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Aug 19, 2023

Seamless Steel Tubes Market to Reach $84,888.83 Million, Globally, by 2032 at 6.3% CAGR: Allied Market Research

News provided by 16 Aug, 2023, 11:17 ET Share this article The growth of the global seamless steel tubes market is driven by growth in steel industry surging seamless tube consumption, and automotive

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16 Aug, 2023, 11:17 ET

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The growth of the global seamless steel tubes market is driven by growth in steel industry surging seamless tube consumption, and automotive and construction sectors strengthening for seamless steel tube industry.

PORTLAND, Ore., Aug. 16, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Seamless steel tubes market by Material (Carbon Steel, Stainless Steel, Alloy Steel, and Others), by Process (Cold Rolled, and Hot Rolled), and by End-User (Oil and Gas, Automotive, Construction, Energy and Power, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global seamless steel tubes market was valued at $45,528.0 million in 2022, and is projected to reach $84,888.83 million by 2032, registering a CAGR of 6.3% from 2023 to 2032.

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A seamless steel tube is typically having lighter weight and thinner walls than other types of pipes. This specific kind of hollow cylindrical structure finds an array of applications across several industries including automotive, oil & gas, chemical, petrochemical, mechanical & structural, power, refinary, and others.

Prime determinants of growth

Seamless tubes are a specialized product category with explosive demand in the rapidly expanding steel industry. Several industries, including oil & gas, construction, automotive, and manufacturing, depend heavily on seamless tubes. There is a growth in need for seamless tubes in the plumbing, heating, and structural industries due to robust growth of the building industry in both residential and commercial projects. In addition, seamless steel tubes are widely used in automotive applications, especially in exhaust systems where they provide greater performance, high-temperature resistance, and increased fuel efficiency. Furthermore, the need for seamless steel tubes in battery enclosures and other EV components is being fueled by the growth in focus on electric cars (EVs). Price fluctuations for raw materials such as iron ore and scrap metal have a direct effect on the total cost of manufacturing seamless steel tubes. Steel producers have invested in innovative furnace technologies that reduce greenhouse gas emissions and boost energy efficiency in response to growth in environmental concerns and regulatory efforts to reduce emissions. Such trends are expected to offer remunerative opportunities for the expansion of the seamless steel tubes market during the forecast period.

Report coverage & details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$45,528.0 million

Market Size in 2032

$84,888.83 million

CAGR

6.3 %

No. of Pages in Report

240

Segments covered

Material, Process, End User and Region.

Drivers

Growth in steel industry surging seamless tube consumption.

Automotive and construction sectors strengthening for seamless steel tube market.

Opportunities

Investment in low-emission furnaces.

Restraints

High cost of seamless tube raw material.

Covid-19 Scenario

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The carbon steel segment to maintain its leadership status throughout the forecast period.

Based on material, the carbon steel segment held the highest market share in 2022, accounting for more than one-third of the global seamless steel tubes market revenue and is estimated to maintain its leadership status throughout the forecast period. In addition, the carbon steel segment is projected to manifest the highest CAGR of 7.1% from 2022 to 2032, owing to a rise in the demand of seamless steel tube at industrial sectors.

The hot rolled segment to maintain its leadership status throughout the forecast period.

Based on process, the hot rolled segment held the highest market share in 2022, accounting for nearly four-fifths of the global seamless steel tubes market revenue and is estimated to maintain its leadership status throughout the forecast period owing to low manufacturing process cost of hot rolled as compared to cold rolled and seamless steel tubes offers required amount of strength and efficiency. In addition, cold rolled is expected to witness the fastest CAGR of 6.9% from 2022 to 2032, owing to increasing demand for accurate and finished seamless steel tubes for types of equipment.

The oil and gas segment to maintain its lead position during the forecast period

Based on end user, the oil and gas segment accounted for the largest share in 2022, contributing to around half of the global seamless steel tubes market revenue, owing to the demand of seamless steel tubes in oil and gas plants for high-pressure handling and fluid or gas supply management applications. However, the automotive segment is expected to portray the largest CAGR of 7.2% from 2022 to 2032. This is owing to the increasing demand for seamless steel tubes for exhaust and other parts in vehicles.

Asia-Pacific to maintain its dominance by 2032.

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than three-fifths of the global seamless steel tubes market revenue. In addition, Asia-Pacific is expected to witness the fastest CAGR of 6.6% from 2023 to 2032, owing to the rising demand of seamless tubes due to automation and industrialization in the region.

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Leading Market Players: -

The report provides a detailed analysis of these key players of the global seamless steel tubes market. These players have adopted different strategies such as partnership, acquisition and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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