Los Angeles, January 3, 2020 - A report was recently introduced by QY Research titled, “Global Large Diameter Steel Pipe Market Professional Survey 2019,” which offers an extensive study on Large Diameter Steel Pipes and predicts the scope for the growth of the market. As per the report, the Global Large Diameter Steel Pipe market is predicted to touch US$ 15.7 Bn by 2024 from an initial value of US$ 14.2 Bn in 2018. The global Large Diameter Steel Pipe market is likely to register a lethargic CAGR of 1.7% from 2019 to 2024.
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Increasing Availability of Alternatives Such as ERW and HFI Pipes to Hamper the Market Growth
Steel pipes have major applications in the oil and gas industry for moving natural gas and crude oil from storage to distribution. However, high prices of the large-diameter steel pipes and availability of alternatives such as Electric Resistance Welded (ERW) and High-Frequency Induction (HFI) pipes are likely to hamper the growth of the market. Improvements and better performance of ERW and HFI pipes in gas transmission is expected to restrain the growth of the Large Diameter Steel Pipe market.
Growing Demand for LSAW Pipes to Hinder the Overall Growth of the Type Segment
The type segment includes SSAW Pipes, LSAW Pipes, and Others. The LSAW pipes are being used in the thermal industry, bridge building, water treatment, and transportation of oil and gas across towns, cities, and seashores. Uneven cooling results in residual stress in the LSAW pipes, which leads to deformation and other adverse effects. These are some of the factors that are anticipated to hinder the growth of the LSAW pipes segment. Based on application the market is segmented into Chemical Industry, Water Treatment, Oil & Gas, and Others.
Plastic Pipes – Obstructing the Growth of the Market in North America
North America is expected to hold a substantial share of the market due to increasing oil and gas pipeline projects in construction and pre-construction stages. The petrochemical capacity in the region is expected to increase, which may lead the demand for Large Diameter Steel Pipes. However, the preference for plastic pipes for medium and low-pressure applications in the oil and gas industry is likely to obstruct the growth of the market in North America region.
Mergers and Acquisitions: Major Strategic Moves of the Market Players
Top companies are announcing mergers and acquisitions and are involved in capacity expansions for catering to the increasing demand for Large Diameter Steel Pipes.
For instance, In 2018 Nippon steel announced partnership with BP Exploration Ltd of Oman and Sumitomo Corporation for the supply of Oil Country Tubular Goods.
Major companies of the market studied by the authors of the report include Nippon Steel, Jindal Saw, JFE Steel Corporation, Europipe, OMK, ChelPipe Group, EEW Group, TMK, Severstal, EVRAZ, Borusan Mannesmann, Severstal, JSW Steel Ltd, Arcelormittal, Arabian Pipes Company, American Cast Iron Pipe Company, Youfa Steel Pipe Group, and Kingland & Pipeline Technologies.
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