February 22, 2023 09:00 ET | Source: SkyQuest Technology Consulting Pvt. Ltd SkyQuest Technical Consulting Pvt. Limited Liability Company
WESTFORD, USA, Feb. 22, 2023 (GLOBE NEWSWIRE) — The Asia Pacific cold drawn seamless steel pipe market will experience strong growth as demand for seamless pipe from the oil and gas industry rises. In addition, the discovery of new oil fields and increased spending on offshore development are expected to create significant opportunities for companies operating in this area. As companies invest in new technologies and expand their operations, they will be well positioned to take advantage of the many opportunities in this market.
According to recent SkyQuest forecasts, the non-residential construction market in the US will grow by 3.4% by 2025. Among the various non-residential construction sub-sectors, hotel construction is expected to experience the most significant growth of 9.6% by 2025. This growth is particularly noteworthy for the cold drawn seamless steel pipe market as it indicates a growing demand for high quality steel pipe materials for commercial and industrial construction projects.
Cold drawn seamless steel pipes are of vital importance in global manufacturing. These pipes are manufactured using a special process that involves drawing a solid steel rod through a die, resulting in a seamless pipe with a smooth surface and high dimensional accuracy. Due to its excellent properties, cold drawn seamless steel pipes are widely used as pipelines for transporting liquids such as oil, chemicals and gases in various industries.
The piercing and pilger rolling segment is fueling rapid growth as it allows manufacturers to produce versatile cold-drawn seamless steel pipes.
In 2021, the cold-drawn seamless steel pipe market will be dominated by slant piercing and pilger rolling. This growth can be attributed to several factors including the growing demand for high quality surface finishes, maximum product performance and the numerous benefits offered by the process. In addition, bevel piercing and pilgrim rolling are known to provide excellent surface finish, which is why many manufacturers choose this process.
The cold drawn seamless steel pipe market is expected to experience significant growth in the next few years, with Asia Pacific expected to account for the largest market share. According to market research conducted by SkyQuest, four countries in the Asia-Pacific region (excluding China) account for 64.5% of the total pipeline in the region. This highlights the huge growth potential in the region, especially in emerging markets such as India, Indonesia and Vietnam. India in particular leads the most prominent hotel construction portfolio with over 363 projects under construction.
The oil and gas industry will experience significant growth due to the need for high quality pipelines for oil and gas exploration.
The cold drawn seamless steel pipe market will see significant growth in the coming years, with the oil and gas industry becoming the largest end-use segment. This trend is expected to continue from 2022 to 2028, driven by several factors, including growing government initiatives and investment in various upstream businesses such as offshore and onshore drilling, oil and gas processing operations, and the general use of pipelines in the oil and gas industry. .
The North American market is forecast to experience a fast CAGR until 2028. This is mainly due to the high demand for pipes in the automotive industry. In addition, the US is home to the largest construction industry in the world with a projected market size of $1.3 trillion in 2021. SkyQuest predicts US non-residential construction spending will grow by 6.8% through 2025. This growth is attributed to various factors such as increased demand for commercial real estate, government spending on infrastructure, and population growth.
SkyQuest has released its latest cold drawn seamless steel pipe market report. The report covers several key market-related topics, including market size, growth rates, and supply and demand dynamics. He also analyzes key market players and strategies, including mergers, acquisitions, partnerships and collaborations. Finally, the report provides a detailed analysis of the drivers, challenges, and opportunities in the market.
SkyQuest Technology is a leading consulting firm providing market intelligence, commercialization and technology services. The company has over 450 satisfied customers worldwide.
Post time: Apr-18-2023