Steel Pipes & Tubes Market Developments Highlight Automation in Pipe -

The global steel pipes and tubes market was valued at USD 133.20 billion in 2023 and is projected to expand at a compounded annual growth rate (CAGR) of 6.1% from 2024 to 2030. The increasing construction of new petrochemical plants globally is expected to drive the demand for steel pipes and tubes during the forecast period. These products are widely used in piping systems, pressure tubes, and heat exchangers within the chemicals and petrochemicals industries. Therefore, heightened investment in petrochemical plant construction is likely to fuel market growth. For example, Essar Group announced in December 2022 that it would invest approximately USD 4,905.4 million in a petrochemical complex in Odisha, India. This oil-to-petrochemical complex is anticipated to have an annual production capacity of 7.5 million tons.

The U.S. oil and gas industry represents a major end-user of steel pipes and tubes, which are essential in the upstream, midstream, and downstream processes of crude oil. The market is expected to grow steadily due to developments in the U.S. oil and gas sector. In December 2023, U.S. crude oil production hit a record of 13.21 million barrels per day.

By June 2023, with production cuts announced by Russia and OPEC+ countries, U.S. crude oil production is projected to reach 12.61 million barrels per day in 2023. Exxon Mobil, a leading oil producer in the U.S., revealed its plan to double production from U.S. shale holdings over five years using advanced technologies.

Additionally, in June 2022, Chevron Corporation announced plans to increase its production in the onshore Permian Basin from 700,000 to 1 million barrels per day by 2025. As of March 2023, despite labor shortages, the company remains on track for this expansion. Furthermore, global proven crude oil reserves increased by 1.3% year-on-year (as of December 2022), totaling 1,757 billion barrels. As a result, growing investment in oil production is expected to boost the demand for pipes and tubes for transportation and other operational uses over the coming years.

Technology Insights
In 2023, seamless pipes captured over 67.0% of the global market share. Billets are heated and perforated to form the tubular section used in seamless pipes, which are utilized across various industries such as power generation, oil and gas, and chemicals and petrochemicals.

Get a preview of the latest developments in the Global Steel Pipes & Tubes Market! Download your FREE sample PDF today and explore key data and trends

Application Insights
The oil and gas segment held the largest share of the market in 2023, accounting for more than 55.0% of global revenue. Steel pipes and tubes are widely used in oil country tubular goods (OCTG), distribution, process piping, and other applications within the oil and gas sector. Increased investment in cross-country oil and gas transportation pipelines is expected to drive the demand for steel pipes and tubes during the forecast period.

Regional Insights
Asia-Pacific led the global market, representing over 60.0% of global revenue in 2023. This dominant share is primarily due to major consumers such as China, South Korea, India, and Japan, where large manufacturing and petrochemical sectors drive the demand for steel pipes and tubes.

Key Companies in the Steel Pipes & Tubes Market
The following companies are key players in the global steel pipes and tubes market, holding the largest market share and influencing industry trends. Their financials, strategies, and products are analyzed to understand the market supply network: