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Global Steel Pipe Market to Reach USD 143.50 Billion by 2033, Fuelled by Growth in Oil & Gas Sector – FMIBlog

The global steel pipe market is projected to reach USD 143.50 billion by 2033, growing at a steady CAGR of 3.9% from 2023 to 2033. In 2023, the market is expected to be valued at USD 97.88 billion. Growth in oil and gas production, driven by demand from the transportation industry, will significantly boost the steel pipe market during this period.

The oil and gas sector is a major driver for steel pipe demand, as these pipes are essential for transporting gas and liquids. Steel pipes, typically made from alloy steel and carbon steel, are widely used in this industry. Manufacturers are increasingly mindful of raw material costs, partnering with suppliers who offer favorable pricing to maintain competitiveness. stainless steel threaded pipe fittings

Key attributes of steel pipes, such as corrosion resistance and high reliability, have increased their demand across various construction projects, including residential and commercial buildings. Additionally, their growing use in industrial applications and lower cost compared to traditional pipes further enhance the market outlook. These factors together create a favorable environment for the steel pipe market’s expansion over the forecast period.

American Cast Iron Pipe Company, Baosteel Group Corporation, Evraz Plc, Nippon Steel & Sumitomo Metal Corporation, JFE Holdings Corporation, Hyundai Steel Company, TMK Group, United States Steel, Tata Iron and Steel, VALLOUREC, and Nucor Corporation among others are some of the major players in the steel pipe market profiled in the full version of the report.

Key market players are keen on providing high-quality products with the help of enhanced technologies. These businesses are focused on improving their operational efficiency and inventory management, increasing consumer satisfaction, and raising their profit margins by adopting new technologies. Mergers and new product releases are some other strategies that these participants employ to gain a competitive edge.

Report Preview:  https://www.futuremarketinsights.com/reports/steel-pipe-market

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries. His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making. Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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