Seamless steel tube systems offer many advantages over traditional welded piping, including withstanding high pressures, making them ideal for a wide range of applications in pressure vessels, boilers, automotive, construction, and more. Seamless steel tubes are also used in architectural applications, such as in the construction of stadiums and large open structures. These pipes provide stability to the roof structure and enhance building design.
The use of seamless steel pipe systems in the fluid transfer operations of oil and gas and chemical companies has increased significantly. Demand for OCTG has increased due to increased exploration and production, development of proven shale reserves, and increasing investments by oil and gas operators. Manufacturing seamless OCTG requires a larger initial investment than manufacturing welded OCTG, and choosing the right OCTG can reduce risk and expense.
Key Takeaways from Market Study
The global seamless steel pipes market is projected to expand at a CAGR of 7% and be valued at US$ 122.2 billion by 2032.
Demand for seamless steel pipes is expected to increase at CAGRs of 7% and 5.9%, respectively, in Europe and North America.
The oil & gas sector is likely to represent 39.5% market share in 2022.
The market expanded at 3.3% CAGR from 2017to 2021.
Under type, carbon steel seamless pipes lead and account for a market valuation of US$ 22.85 billion in 2022.
China dominated the East Asian market with 78.4% market share in 2022.
Periodic maintenance after oil and gas exploration in Europe is a key factor for the growth in demand for seamless steel pipes
Due to the large number of oil refineries, nuclear power plants, and automobile industry in North America, especially the United States, the region has the highest demand for seamless steel pipes.
Europe is one of the major producers and consumers of seamless steel pipes. Ongoing oil and gas exploration and periodic maintenance in the region are key factors for the growth in demand for seamless steel pipes.
The market in Southeast Asia and Oceania is expected to grow over the forecast period owing to rising activities related to the oil and gas industry and upcoming new projects in the medium term.