December 20, 2023 07:58 ET | Source: Fortune Business Insights Fortune Business Insights
India, Pune, Dec. 20, 2023 (GLOBE NEWSWIRE) -- The oil and gas industry is a significant driver of the Seamless Pipe Market due to its extensive use in drilling, extraction, and transportation of oil and gas. Additionally, the increasing demand for energy worldwide contributes to the demand for seamless pipes in the exploration and production activities. Global market trends, geopolitical factors affecting the supply of raw materials, and environmental regulations also impact the demand for seamless pipes in various regions. Strainers For Steam
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The report clubs’ some of the essential details such as market size, growth, value, drivers, and opportunities. It further throes light on the current and future dynamics of seamless pipes and tubes across different regions. Furthermore, it offers valuable insights into the trends and developments that will positively impact the oil and gas industry. The report offers a detailed evaluation of the competitive landscape by listing different strategies adopted by companies.
One of the best advantages of these pipes is that they have an ability to withstand high pressures. As compared to welded pipes, seamless pipes are lighter and thinner, thereby reducing the manufacturing cost. This shows that these pipes are cost-effective. On the other hand, the performance and strength of welded pipes has increased owing to the increasing improvements in manufacturing process. Nevertheless, seamless pipes are still preferred on account of their favourable properties.
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Modernization of Aging Pipes to Propel Growth
Over the past few years, the demand for high performance pipes is increasing owing to the expansions in energy and manufacturing sectors. This, coupled with rising modernization of aging pipes, is expected to drive the market. Owing to these seamless pipe market trends, the market growth is expected to increase in the forecast years. Another factor responsible for driving the market is rapid industrialization. Increasing use of high-corrosion resistant pipes in the seamless pipe manufacturing process is further driving the market.
The demand for these pipes is likely to increase as they can be used in harsh environment conditions such as extremely cold or extremely hot. Furthermore, these pipes are used in several applications which include ship building, pipeline infrastructure, and others. Considering these factors, the market is anticipated to rise considerably during the forecast horizon.
However, increasing duties and tariffs in different products may hamper the growth of the market. In addition to this, trade war between the US and China is also expected to restrict the market growth in the years to come.
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Increasing Oil and Gas Activities in China and India to Stimulate Growth in Asia Pacific Market
From a geographical standpoint, Asia Pacific is anticipated to lead the global seamless pipe market through the forecast years. Rapid industrialization in countries such as Vietnam, India, and Bangladesh is likely to create attractive growth opportunities. This, coupled with increasing oil and gas downstream activities in China and India, is predicted to uplift the market in this region. Rising support from governments in these countries further forecasts to drive the market.
The market in the Middle East sees a steady demand for these pipes owing to the rising deep sea exploration. The market in Africa is expected to showcase the maximum growth potential for the market in the foreseeable future. The market in Europe is expected to exhibit higher CAGR on account of the increasing demand for oil and gas pipeline projects.
The report highlights some of the key players operating in the global market. These include:
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Global Seamless Pipe Market Segmentation:
By Type · Hot Finished Pipes · Cold Finished Pipes
· Steel & Alloys · Copper & Alloys · Aluminum & Magnesium Alloys · Nickel & Alloys · Others
· Mandrel Rolling · Multi-Stand Plug Mill · Cross-Roll Piercing & Pilger Rolling
· Oil and Gas · Power Generation · Automotive · Aviation · Construction · Process Industry · Others
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