According to a new market report published by Lucintel, the future of the global steel pipe market looks promising with opportunities in oil and gas, water and wastewater, power generation, automotive, and other industrial sector. The global steel pipe market is expected to reach an estimated $68.4 billion by 2024 with a CAGR of 1.6% from 2019 to 2024. The major drivers for this market are increasing construction of new pipelines, replacement of aging pipelines, urbanization rate, and infrastructure development.

In this market, different types of steel pipe such as carbon steel, stainless steel, and others are used as material. On the basis of comprehensive research, Lucintel forecasts that carbon steel pipe is expected to remain the largest segment over the forecast period due to increasing demand for carbon steel pipes due to growth in oil and gas, power generation and automotive industries.

North America will remain the largest region due to increase in oil and gas exploration activities. APAC is expected to witness the highest growth over the forecast period due to increasing infrastructure development, urbanization and government economic stimulus measures in this region.

Emerging trends which have a direct impact on the dynamics of the steel pipe industry include the increasing use of premium and technically advanced pipe by using dopeless technology and increasing use of multilayer pipes for strength and durability. Tenaris, Vallourec, TMK, ArcelorMittal, Nippon Steel and Sumitomo Metals, United States Steel Corporation, Chelpipe, Tata Steel and others are among the major steel pipe manufacturers.