Cold Drawn Seamless Steel Pipes Market Worth $22.34 billion by 2029
Added: (Thu Jun 15 2023)
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Seamless tubes are interconnected solid metal tubes without any welding joint. It has threads either at one end or at both ends and can be threaded onto the end of another hollow tube or pipe. Cold drawn seamless steel pipes offer enhanced machinability, uniform tolerance, and increased strength. During the cold d`rawing process, tubes are drawn in a controlled manner over a mandrel and through a die to reduce the diameter and wall thickness. After forming, the tubing is stress relief annealed, straightened, and cut to length. Cold drawn seamless steel tubes are available in outer diameter sizes ranging from 0.25 inches to 10 inches and wall thickness ranging from 0.035 inches to 1.5 inches.
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Meticulous Research®, in its latest publication on the cold drawn seamless steel pipes market, states that the cold drawn seamless steel pipes market will grow at a CAGR of 8.0% from 2022 to 2029 to reach $22,335.7 million by 2029. The growth of this market is driven by the increasing demand for seamless pipes in the oil & gas sector. In addition, the increased offshore spending and new oilfield discoveries are expected to create significant growth opportunities for the players operating in this market. However, the volatile raw material prices and lower demand in saturated markets, and the impacts of the COVID-19 pandemic are expected to restrain the growth of the cold drawn seamless steel pipes market.
To provide efficient analysis, Meticulous Research® has segmented this market 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), by product type (MS seamless steel pipes, hydraulic MS seamless pipes, ERW square & rectangular hollow section pipes, honed tubes), by production process (cross-roll piercing & pilger rolling, multi-stand plug mill, continuous mandrel rolling), by 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 (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Based on end-use industry, the cold drawn seamless steel pipes market is segmented into oil & gas, infrastructure & construction, power generation, automotive, and other end-use industries. 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 mainly attributed to the increasing government initiatives and investments and the increasing 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.
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Based on geography, the cold drawn seamless steel pipes market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is estimated to account for the largest share of the cold drawn seamless steel pipes market. This regional market 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-use industries, such as power generation and automotive.
The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on the key players operating in the cold drawn seamless steel pipes market, including 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).
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