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/EIN News/ -- Redding, California, April 25, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Cold Drawn Seamless Steel Pipes Market By Standard (ASTM A179, ASTM A511, ASTM A213, ASTM A192, ASTM A209, ASTM A210, ASTM A333, ASTM A335, ASTM A53), Product Type, Production Process, Application, End-use Industry, and Geography—Global Forecast to 2029,’ the cold drawn seamless steel pipes market is expected to grow at a CAGR of 8% during the forecast period to reach $22.34 billion by 2029.
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The growing demand for seamless pipes in the oil & gas sector is the key factor driving the growth of the cold drawn seamless steel pipes market. In addition, the rise in offshore spending and new oilfield discoveries are expected to create significant growth opportunities for the players operating in this market.
However, trade protectionism and the introduction of new substitutes pose challenges to the market’s growth. Also, the volatile raw material prices and lower demand in saturated markets and impacts of the COVID-19 pandemic are expected to restrain the growth of the cold drawn seamless steel pipes market.
Impact of COVID-19 on Cold Drawn Seamless Steel Pipes Market
The outbreak of the COVID-19 pandemic severely affected numerous businesses across the globe. Most industries were negatively impacted due to the disruption of supply chains and workforce limitations caused by the lockdowns. Factory closures and trade restrictions also added to the existing challenges, severely impacting numerous industries. Manufacturing plants were shut down, affecting production, which led to a significant demand-supply gap. Enterprises started rethinking their business strategies to generate revenue and recover from the losses incurred during the pandemic.
The COVID-19 pandemic severely impacted most sectors, such as oil & gas, manufacturing, education, logistics & supply chain, power generation, and automotive. The oil & gas sector was severely impacted, with petroleum consumption falling to its lowest level in decades due to travel restrictions and the global economic slowdown. According to the International Energy Agency, oil & gas revenues for several key producers declined by 50 to 85% in 2020, compared with 2019, based on an oil price of $30 per barrel. The global oil demand in 2020 declined by approximately 8.1 million b/d. Travel bans and lockdowns impacted the demand for oil & gas across India, China, Japan, Russia, and Canada, lowering oil & gas prices.
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Worldwide lockdowns, lower demand for non-essential goods, and factory closures across several industries impacted the demand for power globally. In 2020, the global energy demand witnessed a decline of 6% compared to 2019. This decline in demand for electricity affected the growth of the power generation industry. Additionally, the lockdowns impacted the global automotive industry as it is heavily dependent on automotive components imported from China, India, and other developing nations. Similarly, infrastructure & construction industries also witnessed acute labor shortages, suspension & cancellation of projects, and disrupted supply and logistics. The COVID-19 pandemic created a demand-supply gap resulting in delayed government approvals worldwide.
Thus, the COVID-19 pandemic negatively impacted the cold drawn seamless steel pipes market due to low demand from end-user industries. However, supportive government policies are helping the global steel industry recover from the significant economic and production losses. For instance, in March 2022, the U.S. and Japan agreed to expand coordination involving trade remedies and customs matters, monitor bilateral steel and aluminum trade, cooperate on addressing non-market excess capacity and carbon intensity in these sectors, and review their arrangement annually. In May 2020, the Government of India announced $265 billion in aid to help revive the economy. Such stimulus packages announced by various governments across the globe are expected to help end-use industries recover, generating demand for cold drawn seamless steel pipes, driving the growth of this market during the forecasted period. Other similar trade agreements and government encouragement to realign the global economy are expected to help the cold drawn seamless steel pipes to recover from the negative impacts of the COVID-19 pandemic.
Furthermore, the ongoing tensions between Russia and Ukraine have affected supply chain disruption across the globe. This ongoing conflict may impact global diplomacy, markets, and other aspects by escalating into warfare with significant monetary damages, resulting in iron & steel supplies cessation.
The cold drawn seamless steel pipes market is segmented based on standard (ASTM A179, ASTM A106, ASTM A511/A511M, ASTM A192, ASTM A209, ASTM A213, ASTM A210, ASTM A333, ASTM A335, ASTM A53, other standards), product type (MS seamless steel pipes, hydraulic MS seamless pipes, ERW square & rectangular hollow section pipes, honed tubes), production process (cross-roll piercing & pilger rolling, multi-stand plug mill, continuous mandrel rolling), application (precision instrumentation, boiler tubes, heat exchanger tubes, hydraulic applications, fluid transfer lines, rifled tubes, bearing pipes, mining applications, automotive applications, general engineering applications), end-use industry (oil & gas, infrastructure & construction, power generation, automotive, other end-use industries), and geography. The study also evaluates industry competitors and analyses the market at the country level.
