executive Summary. The GCC stainless steel pipe market was valued at $1,671.32 million in 2021 and is projected to grow at a CAGR of 5.38% during the forecast period 2023-2028.
NEW YORK, March 3, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the GCC Stainless Steel Pipe Market – Analysis by Value and Volume, Product Type, Application, Country: Market Size, Insights , Competition, Covid -19 Impact and Forecast” – https://www.reportlinker.com/p06426547/?utm_source=GNW The stainless steel pipe market is driven by its performance, increased infrastructure spending supported by GDP growth, and high oil inventories in region. GCC countries account for 25% of crude oil production, according to an OPEC analysis. The proven reserves of crude oil in the GCC countries are 497 billion barrels, which is about 34% of the world’s estimated proven reserves of crude oil. In recent years, the growing demand and production of oil and gas in the region has led to the implementation of several seamless pipeline projects, which have reduced carbon emissions by 40%. Seamless stainless steel tubing is available in sizes and wall thickness specifications from 1/8″ to 26″ OD for high pressure applications in the oil and gas, hydrocarbon and refinery industries. There are currently more than $2.3 trillion of known planned and outstanding projects in the Gulf States. Demand for stainless steel pipes is expected to continue to rise after the Covid pandemic amid booming construction sector in the GCC market due to increased investment in mega-projects in Saudi Arabia and the UAE. Among the GCC countries, Saudi Arabia is the leader in steel production. In the Kingdom of Neom (the flagship project of the Kingdom), the Red Sea Project and Qiddiya (the capital of entertainment) are among the key mega-projects that form the infrastructure and construction roadmap. For example, Saudi Vision 2030 is a government plan to reduce the country’s dependence on oil and diversify the economy by providing significant investment to steel companies such as Al-Jazera, Rezayat Group, etc., which have a high demand for stainless steel pipes and steel. . pipes. In addition, a large number of projects are underway in Qatar, Kuwait and Bahrain, including expansion of the oil and gas sector, the construction of new residential and commercial facilities, the modernization of transport, energy and water systems, as well as major industrial developments. For example, MAN Industries (India) Limited received a $209 million order from Kuwait to supply 170,000 tons of HSAW and LSAW pipes to the Gulf countries. In this way, manufacturers can meet a wide range of different needs by using different alloy mixing ratios and offering different shapes for different purposes. Scope of Report • This report analyzes the GCC stainless steel pipe market by value (million USD) and volume (million tons). • The report provides analysis of the GCC Stainless Steel Pipe market for the historical period 2018-2021, base year 2022 and forecast period 2023-2028. • The report analyzes the Stainless Steel Tubes and Tubes Market by Product Type (Seamless, ERW, HSAW, LSAW). • The report analyzes the Stainless Steel Pipe & Tube Market by Application (Oil & Gas, Automotive, Construction & Infrastructure, Energy, Chemical & Petrochemical, etc.). • The GCC stainless steel pipe market was analyzed by country (Saudi Arabia, UAE, Kuwait, Qatar, Oman, Bahrain). • The key messages of the report were presented using the SWOT and Porter’s five forces analysis framework. • In addition, the report also analyzes the main opportunities, trends, drivers and challenges of the industry. • Companies featured in the report include TSI Metal Industries, JFE Steel Corporation, Arab Pipelines, ADPICO, EEW Group, ARCELOR MITTAL, TMK Group, AL Jazeera Steel, Gerab National Enterprises, Welspun Corp Limited Steel Fabricators Construction Consulting & Consulting Firms Research & Development Organizations Governments & Regulators Read the full report: https://www.reportlinker.com/p06426547/?utm_source=GNWA About ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you can instantly get all the market research you need in one place. __________________________
Post time: Apr-03-2023