Increased offshore spending and new oilfield discoveries are expected to create significant growth opportunities for the players operating in the cold drawn seamless steel pipes market, as per the market research and analysis by Research and Markets.
Research and Markets has released a new market research report, titled, “U.S. Cold Drawn Seamless Steel Pipes Market By Standard (ASTM A179, ASTM A106, ASTM A511/A511M, ASTM A213), Product Type (MS Seamless Steel Pipes), Production Process, Application, and End-use Industry – Forecasts to 2029”.
As per the study by the market intelligence agency, the US cold-drawn seamless steel pipes market is projected to reach USD 994.3 million by 2029, i.e. with a CAGR of 7.7 percent during the forecast period 2022-2029. The growth is attributed to the increasing demand for seamless pipes in the oil & gas sector. Meanwhile, the uncertain raw material prices and slackened demand in saturated markets are expected to curb the growth of the cold-drawn seamless steel pipes market in the USA.
Increased offshore spending and new oilfield discoveries are expected to create significant growth opportunities for the players operating in this market. But trade protectionism and the introduction of new substitutes pose challenges to the growth of the market.
The market is segmented into ASTM A179, ASTM A106, ASTM A511/A511M, ASTM A213, ASTM A192, ASTM A209, ASTM A210, ASTM A333, ASTM A335, ASTM A53, and other standards. In 2022, the ASTM A335 segment is estimated to account for the largest share of the U.S. cold drawn seamless steel pipes market. The large market share of this segment is attributed to the increasing need for seamless ferritic alloy steel pipes for high-temperature services. However, the ASTM A213 segment is expected to register the highest CAGR during the forecast period. Based on product type, the market is segmented into MS seamless steel pipes, hydraulic MS seamless pipes, ERW square & rectangular hollow section pipes, and honed tubes.
In 2022, the MS seamless steel pipes segment is estimated to account for the largest share of the U.S. cold drawn seamless steel pipes market. This segment is also slated to register the highest CAGR during the forecast period. The high growth of this segment is attributed to its increasing use in the construction industry due to its high strength and pressure-bearing capability, growing use in the manufacture of structural parts & mechanical parts, including oil drill pipes, automobile transmission shafts, bicycle frames, and steel scaffolding.
Based on the production process, the market is segmented into cross-roll piercing & pilger rolling, multi-stand plug mill, and continuous mandrel rolling. As per application, the market is classified into precision instrumentation, boiler tubes, heat exchanger tubes, hydraulic applications, fluid transfer lines, rifled tubes, bearing pipes, mining applications, automotive applications, and general engineering applications.
In 2022, the boiler tubes segment is estimated to account for the largest share and is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is due to the increasing need for boiler tubes in steam boilers, fossil fuel plants, industrial processing plants, and electric power plants. Also, the growing demand from end-use industries boosts the growth of this segment. Based on the end-use industry, the cold drawn seamless steel pipes market is segmented into oil & gas, infrastructure & construction, power generation, automotive, and other end-use industries.
Also Read: Tube Investments of India looking for OEM Partnerships
Also, the oil & gas segment is estimated to account for the largest share of the U.S. cold drawn seamless steel pipes market in 2022, as per the market report. The large market share of this segment is attributed to the increasing government initiatives and investments and the rising need for upstream operations, including onshore & offshore drilling, general plumbing applications, and midstream operations in the oil & gas industry. Also, the power generation segment would register the fastest CAGR during the forecast period.
