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Global stainless steel welded pipe market is expected to reach US$ 16.36 Bn in 2021 with a stable long-term projection, according to latest insights from Future Market Insights, an ESOMAR-certified research and consulting firm. The report offers analysis of 20+ high-growth markets, providing detailed insights on the stainless steel welded pipe market’s growth in the next decade.
Demand for stainless steel welded pipes decelerates as operations across construction, automotive, water supply and distribution, oil and gas, petrochemical and fertilizers, power generation, and other sectors were hampered amid COVID-19 outbreak. However, considering the possibility of a stimulus for infrastructure projects in many countries, the long-term outlook of the market remains positive.
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Surge in demand for stainless steel welded pipes from applications such as oil and gas will remain a chief growth driver due to the presence of oil rigs all over the globe. For the transportation of the fluid from one place to another, large quantity of pipes are required, which will drive the sales in the market. The same applies with the water supply and distribution segment because the demand is expected to surge amid rising need for uninterrupted water supply.
The replacement of old pipes with new stainless steel welded pipes can also provide a boost in the sales of stainless steel welded pipes. The substantial increase in the demand from the supplier side and from the end-use industries across the globe is propelling the stainless steel welded pipe market growth.
The use of stainless steel welded pipes in construction and automotive and power generation applications will create solid opportunities for growth. According to FMI, the construction sector is expected to account for nearly 29% of sales in the market by 2031. Investment in residential, commercial, and infrastructural construction projects will increase in the future, paving way for the expansion of the market.
“As competition continues to grow, companies operating in the market are likely to adopt strategies for strengthening their global footprint. Besides expanding operations across emerging nations, they are likely to focus on launching better quality stainless steel welded pipes to gain competitive edge” says FMI analyst.
Stainless steel welded pipe market is likely to grow at a moderate pace during 2021-2031. However, as it is a matured market, companies are expected to concentrate further on research and development activities to develop more in the field of construction, oil & gas and water supply and distribution, majorly focusing on the outer diameter required for the specific applications. Collaboration with local players and developing new technology in the form of advanced stainless steel welded pipes is a prime strategy expected to increase in popularity in the forecast period.
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The market is fragmented, with key players accounting for approximately one fifth of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in the market are Marcegaglia, Sosta GmbH & Co. KG, ArcelorMittal S.A., Nippon Steel, Hyundai Steel Co., Ltd, Sandvik AB, Shanghai Metal Corporation, FROCH ENTERPRISE CO., LTD., F.E.R. Fischer Edelstahlrohre GmbH, YC Inox, JFE Steel Corporation, CSM TUBE spa, Guangzhou Pearl River Petroleum Steel Pipe Co., Ltd., Guangdong Lizz Steel Pipe Co, Ltd., Foshan Zhongde Stainless Steel Co., Ltd. & others.
Get Valuable Insights into Stainless Steel Welded Pipes Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global stainless steel welded pipes market, presenting historical demand data (2016-2031) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the market based on grade (300 series, 400 series, 900 series, and nickel alloy grade), application (construction, automotive, water supply & distribution, oil & gas, petrochemical & fertilizer, and power generation), and outer diameter (4 – 36 mm, 36 – 60 mm, 61 – 150 mm, 151 – 500 mm, and 500 – 1000 mm) across seven major regions.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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The post Stainless Steel Welded Pipe Market is Grow at 4.6% CAGR between 2021 and 2031 appeared first on Future Market Insights.
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