MEA and Australia Steel Pipe Market Signals Modest Growth– Projected to Reach Worth USD 38,719.4 million in 2027

Published | 17 August 2021

A recent study conducted by the strategic consulting and market research firm; BlueWeave Consulting revealed that the MEA and Australia Steel Pipe market was worth USD 29,215.0 million in the year 2020. The market is forecast to grow at the CAGR of 4.5% during 2021-2027 (forecast period), earning around USD 38,719.4 million by the end of 2027. The increase in oil and gas production is a major factor driving the MEA and Australia steel pipe market. Steel pipes are mostly used in the oil& gas industry. In the MEA & Australia steel pipe market, steel pipes are utilized to transfer gas and liquid. Low alloy or carbon steel is commonly used in their construction. When choosing pipes for specific purposes, inner diameter, ductility, yield strength, and pressure rating are some of the most essential factors to consider.

Integration of Technologies for Pipeline Monitoring and Oil Leakage Detection Triggering theGrowth of the MEA & Australia Steel Pipe Market

Pipelines facilitate the transportation of goods from one end to the other. Pipelines are an integral part of any industry because they transport goods such as water, oil, gas, petroleum, juices, steam, chemicals, polymers, and others. On the other hand, leaks in pipeline networks can lead to countless losses for pipeline operators and the environment at large. Therefore, researchers are developing technology for pipeline leak detection in order to prevent such leakages and to protect the lives of people and the economy during such accidents. Over the last few years, pipeline advancements have accelerated with new pipeline trends emerging. For instance, the latest technology, High Fidelity Dynamic Sensing (HDS) which has been developed by Hi-Fi Engineering, is set to become the new standard in the global pipeline monitoring industry. HDS integration is anticipated to trigger the growth of the MEA & Australia steel pipe market during the forecast period.

Rising Installation of Steel Pipes in Chemical Industry in MEA & Australia Favoring Market Growth

The benefits offered by steel pipes are the main reasons for their installation in chemical plants. A number of characteristics make steel pipes ideal for use in the chemical industry, including high-pressure handling, corrosion resistance, and mass volume transportation. Chemical production is experiencing significant growth in the Middle Eastern region. Duplex and carbon steels are typically the two most popular alloys used in the chemical industry. As they contain roughly equal amounts of ferritic and austenitic phases, they are considered duplex. The chemical composition of this product improves its strength, weight savings, corrosion resistance, and price stability. Steel pipes have been installed in the chemical industry for a long time in MEA and Australia, which has pushed growth in the MEA & Australia steel pipe market.

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Welded Steel Pipe Segment Leading the Market

The MEA & Australia steel pipe market is grouped into two segments—the welded pipe segment and seamless pipe segment. The welded pipe segment accounted for the largest market share in 2020 and is expected to grow at a lucrative CAGR during the forecast period. Due to the liberalization of trade, food processing firms have also been increasing their presence around the world. Moreover, manufacturers of food are exploring fresh and untapped markets. To meet growing competition in the industry, domestic players in the market are also expanding their product offerings. According to Australian Food and Grocery Council 2019, the food & beverage, and grocery & fresh produce sector is worth USD 122 billion. The industry is made up of 15,000 businesses of all sizes that employ over 273,000 people. Thus, the increasing quality standard in the food & beverage industry has propelled the installation of more steel pipes in the MEA & Australia steel pipe market.

Impact of COVID-19                                                                    

The COVID-19-induced pandemic has caused the world an unexpected blow, and the death toll continues to rise as viruses spread throughout the globe.When construction operations were halted due to an increase in infection rates, steel pipe demand plummeted; however, once the first wave of infections had passed, governments responded by investing heavily in infrastructure to boost their economies. Markets began showing signs of normalcy, but unfortunately, the second wave of the pandemic emerged. One of the primary demand drivers for steel pipes is the oil and gas industry, which is experiencing its worst crisis ever, with oil prices plunging to USD 21.04 per barrel during the first wave of COVID-19. As a result of a reduced production to maintain margins starting in February 2021, oil prices have risen above USD 60 per barrel, and demand is increasing steadily in response. Nippon Steel Corporation reports that six out of 15 blast furnaces are in banking due to a sharp decline in demand. The method is to halt blast furnace production so that production can be resumed with reduced blast furnace productivity, an extension of blowing-stop times, and by using a technique that minimizes the associated cost increase.

MEA Region Dominates the Market

The MEA & Australia steel pipe market, based on the regional level, is segmented into MEA & Australia.The MEA region is anticipated to hold the largest market share in 2020 and is anticipated to continue its dominance in the coming years. Based on countries, the MEA steel pipe market is segmented into Turkey, Egypt, Saudi Arabia, South Africa, and the rest of MEA.Following Saudi Arabia, Turkey's steel pipe market contributed a significant share to crude steel production in 2020, with a 6% increase. In 2020, Turkey's crude steel production reached 35.8 million tons. The Turkish Iron and Steel Producers stated that Turkey is ranked seventh globally with 35.8 million tons of crude steel production in 2016. According to the Turkey Steel Pipe Manufacturer Association, Turkey steel pipe industry has gained momentum in the last few years and emerged as the fourth-largest exporter of welded steel pipes in the globe after China, Russia, and the Republic of Korea.

Competitive Landscape

The Steel Pipe market is highly competitive and fragmented and is composed of many large, small, and medium players. The key players dominating the market are ArcelorMittal, Tenaris Saudi Steel Pipes, Al Gharbia Pipe Co., Conares Metal Supply Ltd., Global Pipe Company, SeAH Steel, Steel Mains, TMK, Welspun MiddleEast, Arabian Pipes, National Pipe Company Ltd., Nippon Steel Corporation, JFE Holdings, Inc., Jindal Saw Ltd., Severstal, Vallourec, Evraz, Tata Steel, JSW Steel Limited and other prominent players.

Don’t miss the business opportunity of the MEA & Australia Steel Pipe market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and statistics of theMEA & AustraliaSteel Pipe market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the MEA & AustraliaSteel Pipe 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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