New York, June 30, 2020 (GLOBE NEWSWIRE) -- The global Steel Pipes and Tubes market is forecast to reach USD 278.84 Billion by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand owing to the rising demand from the oil and gas industry. New and upcoming oil and natural gas projects are also leading to an increase in the demand for the steel pipes and tubes market.
Wind turbines, batteries, medical equipment, plastics, detergents, packaging, and tires, require petrochemical for their operation, and rising demand for these products is leading to a rise in the demand for Steel Pipes and Tubes because these are used in petrochemical plants. The increase in industrial production is also propelling the demand for the market because seamless steel tubes are used extensively in the construction of machinery and equipment.
Even though there is a rising demand from various industries, market growth can get hampered due to the availability of substitutes. These substitutes include plastic pipes made of UPVC, HDPE, Polypropylene, and Polyethylene as these materials lightweight, corrosion-resistant and have higher strength. Thus, these are preferably used in low and medium pressure areas.
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The COVID-19 impact:
As the COVID-19 crisis grows, countries are entering lockdowns and industries across all industries except for essentials are being shut down. The same applies to the Steel Pipes and Tubes market. Since most activities that propel the demand for the market are not taking place, there is a decline in the demand of the Steel Pipes and Tubes market. Also, the supply is reduced since the manufacturers are not operating under the current situation.
According to some major companies, they are expected to export their production if the demand does not increase when the situation becomes normal. In the coming few months, when the situation becomes wholly normal and industries start operating again, the demand is expected to rise again, thus opening new avenues for the Steel Pipes and Tubes market.
Further key findings from the report suggest
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For the purpose of this report, Reports and Data have segmented into the global Steel Pipes and Tubes market on the basis of product, application, distribution channel, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/steel-pipes-and-tubes-market
Regional Outlook (Revenue, USD Billion; 2017-2027)
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