(MENAFN- Ameliorate Digital Consultancy)
Oil and Gas Pipes Market is expected to expand to US$12.9 billion by 2029 at a CAGR of 5.9%
oil and gas pipes market
The global market for oil and gas pipes, which was previously expected to be worth US$8.7 billion in 2022, is anticipated to expand to US$12.9 billion by 2029 at a CAGR of 5.9%.
The global oil and gas pipes market is expected to witness significant growth in the coming years, driven by the increasing demand for these pipes in the oil and gas industry. Oil and gas pipes are used to transport oil, gas, and other petroleum products from the production site to the refining and processing facilities. The growing demand for oil and gas, coupled with the increasing exploration and production activities, is expected to drive the market growth.
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Growing need for transporting oil and gas materials has led to an upsurge in demand for oil and gas pipelines globally. In addition, increasing demand for internal processing of the oil and gas materials is projected to impact global market growth of oil and gas pipes positively.
Factors Fuelling Growth of the Global Market
Growth of the global oil and gas pipes market is mainly bound to various macro-economic and micro-economic factor. Manufacturers are increasingly adopting advanced technology such as Internet of Things in order to integrate features such as sensing communication and analytical capabilities. Emerging technology integrated in the oil and gas piping system enables the manufacturers to retrieve the data about the transportation activities.
Weaving advanced technology through the oil and gas pipeline has further enabled the manufacturers to optimize operations and improve reliability. Manufacturers of the oil and gas pipes will continue to benefit from the emerging technology that retrieves information regarding the piping activities.
Key Players-
Tenaris S.A. Valourec S.A. Mexichem Sab de C.V. Metalurgica Gerdau S.A. JSW Steel Limited JFE Holdings Inc. Aliaxis Group S.A. China Steel Corporation American Cast Iron Pipe Company Arcelor Mittal S.A. Others.
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In terms of material , the market is segmented into steel, plastic, and others. Steel pipes are the most commonly used type of oil and gas pipes, owing to their durability and resistance to corrosion. Plastic pipes are also gaining popularity, due to their lightweight, flexibility, and corrosion resistance.
In terms of application , the market is segmented into offshore and onshore. The onshore segment is the largest application segment, followed by offshore. The growth of the onshore segment is driven by the increasing demand for these pipes in the production and transportation of oil and gas on land.
Geographically , the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is the largest market for oil and gas pipes, followed by North America and Europe. The growth of the market in Asia Pacific is driven by the increasing demand for these pipes in the oil and gas industry in the region.
Growing demand for oil and gas in the transportation industry is further projected to rev up demand. Moreover, increase in the number of drilling and extraction projects will continue to rev up demand for the oil and gas pipes. Demand for oil and gas pipes will also increase with the growing need to transport oil and gas resources from the production place to the main storage area.
Emergence of smart technology like Internet of Things in the oil and gas pipes is further transforming the transportation and management of the oil and gas materials during the extraction and drilling projects. Integration of the piping system with enhanced technology allows the end users to monitor and retrieve data regarding the status of the pipelines, storage and transportation of materials during the offshore and onshore activities.
In order to ensure that safe and protective transportation of oil and gas materials, manufacturers are adopting enhanced techniques and materials that protect the pipelines and the materials from the corrosive environment and extreme temperature. Government in various countries are taking initiatives to encourage smart city developments. This has led to increasing adoption of intelligent techniques among the oil and gas pipe manufacturers.
Sales of Stainless Steel Materials to Remain High
Increasing demand for comparatively strong and protective materials for construction of pipes has led to an upsurge in demand for the stainless steel significantly. By material type, the stainless steel segment is projected represent a relatively high revenue growth, accounting for more than US$ 2.96 Bn by 2032-end. The stainless steel material type segment is projected to reflect a robust CAGR during the forecast period.
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Key Questions Answered in This Report.
What are the Roadblocks for Oil and Gas Pipes Suppliers?
What are the Key Opportunities for Oil and Gas Pipes Manufacturers?
How is Focus on Safety Influencing Oil and Gas Pipes Demand?
What is the Regulatory Impact on Global Sales of Oil and Gas Pipes?
Which Region Offers the Largest Opportunity for Sales of Oil and Gas Pipes?
Where Does the U.S. Stand in the Market for Oil and Gas Pipes?
What Is the Outlook for Oil and Gas Pipes Manufacturers in China?
Why is Germany a Lucrative Market for Oil and Gas Pipes Manufacturers?
Why Will Belgium Outpace Other European Markets for Oil and Gas Pipes?
Why is There High Demand for Tires in Oil and Gas Pipes?
Why are Sales of Oil and Gas Pipes Surging?
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