The seamless steel pipe market is expected to reach USD 122.2 billion by the end of 2032, at a CAGR of 7%, from its current value of USD 61.6 billion in 2022.
By the end of 2021, seamless steel pipe sales accounted for 55.5% of the global steel pipe market share. It is common practice to use seamless carbon steel, alloy steel, and stainless steel pipe as line pipe for conveying fluids such as petroleum and chemicals. They are also used as structural elements in the machinery, construction and automotive industries.
Almost every industry, from automobiles to construction, relies on steel. Iron ore is converted to crude steel by coal/coke processing, limestone reduction and simple basic oxygen furnace (BOF). Both urbanization and rapidly growing populations are contributing to increased resource use in power plants, construction and other industries.
In addition, the expanding steel industry has produced a surplus of raw materials for companies that produce seamless steel. On the other hand, steel prices have fallen in more steel-rich regions like China. From 2020 to 2021, global steel production will increase by 3.6%, reaching 1.9 billion tons.