Based on standard, in 2022, the ASTM A335 segment is estimated to account for the largest share of the cold drawn seamless steel pipes market. The large market share of this segment is attributed to the growing need for seamless ferritic alloy steel pipes in high-temperature services; its characteristics include high durability, resistance, elasticity, and hardenability. However, the ASTM A213 segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is driven by its increased usage in high-temperature services, particularly for boilers and superheaters.
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Based on product type, in 2022, the MS seamless steel pipes segment is estimated to account for the largest share of the cold drawn seamless steel pipes market. This segment is also slated to register the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to its growing use in the construction industry due to its high strength and pressure-bearing capability and the manufacturing of structural parts & mechanical parts, including oil drill pipes, automobile transmission shafts, and steel scaffolding.
Based on production process, in 2022, the cross-roll piercing & pilger rolling segment is estimated to account for the largest share of the cold drawn seamless steel pipes market. The large market share of this segment is attributed to the growing need for a high-quality surface finish with maximum productivity and its advantages, including uniform macro and microstructure in the cross-cut section of the forged part. However, the continuous mandrel rolling segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is driven by the increasing need to reduce the outside diameter and wall thickness during production and the high demand for hydraulically positioned rolls to achieve high output and cater to mass production lines.
Based on application, in 2022, the boiler tubes segment is estimated to account for the largest share of the cold drawn seamless steel pipes market. This segment is also slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the increasing need for boiler tubes in steam boilers, fossil fuel plants, industrial processing plants, and electric power plants.
Based on end-use industry, in 2022, the oil & gas segment is estimated to account for the largest share of the cold drawn seamless steel pipes market. The large share of this segment is attributed to the increasing government initiatives and investments and the rising requirement for upstream operations, including onshore and offshore drilling, general plumbing applications, and midstream operations in the oil & gas industry. However, the power generation segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is driven by the growing need for low machinery, tighter tolerances, section properties & improved straightness in bearings, wind turbine components, and nuclear, solar, and coal energy plants.
Based on geography, in 2022, Asia-Pacific is estimated to account for the largest share of the overall cold drawn seamless steel pipes market. This segment is also slated to register the highest CAGR during the forecast period. The high market growth in Asia-Pacific is attributed to increasing industrialization, urbanization, high requirement for electricity, government initiatives & developments in the oil & gas sector, and growing demand for cold drawn seamless steel pipes by end-users in power generation and automotive industries.
The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past four years (2019–2021). The cold drawn seamless steel pipes market has witnessed several partnerships & agreements in recent years that enabled companies to broaden their product portfolios, advance the capabilities of existing products, and gain cost leadership in the cold drawn seamless steel pipes market. For instance, in 2021, Tenaris S.A. (Luxembourg) signed an agreement with Subsea 7 S.A. (U.K.) to supply pipes and coating services for the Bacalhau project, operated by Equinor and located 185 km (115 miles) off the coast of São Paulo in Brazil. The agreement includes the provision of 75 km of seamless pipes for risers and flowlines that will be manufactured at Dalmine, Tenaris’s seamless pipe mill in Italy.
Furthermore, in 2021, American Piping Products (U.S.) announced the expansion of its North Houston Rosslyn steel pipe yard and processing center. The new lease adds approximately 10 acres to the already 20-acre facility. This expansion enabled the company to store an additional 30% of the total capacity of the yard.
The major players operating in this market include Nippon Steel Corporation (Japan), ArcelorMittal S.A. (Luxembourg), Jindal Saw Ltd. (India), ISMT Ltd. (India), Salzgitter AG (Germany), Tenaris S.A. (Luxembourg), JFE Holdings, Inc. (Japan), American Piping Products Inc. (U.S.), Chicago Tube and Iron Company (U.S.), United Seamless Tubulaar Private Limited (India), Xiamen Landee Industries Co., Ltd. (China), Hunan Standard Steel Co.,Ltd (China), U. S. Steel Tubular Products Inc. (U.S.), Sunny Steel Enterprise Ltd. (Malaysia), and Bri-steel manufacturing (Canada).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/cold-drawn-seamless-steel-pipes-market-5266
Cold Drawn Seamless Steel Pipes Market, by Standard
Cold Drawn Seamless Steel Pipes Market, by Product Type
Cold Drawn Seamless Steel Pipes Market, by Production Process
Cold Drawn Seamless Steel Pipes Market, by Application
Cold Drawn Seamless Steel Pipes Market, by End-use Industry
Cold Drawn Seamless Steel Pipes Market, by Geography
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