GCC Stainless Steel Pipes and Tubes Market - Analysis By Value and Volume, Product Type, Application, By Country : Market Size, Insights, Competition, Covid-19 Impact and Forecast
Executive Summary. The GCC Stainless Steel Pipes and Tubes market was valued at USD 1671.32 Million in 2021 and is expected to grow at a CAGR of 5.38% during the forecast period of 2023-2028.
New York, March 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "GCC Stainless Steel Pipes and Tubes Market - Analysis By Value and Volume, Product Type, Application, By Country : Market Size, Insights, Competition, Covid-19 Impact and Forecast" - https://www.reportlinker.com/p06426547/?utm_source=GNW
The market for stainless steel pipes and tubes is driven by its properties, rising infrastructural spending backed by increasing GDP, and a high number of oil reserves in the region.
As per OPEC analysis, GCC countries account for 25% of crude oil production. GCC countries have combined proven reserves of 497 billion barrels of crude oil, representing approximately 34% of the world’s estimated proven crude oil reserves. The increasing demand and production of oil and gas in the region in recent years gave rise to several seamless pipeline projects and reducing carbon footprint by up to 40%. Seamless stainless steel pipes are finished to dimensional and wall thickness specifications in sizes from 1/8 inch to 26 inch OD, suitable for high pressure applications in the oil and gas sector, hydrocarbon industries and refineries.
There are currently more than USD 2.3 trillion of known planned and un-awarded projects in the pipeline in the GCC. With the construction sector in the GCC markets booming due to the ever-increasing investments into mega projects in Saudi and UAE, the demand for stainless steel pipes and tubes is expected to grow consistently, post Covid pandemic period.
Among GCC countries, Saudi Arabia is the leader in steel production. In the Kingdom, Neom (the Kingdom’s flagship project), the Red Sea Project, and Qiddiya (the capital of entertainment) are some of the key mega projects shaping the infrastructure and construction roadmap. For instance, Saudi Vision 2030 is a government plan to reduce the country’s dependence on oil and diversify its economy via large investments providing steel companies such as Al-Jazera, Rezayat Group, with high demand for stainless steel pipes and tubes.
Moreover, Qatar, Kuwait, and Bahrain have a large pipeline of projects that include expansions to oil and gas sector production capacity, new residential and commercial real estate, upgrades to transport, power, and water systems and major industrial developments. For instance, MAN Industries (India) Limited has been awarded an order worth USD 209 million from Kuwait that will supply 170,000 Tons of HSAW and LSAW pipes to the Gulf state. As a result, manufacturers can meet a wide range of distinct demands by using various alloy mix proportions and offering a variety of shapes for various purposes.
*Scope of the Report*
• The report analyses the GCC Stainless Steel Pipes and Tubes Market by Value (USD Million) and Volume (Million Tonnes).
• The report presents the GCC Stainless Steel Pipes and Tubes market analysis for the historical period of 2018-2021, the base year 2022 and the forecast period of 2023-2028.
• The report analyses the Stainless Steel Pipes and Tubes Market by Product Type (Seamless, ERW, HSAW, LSAW).
• The report analyses the Stainless Steel Pipes and Tubes Market By Application (Oil & Gas, Automotive, Building and Infrastructure, Energy, Chemicals and Petrochemicals, Others.
• The GCC Stainless Steel Pipes and Tubes Market has been analysed by Countries (Saudi Arabia, UAE, Kuwait, Qatar, Oman, Bahrain).
• The key insights of the report have been presented through the frameworks of SWOT and Porter’s Five Forces Analysis.
• Also, the major opportunities, trends, drivers, and challenges of the industry have been analyzed in the report.
• The companies profiled in the report include TSI Metal Industries, JFE Steel Corporation, Arabian Pipes Co., ADPICO, EEW Group, ARCELOR MITTAL, TMK Group, AL Jazeera Steel, Gerab National Enterprises, Welspun Corp Limited.
*Key Target Audience*
• Stainless Steel Pipes and Tubes manufacturers
• Construction Industry
• Consulting and Advisory Firms
• Research and Development Organizations
• Government and Regulatory Authorities
Read the full report: https://www.reportlinker.com/p06426547/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
CONTACT: Clare: clare@reportlinker.com
US: (339)-368-6001
Intl: +1 339-368-6001