February 22, 2023 09:00 ET | Source: SkyQuest Technology Consulting Pvt. Ltd. SkyQuest Technology Consulting Pvt. Ltd.
Westford USA, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Asia Pacific is set for significant growth in the cold drawn seamless steel pipes market owing to the rising demand for seamless pipes in the oil and gas sector. In addition, the discovery of new oilfields and increased offshore spending is expected to create significant opportunities for companies operating in this space. As companies invest in new technologies and expand their operations, they will be well-positioned to take advantage of this market's many opportunities. Cold Drawn Square Tube Factory
According to recent projections by SkyQuest, the non-residential building construction sector in the United States is expected to experience a steady increase of 3.4% by the year 2025. Among the various subsectors of non-residential building construction, hotel development is projected to see the most significant rise of 9.6% by 2025. This growth is particularly noteworthy for the cold drawn seamless steel pipes market, as it indicates a rising demand for high-quality steel piping materials in commercial and industrial construction projects.
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Cold-drawn seamless steel pipes are crucial in the global manufacturing industry. These pipes are produced through a specialized process that involves drawing a solid steel rod through a die, which results in a seamless pipe with a smooth surface finish and high dimensional accuracy. Due to their exceptional properties, cold drawn seamless steel pipes have gained widespread use as line pipes for transporting fluids such as oils, chemicals, and gases across various end-use industries.
Prominent Players in Cold Drawn Seamless Steel Pipes Market
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Cross-Roll Piercing & Pilger Rolling Segment to Drive High Growth as It Enables Manufacturers to Produce Versatile Cold-Drawn Seamless Steel Pipes
In 2021, the cross-roll piercing and pilger rolling segment dominated the cold drawn seamless steel pipes market under the production processes category. The growth can be attributed to numerous factors, covering the growing demand for high-quality surface finishes, the maximum productivity of products, and the numerous advantages this process offers. In addition, cross-roll piercing and pilger rolling are known for delivering a superior surface finish, so it has become the go-to process for many manufacturers.
The cold drawn seamless steel pipes market will see significant growth in the coming years, with the Asia-Pacific region estimated to account for the largest share of the market. According to market research conducted by SkyQuest, four Asia-Pacific countries, excluding China, represent 64.5% of the region's overall pipeline. This highlights the significant potential for growth in this region, particularly in emerging markets such as India, Indonesia, and Vietnam. India, in particular, is leading the way with the most prominent hotel-building pipelines, with over 363 projects in the works.
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Oil & Gas Industry Segment to Exhibit Strong Growth Rate Thanks to Rising Oil and Gas Exploration Activities Requiring the High-Quality Pipes
The cold drawn seamless steel pipes market for strong growth in the coming years, with the oil and gas industry leading the way as the largest end-use segment. This trend is expected to continue from 2022 to 2028, driven by several factors, including increasing government initiatives and investments in various upstream operations such as offshore and onshore drilling, midstream operations, and general plumbing applications within the oil and gas sector.
The North American market is projected to experience a rapid CAGR by 2028. This is mainly due to the high demand for pipes in the automotive industry. Furthermore, the United States has the largest construction industry in the world, with an estimated market size of $1.3 trillion in 2021. According to SkyQuest, non-residential building construction spending in the United States is expected to grow by 6.8% by 2025. This growth is due to various factors, such as increasing demand for commercial real estate, government infrastructure spending, and the growing population.
SkyQuest has published its latest report on the cold drawn seamless steel pipes market. The report covers several key topics related to the market, including market size, growth rate, and demand-supply dynamics. It also analyzes the market's key players and strategies, including mergers, acquisitions, partnerships, and collaborations. Finally, the report provides a detailed analysis of the market's drivers, challenges, and opportunities.
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