June 28, 2023 10:29 ET | Source: ReportLinker ReportLinker
New York, June 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Iron And Steel Pipe And Tube Global Market Report 2023" - https://www.reportlinker.com/p06463993/?utm_source=GNW A, Sumitomo Corporation, ChelPipe Group, Wheatland Tube Company, Aaditya Stainless, Anand Seamless Tubes pvt Ltd., and Bhuwalka Pipes. The global iron and steel pipes and tubes market is expected to grow from $194.89 billion in 2022 to $202.84 billion in 2023 at a compound annual growth rate (CAGR) of 4.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The iron and steel pipes and tubes market is expected to reach $229.78 billion in 2027 at a CAGR of 3.2%. The iron and steel pipe and tube market consists of sales of carbon steel, stainless steel, and alloys.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Iron pipes and tubes refer to round tubular devices used to distribute fluids and gases.Steel pipes and tubes refer to long, hollow tubes that are used for a variety of purposes. It is utilized in controlled fuel injection, and car suspension systems. They are flexible under extreme conditions, assisting in the prevention of spills or leaks. Asia-Pacific was the largest region in the iron and steel pipes and tubes market in 2022. The regions covered in iron and steel pipe and tube report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The main types of iron and steel pipes and tubes are seamless pipes and tubes, welded pipes and tubes.Seamless pipes and tubes refer to those tubes that contain no welding seams. The various materials include steel and alloys, copper and alloys, aluminum and magnesium alloys, nickel and alloys, and others. These are used by various end-users such as oil and gas, power generation, automotive, aviation, construction, process industry, and others. Increasing oil and gas production is expected to propel the growth of the iron and steel pipes and tubes market going forward.Oil and gas sectors include the business segment dedicated to hydrocarbon exploration, data collection, development, drilling, production, gathering, refining, distribution, and transportation. Iron and steel pipes and tubes are used in the oil and gas industry to transport oil, gas, and other liquids safely, as they are incredibly strong and can endure extreme temperatures without any danger of failure or cracking. For instance, in March 2023, according to the Energy Information Administration (EIA), a US-based government organization, oil and gas production increased from 99.4 million barrels per day (b/d) in 2022 to 100.9 million b/d in 2023. Therefore, the increasing oil and gas production is driving the iron and steel pipes and tubes market. Technological advancement is the key trend gaining popularity in the iron and steel pipes and tubes market.Major companies operating in the iron and steel pipes and tubes market are focused on developing innovative products to strengthen their position in the market. For instance, in February 2021, Hypertherm Inc., a US-based manufacturer of cutting equipment and accessories, launched a software called Rotary Tube Pro 3, a tube and pipe cutting software for machines with a rotary axis. It involves cutting along a common line and enables operators to separate two or more parts that provide greater material utilization and better consumable life. In July 2022, Tenaris S.A., a Luxembourg-based manufacturer of steel pipes, acquired Benteler Steel & Tube Manufacturing Corporation for an undisclosed amount. Through this acquisition, Tenaris’ product line and local manufacturing presence in the United States have expanded. Benteler Steel & Tube Manufacturing Corporation is a US-based seamless steel pipe manufacturer. The countries covered in the iron and steel pipe and tube market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the chain or as part of other products. The iron and steel pipes and tubes market research report is one of a series of new reports that provides iron and steel pipes and tubes market statistics, including iron and steel pipes and tubes industry global market size, regional shares, competitors with an iron and steel pipes and tubes market share, detailed iron and steel pipes and tubes market segments, market trends and opportunities, and any further data you may need to thrive in the iron and steel pipes and tubes industry. This iron and steel pipes and tubes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. Read the full report: https://www.reportlinker.com/p06463993/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. 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