Global stainless steel welded pipe market is expected to reach US$ 16.36 Bn in 2021 with a stable long-term projection, according to latest insights from Future Market Insights, an ESOMAR-certified research and consulting firm. The report offers analysis of 20+ high-growth markets, providing detailed insights on the stainless steel welded pipe market’s growth in the next decade.
Since a few years ago, the stainless steel welded pipe market has experienced impressive growth. It is anticipated that this growth trend will continue because of rising demand from the construction and automotive industries. Other applications for stainless steel welded pipes include petrochemical and fertiliser, oil and gas, and water supply and distribution. The superior physical and chemical properties of stainless steel such as high ductility, resistance against high temperature ranges, and corrosion resistance have enabled favorable growth in the sales.
Surge in demand for stainless steel welded pipes from applications such as oil and gas will remain a chief growth driver due to the presence of oil rigs all over the globe. For the transportation of the fluid from one place to another, large quantity of pipes are required, which will drive the sales in the market. The same applies with the water supply and distribution segment because the demand is expected to surge amid rising need for uninterrupted water supply.
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The replacement of old pipes with new stainless steel welded pipes can also provide a boost in the sales of stainless steel welded pipes. The substantial increase in the demand from the supplier side and from the end-use industries across the globe is propelling the stainless steel welded pipe market growth.
The use of stainless steel welded pipes in construction and automotive and power generation applications will create solid opportunities for growth. According to FMI, the construction sector is expected to account for nearly 29% of sales in the market by 2031. Investment in residential, commercial, and infrastructural construction projects will increase in the future, paving way for the expansion of the market.
Key Takeaways
- Stainless steel welded pipe market is expected to grow at 4.6% CAGR between 2021 and 2031
- Investment in construction projects will remain a chief growth driver in the U.S., enabling it to account for nearly 72% sales in North America
- Focus on improving public infrastructure will drive growth in the U.K. market at 5.5% CAGR between 2021 and 2031
- India is expected to register increasing investment in water supply and distribution to ensure safe drinking water to all citizens and support industrialization. This will create attractive opportunities for stainless steel welded pipe sales
- China will emerge as a highly lucrative market in East Asia, accounting for maximum sales of stainless steel welded pipes
“As competition continues to grow, companies operating in the market are likely to adopt strategies for strengthening their global footprint. Besides expanding operations across emerging nations, they are likely to focus on launching better quality stainless steel welded pipes to gain competitive edge” says FMI analyst.
Stainless steel welded pipe market is likely to grow at a moderate pace during 2021-2031. However, as it is a matured market, companies are expected to concentrate further on research and development activities to develop more in the field of construction, oil & gas and water supply and distribution, majorly focusing on the outer diameter required for the specific applications. Collaboration with local players and developing new technology in the form of advanced stainless steel welded pipes is a prime strategy expected to increase in popularity in the forecast period.
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Competitive Landscape
The market is fragmented, with key players accounting for approximately one fifth of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in the market are Marcegaglia, Sosta GmbH & Co. KG, ArcelorMittal S.A., Nippon Steel, Hyundai Steel Co., Ltd, Sandvik AB, Shanghai Metal Corporation, FROCH ENTERPRISE CO., LTD., F.E.R. Fischer Edelstahlrohre GmbH, YC Inox, JFE Steel Corporation, CSM TUBE spa, Guangzhou Pearl River Petroleum Steel Pipe Co., Ltd., Guangdong Lizz Steel Pipe Co, Ltd., Foshan Zhongde Stainless Steel Co., Ltd. & others.
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