Europe Seamless Steel Pipes and Tubes Market Grows Steadily to Cross USD 8.2 Billion by 2029

Published | 21 February 2023

Europe seamless steel pipes and tubes market is flourishing due to a spurring demand for seamless pipes in the oil & gas and automotive & transportation sectors and expansion of a variety of end-use verticals.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Europe seamless steel pipes and tubes market size at USD 6,181.79 million in 2022. During the forecast period between 2023 and 2029, the Europe seamless steel pipes and tubes market size is projected to grow at an impressive CAGR of 4.16% reaching a value of USD 8,202.85 million by 2029. The growing demand for seamless pipes in the oil and gas sector across Europe is the main driver of the market growth for seamless steel pipes. Also, it is expected that new oilfield discoveries and the development of offshore spending would provide the market's participants with significant growth potential. The emergence of new replacements and trade protectionism, however, could limit the market expansion.

Europe Seamless Steel Pipes and Tubes Market - Overview

A heated, solid-shaped steel "billet" is pushed over a form and shaped into a hollow tube to make a seamless steel pipe. The seamless pipe is made entirely of solid circular billets with no soldering or joints. The seamless pipe is finished to specific dimensions and pipe diameter standards, and it is available in 1/8-inch to 26-inch OD sizes. Oil exploration and drilling, oil and gas transportation, air and hydraulic cylinders, bushings, boilers, and the automobile industry are all examples of high-pressure applications. The seamless stainless pipe is frequently used in pressure-requiring applications, such as processing equipment, water purification, and maritime industries.

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Europe Seamless Steel Pipes and Tubes Market – By Application

Europe seamless steel pipes and tubes market by application is segmented by application into Oil & Gas, Chemicals & Petrochemicals, Automotive & Transportation, Mechanical Engineering, Power Plant, Construction, and Others. In 2022, the oil & gas category dominated the market. The segment will continue to hold the top spot during the forecast period, due to the wide range of uses for the products in the oil & gas industry, including OCTG, transportation, and process pipes for turning crude oil into petroleum products.

Rapid industrialization and urbanization, rising population, and expansion in manufacturing sectors, particularly in developing economies, are all expected to boost the growth of the construction industry. As a result, product demand is expected to increase.

Impact of COVID-19 on Europe Seamless Steel Pipes and Tubes Market

The oil & gas sector has a significant impact on the market. The sector suffered throughout the pandemic as a result of the conflict over oil prices and the consequences of COVID-19. The breakdown of the production cut agreement triggered the start of the oil price war. Travel restrictions and a slowdown in industrial activity caused by COVID-19 reduced demand for chemicals and refined products. The oil and gas industry's reduction in operating and capital expenditures impacted the market for seamless steel pipes. Nonetheless, market growth is expected to be gradual over time.

Competitive Landscape

Europe seamless steel pipes and tubes market is fiercely competitive. Prominent players in the market include ArcelorMittal, United States Steel, Nippon Steel Corporation, Tata Steel, Jindal Steel & Power Ltd. (JSPL), Rama Steel Tubes Limited, and Steel Authority of India Limited. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Europe seamless steel Pipes and tubes market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Europe Seamless Steel Pipes and Tubes Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Europe Seamless Steel Pipes and Tubes Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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