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Cold Drawn Seamless Steel Pipes Market size was worth over USD 71 billion in 2022 and will witness 7.7% CAGR from 2023 to 2032 driven by the rapid industrialization worldwide.
The rising industrialization and expansion of numerous economies has led to the increasing demand for durable and reliable piping solutions in various sectors, such as manufacturing, automotive, petrochemicals, and machinery. Cold drawn seamless steel pipes offer excellent mechanical properties, including high strength and resistance to corrosion, making them ideal for critical applications. Moreover, the ongoing development of new industrial facilities and the modernization of existing ones will fuel the demand for these pipes. The growing need for efficient and seamless transportation of fluids and gases in industrial processes will also contribute to the market expansion.
Report Attribute | Details |
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Base Year: | 2022 |
Cold Drawn Seamless Steel Pipes Market Size in 2022: | USD 71.4 Billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 7.7% |
2032 Value Projection: | USD 150.4 Billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 150 |
Tables, Charts & Figures: | 189 |
Segments covered: | By Standard, By Type, By End Use, By Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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Rapid development of smart cities is likely to increase the need for steel pipes in multiple infrastructure projects. Renewable energy projects, such as solar and wind farms, may require steel pipes for supporting various structures, contributing to the cold drawn seamless steel pipes industry revenue. However, the fluctuating raw material prices may restrain the industry expansion to some extent. Volatile prices of steel and other essential materials can also lead to increased production costs, affecting the profit margins. Moreover, uncertain pricing may create challenges in planning and executing projects, hindering the investment decisions and the overall market expansion.
The COVID-19 pandemic had significant impact on the cold drawn seamless steel pipes market. During the initial stages of the pandemic, lockdowns, travel restrictions, and supply chain disruptions led to the decline in construction and infrastructure projects, affecting the demand for steel pipes. Manufacturing plants also faced temporary closures, hindering production capacities. Furthermore, the slowdown in industrial activities and economic uncertainties resulted in project delays and cancellations. However, the market is set to gain momentum as economies have gradually reopened and governments have implemented stimulus packages to revive the infrastructure projects.
Cold drawn seamless steel pipes industry is significantly driven by the increasing oil and gas exploration activities worldwide. For instance, in January 2023, Huadi International Group Co., Ltd., a prominent producer of industrial stainless steel seamless pipes and tubes in China, partnered with China Huanqiu Contracting & Engineering Co., Ltd., a construction contractor for China National Petroleum Corporation. The rising number of exploration and production activities has necessitated the adoption of pipes to render the ability to withstand high-pressure and harsh environments. The widespread application of cold drawn seamless steel pipes in the oil & gas industry for drilling, extraction, and transportation of oil and gas will propel the market growth.
Cold drawn seamless steel pipes market from the infrastructure & construction segment is projected to observe steady CAGR from 2023-2032. The surging global infrastructure development especially in emerging economies is driving the demand for high-quality and reliable piping solutions. Cold drawn seamless steel pipes are witnessing higher adoption in critical applications that require precise dimensions and superior mechanical properties, contributing to their prominence in the construction industry. The strong emphasis on sustainable and long-lasting infrastructure will further boost the segment expansion.
The MS seamless pipes segment held 33% share of the cold drawn seamless steel pipes market in 2022 and is estimated to expand at notable CAGR through 2032. MS seamless pipes are manufactured through cold drawing process for enhancing their strength, precision, and smoothness in various applications. Widespread usage in industries, such as automotive, construction, oil and gas, and machinery among others, to render excellent mechanical properties and cost-effectiveness will support the segment growth.
North America cold drawn seamless steel pipes market size reached USD 23.7 billion in 2022 and is expected to grow substantially through 2032. The robust construction and infrastructure development in the U.S. and Canada have accelerated the adoption of high-quality steel pipes. Moreover, the increasing focus on energy and oil & gas industries has further fueled the demand for these pipes in North America. The presence of key manufacturers and continuous technological advancements in the region will also augment the market outlook.
Some of the major companies operating in the cold drawn seamless steel pipes market are
Cold drawn seamless steel pipes market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Billion & Units from 2018 to 2032, for the following segments:
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By Standard
By End Use
By Type
The above information is provided for the following regions and countries: