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.
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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.
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 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.
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 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).
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