An increase in global demand for fossil fuels leading to a rise in exploration & production activities in oil & gas industry is driving the Seamless Pipe market

NEW YORK CITY, NY, UNITED STATES, September 23, 2021 /EINPresswire.com/ -- The global Seamless Pipe market is forecast to reach USD 302.69 Billion by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand from the oil and gas industries majorly with the growing needs for superior performance benefits, including the ability to withstand high temperature, high-pressure, and high mechanical stress. However, seamless pipes are valued generally higher than the crease weld pipes inferable from their unpredictable assembling process needing high initial investments are likely to hamper the demand for the Seamless Pipe market.

Rapid urbanization has changed the way of life of the individuals and, thus, has expanded the pervasiveness of the oil and gas industry for commercial purposes over a broad aspect, therefore, augmenting the market demand. Furthermore, low consumer awareness and fluctuating oil prices, which results in price variations of polymers, is expected to attract the attention of new players in the industry, thus increasing the threat of new entrants in the market anticipating to hinder the growth of the market. 

The use of Seamless Pipe is supported by the Ministry of Steel, Heavy Industries, & Public Enterprises, Ministry of Rural Development, Ministry of Petroleum and Natural Gas, and Department of Commerce (Commerce) of the Indian Government, as the seamless pipe market in India, is among the major contributor to the manufacturing sector, thus creating a demand for the product in the market. Indian Government permits Oil and Natural Gas Corporation (ONGC) to import seamless steel pipes for government projects. India's Domestically Manufactured Iron & Steel Products (DMI&SP) Policy previously mandated that all government programs must use domestic steel. Moreover, other nations such as China, Japan, and the United States are also supported by their respective Government, which help them to withhold their position in the market and raise the potential to increase expenditure in the Seamless Pipe sector. The Asia Pacific region is forecasted to grow with the highest growth rate owing to the increase in the use of Seamless Pipe.

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Market Overview:

The manufacturing and construction industry has rapidly grown in terms of revenue in the recent years and is expected to register robust revenue growth throughout the forecast period. Factors such as technological advancements in manufacturing techniques and rapid urbanization and industrialization are boosting market revenue growth. Moreover, there has been a sudden rise in the demand for smart buildings and smart homes and consumers are inclining towards green energy and eco-friendly construction activities due to rising environmental concerns. These factors along with latest trend for redevelopment and advanced flooring for aesthetic look and increasing adoption of automation across the globe are fueling market growth. In addition, government schemes and increasing investments to develop enhanced products is expected to open favorable growth opportunities going ahead.

Further key findings from the report suggest

• Based on material, Copper Alloys are expected to grow with a CAGR of 5.3% in the forecast period owing to its fundamental characteristics, which include weldability, flexibility, and conductivity, thereby making it appropriate to use for a variety of applications.
• The Cross-Roll Piercing and Pilger Rolling process are expected to grow with a CAGR of 5.4% in the forecasted period, as it produces high-quality tubes with flawless surfaces and high dimensional accuracy.
• The oil & gas sector is the major contributor to the Seamless Pipe market, which forecasted to USD 139.84 billion by 2027. The oil & gas industry of the Asia Pacific region is the major shareholder of the Seamless Pipe market, holding around 47.0% of the market in the year 2019.
• The Asia Pacific dominated the market for Seamless Pipe. The consistent focus of the region on cost-effective and innovative procedures adopted in the area is driving the market. According to studies, the Asia Pacific region holds approximately 59.0% of the Seamless Pipe market, followed by North America, which contains around 19.6% market by area in the year 2019.
• Key participants include Maharashtra Seamless Ltd. (MSL), Nippon, ArcelorMittal, United Metallurgical Company, Jindal, Kamal Steel, IPP Group, Robor, Alco, and Tubecon, among others.

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For the purpose of this report, Reports and Data have segmented into the global Seamless Pipe market on the basis of materials, production process, application, and region:

Material Outlook (Revenue, USD Billion; 2017-2027)

Steel Alloys
Copper Alloys
Nickel Alloys
Others

Production Process Outlook (Revenue, USD Billion; 2017-2027)

Continuous Mandrel Rolling
Multi-stand plug mill
Cross-roll piercing & Pilger rolling

Application Outlook (Revenue, USD Billion; 2017-2027)

Oil & Gas
Building & Construction
Power Generation
Automotive
Aviation
Others

The research study includes an in-depth analysis of the market using advanced research methodologies such as SWOT analysis and Porter’s Five Forces analysis. The report further explores the key business players along with their in-depth profiling, product portfolio, and strategic business decisions. The report has been formulated through extensive primary and secondary research and further validated by analysts, industry experts, and market professionals. The report also sheds light on the recent mergers and acquisitions, joint ventures, collaborations, partnerships, and product launches, among others.

Regional analysis covers assessment of import/export, production and consumption ratio, supply and demand, cost, price, estimated revenue and gross margins, and presence of key players in the region. The report also offers insights about revenue growth, market size, market share, technological advancements, and presence of key players in each region.

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Regional Bifurcation of the Seamless Pipe Market Includes:

North America (U.S., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of Europe)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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