Welded Pipes Market Insights and Industry by Material (Carbon Steel, Stainless Steel and Alloy Steel), by Type (Process Pipes, Mechanical Tubes, Heat Exchanger Tubes, Structural Tubes, and Hydraulic Instrumentation Tubes), by Application (Oil & Gas, Power Generation, Infrastructure & Construction, Automotive, Mechanical & Engineering) and Region, Competitive Market Size, Share, Trends, and Forecast to 2030
New York, US, May 18, 2022 (GLOBE NEWSWIRE) -- Welded Pipes Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Welded Pipes Market Information by Material, Type, Application, and Region - Forecast till 2030”, the market is estimated to grow at a CAGR of 5.2% CAGR to reach USD 355.69 Billion by 2030.
Welded pipes are developed by cold forming flat sheet, plate, or strip into a circular or round shape using a roller or a plate bending machine. The pipes are welded with the use of a high energy source. Welded pipes can be created in large sizes with no size restriction.
The affluent firms in the welded pipes market include
US Steel Tubular Products (US)
Associated Pipeline Contractors Inc (US)
Foshan Zhongde Stainless Steel Co. Ltd (Russia)
Samuel Associated Tube Group (Europe)
Marmon Keystone Canada Inc (US)
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The notable economic surge along with the mounting pressure on urban areas to enhance sanitation are compelling governments to set up wastewater management projects. Moreover, the diversified application range of welded pipes will present ample business opportunities in the near future.
Rising innovations in technologies and advances in wastewater management solutions as well as manufacturing techniques present lucrative opportunities. Besides, supportive government regulations with respect to wastewater management as well as agricultural irrigation will help the industry players garner a higher position in the future.
Oil and gas companies are constantly on the lookout for new reserves of gas and oil worldwide. In 2019, around 50 million barrels of oil reserves were found by Iran. Abu Dhabi has discovered oil fields with more than 7 million barrels. The most interesting discovery has been that of ExxonMobil in Guyana, with the oil field anticipated to house nearly 5 million barrels of oil. With oil discovery, important infrastructure including pipelines is required to be set up for transport and extraction. This encourages oil and gas firms to partner and collaborate with pipe manufacturers. Therefore, the requirement for infrastructure in line with the discovery of new oil and gas reserves will be a great opportunity for the vendors in the welded pipes market.
It is quite a challenge to monitor the cost of the chief raw materials since the prices often fluctuate. The companies that manufacture welded pipes are unable to discern the risks attached to the constantly fluctuating raw material prices. The surging cost of the raw materials that are necessary for manufacturing welded pipes, raises the price of the final products. This could be a major restraint for the worldwide market in the long run.
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The COVID-19 outbreak presented a series of issues for the welded market. The pandemic brought along various challenges for the construction sector, including a shortage of raw materials and delayed projects.
Furthermore, industry participants are facing issues ranging from the inability to get major raw materials to the non-deliverance of efficient end products. The market has witnessed volatile pricing, unexpected outages, and disrupted demand and supply ratio. However, the worldwide market is touted to remain resilient as the lockdown measures are now more relaxed.
Stainless steel, alloy steel, and carbon steel are the top materials considered in the report.
Carbon steel has numerous advantages associated with it, including durability, safety, cost-effectiveness, corrosion resistance, and significant tensile strength. These factors have fostered the demand for carbon steel welded pipes and the segment is touted to capture a high growth rate in the future as well.
Mechanical Tubes, process pipes, structural tubes, hydraulic instrumentation tubes, and heat exchanger tubes are the key product types discussed in the report.
Hydraulic & instrumentation tubes are important parts of hydraulic and instrumentation systems that help protect other components, instruments, or devices. These tubes help ensure trouble-free and safe operations in petrochemical processing, power generation, oil and gas plants, and various critical industrial applications.
Mechanical & engineering, power generation, automotive, oil & gas, and infrastructure & construction are the major applications of welded pipes.
Welded pipes are some of the oldest materials in buildings and are used for developing structures owing to their durability, resistance to adverse environmental conditions, and impressive strength. Welded pipes have widespread use in numerous applications, including structural applications, roofing, balustrade and handrails, drainage components, and architectural cladding, depending on their grade, shape, and size.
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North America has been seeing a robust expansion of the construction sector thanks to the rising spending on real estate by construction firms. Construction of commercial buildings like offices and complexes has risen in number, with business hubs becoming extremely overpopulated, which has created the need for new buildings. The early uptake of numerous innovative waste management solutions and the strong base of affluent industry participants offering a vast range of products have a tremendous influence on the welded pipes market. Besides, the massive demand from the mechanical & engineering sector for hydraulic & instrumentation tubes enhances the need for welded pipes as well. The US is the highest gainer in the region owing to the expansive pool of highly reputed vendors in the country.
Europe comes in a close second in the worldwide market, owing to the rise in the reconstruction and remodeling of the infrastructure, mounting environmental concerns, and the heightened preference for cost-effective construction. Other than this, the surge in unconventional oil and gas exploration activities including the natural gas production from shale formations will be favorable as well. The region is experiencing substantial growth in the construction sector, which is mostly visible in the North-Western part comprising countries like France, the UK, the Netherlands, Belgium and Denmark.
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