India Steel Pipes and Steel Tubes Market Size Expanding to Touch Value of USD 37.7 Billion and Volume of 7.7 Million Tons by 2030

Published | 08 March 2024

India Steel Pipes and Steel Tubes Market is flourishing due to the rising demand from the oil & gas industry, increasing number of infrastructure development projects driven by increasing disposable income, and focus on complying with stringent environmental regulations.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India Steel Pipes and Steel Tubes Market size by value at USD 32.88 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India Steel Pipes and Steel Tubes Market size to expand at a CAGR of 6.43% reaching a value of USD 37.69 billion by 2030. Steel Pipes and Steel Tubes Market in India is propelled by the growing demand for oil & gas, the increased need for steel pipes worldwide, the thriving transportation sector, and a resurgence in construction activities following the pandemic. Another significant factor contributing to market expansion is the augmented investment in research and development aimed at fortifying production facilities. Also, the India Steel Pipes and Steel Tubes Market attributes its highest market share and revenue to the oil & gas sector. Steel pipes play a pivotal role in the transfer of gas and liquid across various applications, with a predominant usage of low alloy or carbon steel. Factors such as inside diameter, ductility, yield strength, and pressure rating are crucial considerations in selecting pipes for specific purposes, underscoring their importance in diverse industrial applications.

By volume, BlueWeave estimated the India Steel Pipes and Steel Tubes Market size at 6.98 million tons in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India Steel Pipes and Steel Tubes Market size by volume is projected to reach the volume of 7.66 million tons by 2030. The steel pipes and tubes industry holds significant importance within the Indian steel sector, contributing approximately 8% to the country's overall steel consumption. This industry is bifurcated into two main segments: Electric Resistant Welded (ERW) and Submerged Arc Welded and Seamless (S&S). With a total worth of INR 50,000 crores, the steel pipes and tubes industry is evenly divided between the ERW and S&S segments in terms of value. In volume, the domestic market is distributed 70:30 between these two segments. In CY19, India became the world's second-largest crude steel producer, surpassing Japan and producing 111.2 million tons (MT) of crude steel. The country's steel consumption stands at around 100 MT, placing India among the top three steel consumers globally.

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Impact of Escalating Geopolitical Tensions on India Steel Pipes and Steel Tubes Market

The India Steel Pipes and Steel Tubes Market witnesses profound impacts due to escalating geopolitical tensions. Heightened uncertainty may lead to supply chain disruptions, affecting raw material procurement and transportation. Increased geopolitical risks can also result in fluctuating steel prices, impacting production costs for manufacturers. Furthermore, geopolitical instability may influence investor confidence and overall economic conditions, potentially affecting infrastructure projects and construction activities that drive demand for steel pipes and tubes. In such a scenario, the market could experience volatility, with potential shifts in demand and pricing, necessitating agile strategies for businesses in the Indian steel industry to navigate challenges effectively.

India Steel Pipes and Steel Tubes Market

Segmental Information 

India Steel Pipes and Steel Tubes Market – By Application

By application, the India Steel Pipes and Steel Tubes Market is divided into Oil & Gas, Chemicals & Petrochemicals, Automotive & Transportation, Mechanical Engineering, Power Plant, and Construction segments. The oil & gas segment holds the highest share in the India Steel Pipes and Steel Tubes Market by application. It is primarily due to its indispensable role in energy infrastructure. Steel pipes and tubes are vital components for transporting oil and gas efficiently and safely across vast distances. The durability and reliability of steel make it the preferred material in constructing pipelines, ensuring the integrity of the energy supply chain. With India's burgeoning energy demands, particularly in the oil and gas sector, the substantial reliance on steel pipes underscores their pivotal role, driving the segment's dominant market share in the country.

Competitive Landscape

The India Steel Pipes and Steel Tubes Market is fragmented, with numerous players serving the market. The key players dominating the India Steel Pipes and Steel Tubes Market include Jindal SAW Ltd, Maharashtra Seamless Limited, Ratnamani Pipes & Tubes, ISMT (Indian Seamless Metal Tubes) Ltd, Welspun Corp Ltd, Surya Roshni Ltd, Apollo Tubes Ltd, Jindal Star Ltd, Zenith Birla (India) Ltd, and Man Industries (India) Ltd. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

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

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