial buildings.

With the emerging government regulations aimed at improving infrastructure and real estate, the demand for steel pipes is expected to increase, propelling the expansion of the region's building sector and the market for welded pipes. Welded pipes are widely used in building structures, which promotes the expansion of the construction industry.

Fluctuations in Raw Material Price Pose a Challenge for the Market Growth

The steel pipe market faces a significant challenge due to fluctuations in raw material prices. Seamless steel pipes, commonly used as a structural component for fluid transfer, are made of carbon, low-alloy, or alloy structural steel. The COVID-19 pandemic has caused steel mills to close, affecting steel supply and production, and leading to a decline in supply that has significantly impacted raw material prices. China, one of the world's largest steel producers, has imposed high export tariffs on various raw materials, causing an increase in commodity costs and their variability.

This variability in raw material prices has resulted in welded pipe companies facing variable costs of raw materials, which raises the price of final products. Thus, the fluctuations in raw material prices are expected to impact the growth of the global steel pipe market during the forecast period.

Recent Developments

In February 2023: Borusan Mannesmann announced to start of construction of a new steel pipe plant in Romania to meet the needs of the automotive customers with a USD 16.3 million facility has 800 square meters.

In January 2023: Huadi International Group Co., Ltd entered into a strategic partnership agreement with Huanqiu Contracting and Engineering Co., Ltd to supply seamless stainless steel pipes to Huanqiu and its subsidiaries as part of the procurement process for contract construction projects.

Segmental Analysis

By product type, the market is bifurcated into two types of steel pipes namely seamless and welded. Seamless steel pipes are made by heating and punching a blank, which is then formed into a tube section. These pipes are widely used in industries such as oil and gas, power generation, chemicals and petrochemicals, and mechanical engineering. The demand for seamless pipes is driven by their high strength and pressure ratings, better design uniformity, and durability, making them ideal for heavy-duty applications such as the oil & gas sector and water supply infrastructure. On the other hand, welded pipes are made by welding steel plates or coils end to end, and are widely used in various applications such as construction, automotive, and infrastructure.

Based on material, the market is segmented into carbon steel pipes, stainless steel pipes, and others. Among these, the stainless steel pipes segment dominates the market owing to its superior corrosion resistance properties. Stainless steel is an alloy of steel and chromium, and its addition improves the corrosion resistance of the material, making it ideal for use in various applications such as chemical, petrochemical, and food processing industries.

Based on end-user, the market is classified into various industries such as oil & gas, automotive, chemical, wastewater treatment, power generation, and others. The oil & gas segment is the most dominant segment as it requires tubular products that can withstand high pressure, corrosive environments, and mechanical stress. As a result, steel pipes are extensively used in various applications in the oil & gas industry, including upstream, midstream, and downstream operations.

The automotive industry is also a significant end-user of steel pipes, which are used in the manufacture of exhaust systems, fuel injection systems, and structural components of vehicles. Additionally, steel pipes are widely used in other industries such as construction, infrastructure, and water treatment.

Asia Pacific is Dominating the Market Share Due to the Growing Industrialization In the World

Steel pipes are a critical component in various industries, and the demand for them is on the rise. While the global steel pipe market is expected to grow at a steady pace, the Asia Pacific region is currently dominating the market share. The region's steel pipe market is expected to continue its growth trajectory owing to rapid industrialization, urbanization, population growth, and industrial expansion, particularly in developing countries like China, Japan, South Korea, Southeast Asia, and India. These countries have huge manufacturing, petroleum, and petrochemical sectors, making them essential consumers of steel pipe products. Moreover, as most steel pipe suppliers are expanding into the equipment market, their supply chain management, increased transportation, and trade have contributed to their market dominance in the Asia Pacific region.

Manufacturers of seamless steel pipes, in particular, are utilizing seamless pipes for various applications in the infrastructure and construction industry, and the markets of China, India, South Korea, and Japan have become important production centers due to their strong development potential and steel production capacity. The increasing demand for structural steel pipes, which can use stainless steel and have a long life, is further driving the market growth.

Additionally, steel pipes' excellent features, such as reliability and durability, are also increasing demand. In the automotive industry, the effective growth in demand for structural tubes is creating more growth opportunities for the market.

North America is the Fastest Growing Market Owing to the Rising Government Support

North America is the fastest-growing market due to the proliferating demand for steel pipes, especially in the United States, which is experiencing strong economic growth driven by government fiscal action. This led to increased oil and gas production and high levels of manufacturing activity in the region. The United States has traditionally been a significant producer of oil and gas, with the country's oil reserves increasing to more than 76 billion barrels and natural gas reserves to 521 trillion cubic feet in 2021. This has contributed to strong economic growth, which is further boosted by government-led fan management, leading to a high level of corporate trust.

The demand for steel pipes in sprinklers and the high oil and gas industry in North America is also expected to promote the growth of the North American steel pipe market during the forecast period. The region's construction sector has also seen significant growth due to increased real estate investments by construction companies. As business centers become overcrowded, the construction of commercial buildings such as complexes and offices increases, thereby creating a demand for new complexes and uplifting steel pipe market growth.

Competitive Landscape

• AD Ports Group
• Borusan Mannesmann
• HUADI INTERNATIONAL GROUP CO., LTD.
• Tenaris
• Tata Steel
• NIPPON STEEL CORPORATION
• Steel Pipe Sourcing
• TIANJIN PIPE INTERNATIONAL ECONOMIC & TRADING CORPORATION
• HYUNDAI STEEL
• ArcelorMittal S.A.
• thyssenkrupp AG

The global steel pipe market is segmented as follows:

By Product

• Seamless Pipes
• Welded Pipes

By Material

• Carbon Steel Pipes
• Stainless Steel Pipes
• Others

By End Use

• Oil & Gas
• Automotive
• Chemical
• Wastewater Treatment
• Power Generation
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Reunion
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America