According to a new market research report titled, ‘U.S. Cold Drawn Seamless Steel Pipes Market ‘ by Standard (ASTM A179, ASTM A106, ASTM A511/A511M, ASTM A213), Product Type (MS Seamless Steel Pipes), Production Process, Application, and End-use Industry— Forecasts to 2029,’ the U.S. cold drawn seamless steel pipes market is expected to grow at a CAGR of 7.7% during the forecast period 2022–2029 to reach $994.3 million.
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The increasing demand for seamless pipes in the oil & gas sector is the key factor driving the growth of the U.S. cold drawn seamless steel pipes market. However, the volatile raw material prices and lower demand in saturated markets are expected to restrain the growth of this market. Furthermore, increased offshore spending and new oilfield discoveries are expected to create significant growth opportunities for the players operating the U.S. cold drawn seamless steel pipes market. Trade protectionism and the introduction of new substitutes pose serious challenges to the growth of this market.
The oil & gas sector in the U.S. was severely affected, with petroleum consumption falling to its lowest level in decades due to travel restrictions and the economic slowdown. The U.S. Energy Information Administration (EIA) forecasted that crude oil production would fall to 11.7 million barrels per day (b/d) in 2020 and further to 10.9 million b/d in 2021, compared to the 2019 average of 12.2 million b/d.
Infrastructure & construction industries in the U.S. witnessed acute labor shortages, suspension & cancellation of projects, and disrupted supply & logistics. According to a national survey conducted by the Associated General Contractors of America in October 2020, of 1,077 respondents, 840 (78%) contractors confirmed project delays or disruptions, which reduced the demand for steel pipes in the construction industry.
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In 2020, the total energy consumption of the U.S. fell to 93 quadrillion British thermal units (quads), a 7% decline from 2019, according to the U.S. EIA’s Monthly Energy Review. This decline in the demand for electricity affected the growth of the power generation industry. In addition, the nationwide lockdowns impacted the automotive industry in the U.S. due to its dependence on automotive components imported from China.
Based on standard, the U.S. cold drawn seamless steel pipes market is segmented into ASTM A179, ASTM A106, ASTM A511/A511M, ASTM A213, ASTM A192, ASTM A209, ASTM A210, ASTM A333, ASTM A335, ASTM A53, and other standards. In 2022, the ASTM A335 segment is estimated to account for the largest share of the U.S. cold drawn seamless steel pipes market. The high growth of this segment is attributed to the increasing need for seamless ferritic alloy steel pipes for high-temperature services; its characteristics include higher strength, resistance, elasticity, and hardenability.
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Based on application, the U.S. cold drawn seamless steel pipes market is segmented into precision instrumentation, boiler tubes, heat exchanger tubes, hydraulic applications, fluid transfer lines, rifled tubes, bearing pipes, mining applications, automotive applications, and general engineering applications. In 2022, the boiler tubes segment is estimated to account for the largest share of the U.S. cold drawn seamless steel pipes market.
Based on end-use industry, the U.S. 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 U.S. cold drawn seamless steel pipes market. However, the power generation segment is slated to register the fastest CAGR during the forecast period.
The major players operating in the U.S. cold drawn seamless steel pipes market are ArcelorMittal North America Holdings LLC (U.S.), U. S. Steel Tubular Products Inc. (U.S.), Chicago Tube and Iron Company (U.S.), American Piping Products Inc. (U.S.), Bison Stainless Tube, LLC (U.S.), Penn Stainless Products, Inc. (U.S.), Bri-steel Manufacturing (Canada), Michigan Seamless Tube, LLC. (U.S.), U.S. Metals, Inc. (U.S.), and Industrial Tube and Steel Corporation (U.S.).
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