The stainless-steel pipes and tubes market is projected to grow at a CAGR of 6.12% from the time period of 2021 to 2031. Stainless steel is one of the most preferred metals in the construction industry owing to its high corrosion and rust resistance, durability, versatility, and ease of maintenance.
There are many factors driving the market of stainless-Steel Pipes and Tubes market such as growth of stainless-steel fabrication and economic exceptionalism. The main factor driving the market is that this industry has experienced remarkable growth in the applications of pipes, tubes and other products. The Asia Pacific region is expected to generate be the dominant region as far as the market is concerned.
The stainless-steel pipes and tubes industry faces high competition from China and Japan, which are considered as emerging economies. The competitive analysis explains that most of the leading players in this industry have adopted several strategies to remain competitive in this market such as joint ventures, mergers & data acquisitions unit and expansions & new product launches to expand their product portfolio.
For instance, on April 10th, 2014, Sumitomo Metals Corporation (Japan) declared its merger with Nippon Steel Corporation (Japan). This merger would form a new company named Nippon Steel & Sumitomo Metal Corporation (NSSMC) with a total production capacity of 40 million tons of crude steel per year making it one of the largest steel manufacturing companies in the world.
There are many advantages of the Stainless-steel pipes and tubes market such as they are highly durable, they have high tensile strength, they are resistant to corrosion and they can be recycled.
Market value and CAGR of the stainless-steel pipes and tubes market for 2021 to 2031
The market is expected to grow at a CAGR of 1.8% in the forecast period of 2021 to 2031. The stainless-steel pipes and tubes market is projected to touch USD 55,095.4 million by 2031 from USD 42,571.7 million in 2020. The market’s rise in due to all the factors driving the market which is visible in its CAGR.
.png "The Global Stainless Steel Pipes and Tubes Market, 2021-2031 (USD Million)")
The rising demand for stainless steel pipes and tubes in various end-use industries such as construction, oil & gas, food & beverage, automotive, and others is anticipated to drive the growth of the stainless-steel pipes and tubes market during the forecast period. As market across industries require the use of stainless-steel pipes and tubes for various purposes, the demand has remained steady due to these reasons. The varied applicability of the product makes it necessary for all these markets and hence the demand is always there.
Challenges faced by the stainless-steel pipes and tubes market
Some of the challenges in the market of stainless-steel pipes and tubes market are mentioned below:
? The market faces the challenge of lack of availability of raw materials and skilled labour to manufacture stainless steel pipes and tubes.
? The cost of installation is quite high compared to other options available in the market which too is a major challenge as that decreases its market appeal resulting in lack of revenue.
Key market players in the Stainless-steel pipes and tubes market
Some of the major players of the stainless-steel pipes and tubes market are V&M (France), ArcelorMittal (Luxembourg), Autocamp (Finland), Tubifex (Spain), ThyssenKrupp (Germany), Veloured (France), Sumitomo Metals Corporation (Japan).
Segment Analysis
• The revenue generated is expected to be the most in automotive industry, followed by security and surveillance applications.
• OEMs are predicted to have the most revenue generated as compared to aftermarket due to increasing demand from automotive industry and security sector.
• As mentioned earlier North America is expected to grow the fastest globally due to the high focus on R&D activities and the presence of leading manufacturers in this region. Asia Pacific is also forecasted to grow at a rapid pace because of rise in automotive production in China and India.
Covid-19 impact and the current market status
The outbreak of Covid-19 has had a significant impact on the stainless-steel pipes and tubes market. The market was already facing some challenges in 2019, such as the US-China trade war, and the pandemic has exacerbated these challenges. In 2020, the market is expected to witness a decline in demand due to lower investment in end-use industries such as oil and gas, construction, and automotive. However, the market is expected to recover in 2021 as these industries begin to rebound.
The current market status can be summarized as follows:
-The market is expected to decline in 2020 due to the Covid-19 pandemic as a lot of restrictions and lockdown were imposed resulting in loss for the market.
-However, the market is expected to recover in 2021 as end-use industries begin to rebound as all the companies are getting back to production and people are also starting to raise their demand for the products as the need is there.
-The long-term outlook for the stainless-steel pipes and tubes market remains positive which is very significant after considering all the factors and trends. Due to its features and applicability across industries, its demand will only increase in the coming future.
Recent Development in the stainless-steel pipes and tubes market from 2019-2022
In January 2019, the Government of India approved the National Steel Policy (NSP) 2017 with an objective to create 500 million tonnes (MT) of capacity by 2030-31 and increase production from 127 MT in 2016-17 to 300 MT by 2025-26.
In June 2019, Jindal Stainless announced the opening of its new plant in Uttar Pradesh. The new plant was the company’s first stainless steel pipe factory that was manufactured according to international quality standards.
Stainless Steel Pipes and Tubes Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2031 |
| Study Period | 2018-2031 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2031 | USD 55,095.4 million |
| Growth Rate | CAGR of 1.8 % during 2021-2031 |
| Segment Covered | Type, Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | &M (France), ArcelorMittal (Luxembourg), Autocamp (Finland), Tubifex (Spain), ThyssenKrupp (Germany), Veloured (France), Sumitomo Metals Corporation (Japan). |
Key Segments of the Stainless Steel Pipes and Tubes Market
Type Overview
• Seamless Pipes and Tubes
• Welded Pipes
• Tubes
Application Overview
• Oil and Gas
• Food Industry
• Automotive
• Power Industry
• Chemical Industry
• Construction
• Water Treatment
• Others
Regional Overview
North America
• U.S
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
• Middle East and South Africa
Frequently Asked Questions (FAQ) :
The application of the stainless steel pipes and tubes market Oil & Gas, Food Industry, Automotive, Power, Chemical, Construction and other.
The top companies that hold the market share in stainless steel pipes and tubes market are ThyssenKrupp AG, Tata Steel (TISCO), Tenaris, Pohang Iron & Steel (POSCO), Baosteel Group, CENTRAVIS, TUBACEX S.A, Arcelor Mittal, NIPPON STEEL CORPORATION, Outokumpu, TPCO Enterprise, Inc., Jiuli Group, Sandvik AB, BUTTING Group & among others.
The base year for the report is 2023 in stainless steel pipes and tubes market.