The global seamless pipe market will reach USD 218.7 billion by 2026
Seamless steel pipe refers to a tubular product made of steel without welds. This pipe has a uniform wall without any joints or welds along the length of the pipe. Seamless tubing is used in a wide range of applications where corrosion resistance, high strength and longer product life are important. The demand for seamless tubing is closely related to the dynamics of the energy sector and manufacturing industry.
The corrosion resistance and metallurgical strength properties of seamless tubes are considered ideal for industries such as oil and gas, chemical, pharmaceutical, steam boilers, heat exchangers, etc. While seamless pipes compete with welded pipes in the oil & gas industry, increasing drilling complexity is likely to drive their consumption. The post-pandemic growth of the global seamless tubing market will be driven by improving economic conditions and revived demand in major end-use markets, coupled with the need for sustainable, lightweight, high strength, and corrosion resistance. The market demand for OCTG pipes is expected to grow strongly, driven by the revival of exploration and production activities in the oil and gas industry and greater emphasis on horizontal and directional drilling operations. Another key driver for the growth of the seamless pipe market is the growing demand from industries such as chemical, fertilizer, and pharmaceutical industries, which use boilers and other chemical processes more frequently.
Amid the COVID-19 crisis, the global seamless pipe market is estimated to reach USD 175.2 billion in 2022 and is expected to reach a revised USD 218.7 billion by 2026, growing at a CAGR of 5.5% during the analysis period. Thermal processing is One of the market segments analyzed in the report is expected to grow at a CAGR of 6.4% to reach USD 132.1 billion by the end of the analysis period. After a full analysis of the business impact of the pandemic and the resulting economic crisis, the growth of the cold processing segment is re-adjusted to a CAGR of 4.4% over the next 7-year period. This segment currently accounts for 45.7% share of the global seamless tubing market.
The U.S. market is expected to be $43.4 billion in 2022, while China is projected to reach $40.1 billion by 2026
The U.S. seamless pipe market is expected to reach $43.4 billion by 2022. The country currently accounts for 24.87% of the global market share. China, the second largest economy in the world, is expected to reach a market size of USD 40.1 billion by 2026, growing at a CAGR of 7.1% throughout the analysis period. Other notable geographic markets include Japan and Canada, which are expected to grow by 3.8% and 5.2%, respectively, during the analyzed period. In Europe, Germany is projected to grow at a CAGR of approximately 3.8%, while the Rest of Europe market (as defined in the study) will reach USD 42.6 billion by the end of the analysis period. Seamless pipe production capacity is mainly concentrated in Asia, especially China. The Asia Pacific market is expected to primarily benefit from increasing industrialization in the region, followed by rapid growth in infrastructure. Russia, Japan, the United States, and the European Union are other leading seamless pipe production centers around the world.