April 25, 2022 07:18 ET | Source: Meticulous Market Research Pvt.Ltd. Meticulous Market Research Pvt.limited company
REDING, Calif., April 25, 2022 (GLOBE NEWSWIRE) — According to a report titled “Cold Drawn Seamless Steel Pipe Market Standards (ASTM A179, ASTM A511, ASTM A213, ASTM A192, ASTM A209, ASTM A210) New Market Research Report, ASTM A333, ASTM A335, ASTM A53), Product Type, Production Process, Application, End-Use Industry and Geography – Global Forecast to 2029, “Cold Drawn Seamless Steel Pipe Market is expected to grow by 8% The CAGR is growing during the forecast period to reach USD 22.34 billion by 2029.
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Growing demand for seamless steel pipes in the oil and gas industry is a key factor driving the growth of the cold drawn seamless steel pipe market.Furthermore, increasing offshore spending and discovery of new oil fields are expected to create significant growth opportunities for players operating in this market.
However, trade protectionism and the introduction of new alternatives pose challenges to market growth.In addition, fluctuations in raw material prices and declining demand in saturated markets along with the impact of the COVID-19 pandemic are expected to restrain the growth of the cold drawn seamless steel pipe market.
The outbreak of the COVID-19 pandemic has severely impacted numerous businesses across the globe.Most industries have been negatively impacted due to supply chain disruptions and labor constraints caused by the lockdown.Factory closures and trade restrictions also add to existing challenges, severely impacting numerous industries.Manufacturing plants are closed, affecting production, resulting in a significant gap between supply and demand.Businesses are starting to rethink their business strategies to generate revenue and recover from losses suffered during the pandemic.
The COVID-19 pandemic has severely impacted most industries, such as oil and gas, manufacturing, education, logistics and supply chain, power generation and automotive.The oil and gas industry has been severely affected, with oil consumption falling to its lowest level in decades due to travel restrictions and a global economic slowdown.At oil prices of $30 a barrel, oil and gas revenues for several major producers fell by 50% to 85% in 2020 compared to 2019, according to the International Energy Agency.Global oil demand fell by around 8.1 million bpd in 2020.Travel bans and lockdowns have affected demand for oil and gas in India, China, Japan, Russia and Canada, reducing oil and gas prices.
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Lockdowns around the world, falling demand for non-essential goods and factory closures across multiple industries have impacted global demand for electricity.In 2020, global energy demand is down 6% from 2019.The decline in electricity demand has affected the growth of the power generation industry.In addition, the lockdown has affected the global auto industry as it relies heavily on auto parts imported from China, India and other developing countries.Likewise, the infrastructure and construction industries have seen severe labor shortages, project suspensions and cancellations, and supply and logistics disruptions.The COVID-19 pandemic has created a supply and demand gap that has led to delays in approvals by governments around the world.
Therefore, the COVID-19 pandemic has negatively impacted the cold drawn seamless steel pipe market due to low demand from end-user industries.However, supportive government policies are helping the global steel industry recover from significant economic and production losses.For example, in March 2022, the United States and Japan agreed to expand coordination on trade remedies and customs matters, monitor bilateral steel and aluminum trade, cooperate to address non-market excess capacity and carbon intensity in these industries, and review arrangements annually.In May 2020, the Indian government announced $265 billion in aid to help revive the economy.Such stimulus packages announced by governments across the globe are expected to help the recovery of the end-use industry, thereby generating demand for cold drawn seamless steel pipes, thereby propelling the growth of this market over the forecast period.Other similar trade agreements and government incentives to recalibrate the global economy are expected to help cold drawn seamless steel pipes recover from the negative impact of the COVID-19 pandemic.
Additionally, ongoing tensions between Russia and Ukraine have impacted disruptions to global supply chains.This ongoing conflict could escalate into war and cause significant monetary damage, affecting global diplomacy, markets and others, bringing the supply of steel to a halt.
Cold Drawn Seamless Steel Pipe Market Based on Standard (ASTM A179, ASTM A106, ASTM A511/A511M, ASTM A192, ASTM A209, ASTM A213, ASTM A210, ASTM A333, ASTM A335, ASTM A53, Others), Product Type (MS None Seam steel pipes, hydraulic MS seamless pipes, ERW square and rectangular hollow section pipes, honed pipes), production processes (bias piercing pilger rolling, multi-stand plug mills, mandrel continuous rolling), applications (precision instrumentation) , Boiler Tubes, Heat Exchanger Tubes, Hydraulic Applications, Fluid Transmission Lines, Threaded Tubes, Bearing Tubes, Mining Applications, Automotive Applications, General Engineering Applications), End Use Industries (Oil & Gas, Infrastructure & Construction, Power Generation, Automotive, Others end-use industries) and geography.The study also evaluates industry competitors and analyzes the market at the country level.
According to the standard, the ASTM A335 segment is expected to account for the largest share of the cold drawn seamless steel pipe market by 2022.The large market share of this segment is attributed to the growing demand for seamless ferritic alloy steel pipes for high temperature services; its characteristics include high durability, resistance, elasticity, and hardenability.However, the ASTM A213 segment is expected to witness the highest CAGR during the forecast period.The rapid growth of this segment is due to its increased use in high temperature services, especially for boilers and superheaters.
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Based on product type, MS seamless steel pipe is expected to account for the largest share of the cold drawn seamless steel pipe market by 2022.This segment will also experience the highest CAGR during the forecast period.The rapid growth of this segment is mainly attributed to its high strength and pressure bearing capacity, as well as the manufacturing of structural and mechanical parts such as oil drill pipes, automobile transmission shafts and steel scaffolding, which has seen increasing application in the construction industry.
Based on the production process, the cross-pierced pilger-rolled segment is expected to account for the largest share of the cold-drawn seamless steel pipe market in 2022.The huge market share of this segment is attributed to the growing demand for high-quality surface finishes with the highest productivity and its advantages, including uniform macro- and micro-structure of cross-cut sections of forged parts.However, the continuous mandrel rolling segment will witness the highest CAGR during the forecast period.The rapid growth of this segment is due to the increasing demand for reduced outer diameter and wall thickness during production, as well as high demand for hydraulic positioning rollers to achieve high output and meet the needs of large-scale production lines.
Based on application, the boiler tube segment is expected to account for the largest share of the cold drawn seamless steel tube market by 2022.This segment will also experience the highest CAGR during the forecast period.The rapid growth of this segment is attributed to the increasing demand for boiler tubes in steam boilers, fossil fuel plants, industrial processing plants, and power plants.
Based on end-use industries, the oil and gas segment is expected to account for the largest share of the cold drawn seamless steel pipe market by 2022.The majority of the share of this segment is attributed to increasing government initiatives and investments and increasing demand for upstream businesses, including onshore and offshore drilling, general pipeline applications, and midstream businesses in the oil and gas industry.However, the power generation segment is expected to register the highest CAGR during the forecast period.The rapid growth of this segment is due to the growing demand for lower mechanicals, tighter tolerances, cross-sectional properties, and improved straightness for bearings, wind turbine components, and nuclear, solar, and coal power plants.
Geographically, Asia Pacific is expected to account for the largest share of the overall cold drawn seamless steel pipe market by 2022.This segment will also experience the highest CAGR during the forecast period.The high growth of the Asia Pacific market is attributed to industrialization, urbanization, high demand for electricity, government initiatives and developments in the oil and gas sector, and growing demand for cold-drawn seamless steel pipes from end-users in the power generation and automotive industries.
The report also includes an extensive assessment of key strategic developments undertaken by the industry’s leading market players over the past four years (2019-2021).In recent years, the cold-drawn seamless steel pipe market has witnessed several partnerships and agreements that allow companies to expand their product portfolio, enhance the capabilities of existing products, and gain cost leadership in the cold-drawn seamless steel pipe market.For example, in 2021, Tenaris SA (Luxembourg) signed an agreement with Subsea 7 SA (UK) to provide piping and coating services for the Bacalhau project, operated by Equinor, located 185 kilometers (115 miles) off the coast of São Paulo.Brazil.The agreement includes the supply of 75 kilometers of seamless pipe for risers and flowlines, which will be produced at Tenaris’ seamless pipe plant in Dalmine, Italy.
Additionally, in 2021, American Piping Products (US) announced the expansion of its North Houston Rosslyn steel pipe plant and machining center.The new lease adds approximately 10 acres to the already 20-acre facility.The expansion enables the company to store an additional 30% of the total yard capacity.
Key players in this market include Nippon Steel (Japan), ArcelorMittal SA (Luxembourg), Jindal Saw Ltd. (India), ISMT Ltd. (India), Salzgitter AG (Germany), Tenaris SA (Luxembourg), JFE Holdings, Inc. (Japan), American Piping Products Inc. (USA), Chicago Tube and Iron Company (USA), United Seamless Tubulaar Private Limited (India), Xiamen Landi Industrial Co., Ltd. (China), Hunan Standard Steel Co., Ltd., Ltd (China), US Steel Tubular Products Inc. (USA), Sunny Steel Enterprise Ltd. (Malaysia) and Bri-steel Manufacturing (Canada).
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Cold Drawn Seamless Steel Pipe Market, By Standard
Cold Drawn Seamless Steel Pipe Market, By Production Process
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Post time: Jun-21-2022