March 09, 2023 09:33 ET | Source: Research and Markets Research and Markets
Dublin, March 09, 2023 (GLOBE NEWSWIRE) -- The "GCC Stainless Steel Pipes and Tubes Market - Analysis By Value and Volume, Product Type (Seamless, ERW, HSAW, LSAW), Application, By Country (Saudi Arabia, UAE, Kuwait, Qatar, Oman, Bahrain): Market Size, Insights, Competition, Covid-19 Impact and Forecast (2023-2028)" report has been added to ResearchAndMarkets.com's offering. 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 Longitudinal Seam
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 market for stainless steel pipes and tubes is driven by its properties, rising infrastructural spending backed by increasing GDP, and high number of oil reserves in the region. As per OPEC analysis, GCC countries accounts 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 is 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, Bahrain has 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.
The report tracks competitive developments, strategies, mergers and acquisitions, and new product development.
Product Type Seamless Stainless Steel Pipes and Tubes, By Value, 2018H-2028F (USD Million & CAGR)
The companies profiled in the report include
1. Market Background 1.1 Scope and Product Outlook 1.2 Executive Summary 1.3 Research Methodology 2. Strategic Recommendations 3. Global Stainless Steel Pipes and Tubes: Historic and Forecast 3.1 Global Stainless Steel Pipes and Tubes: Market Value Assessment 4. GCC Stainless Steel Pipes and Tubes: Historic and Forecast (2018-2028) 4.1 Impact Analysis of Macro Economic Factors on Stainless Steel Pipes and Tubes 4.2 GCC Stainless Steel Pipes and Tubes: Ecosystem Analysis 4.2.1 Stainless Steel and their Composition 4.2.2 GCC Crude Oil and DRI Production, By Country 4.2.3 GCC Trade Scenario, Saudi Arabia 4.2.4 GCC Trade Scenario, UAE 4.2.5 GCC Trade Scenario, Qatar 4.2.6 GCC Trade Scenario, Kuwait 4.2.7 GCC Trade Scenario, Oman 4.3 GCC Stainless Steel Pipes and Tubes: Dashboard 4.4 GCC Stainless Steel Pipes and Tubes: Market Size and CAGR, 2018-2028 (USD Million & CAGR) 4.5 GCC Stainless Steel Pipes and Tubes: Market Size and CAGR, 2018-2028 (Million Tons & CAGR) 4.6 Average Selling Price Analysis of Stainless Steel Pipes and Tubes (USD/Ton) 4.7 Impact of COVID-19 on Stainless Steel Pipes and Tubes 5. GCC Stainless Steel Pipes and Tubes, Regional Analysis (2018-2028) 5.1 Regional Snapshot 5.2 GCC Stainless Steel Pipes and Tubes, By Region Overview 6. Market Dynamics 6.1 Impact assessment of Market Dynamics on United States Smart Fitness Equipment Market 6.2 Drivers 6.3 Restraints 6.4 Trends 7. Industry Ecosystem Analysis 7.1 Macro-Economic Factor Assessment 7.2 Value Chain Analysis 7.3 Porter Analysis 8. Competitive Positioning 8.1 Companies' Product Positioning 8.2 Market Position Matrix 8.3 Market Share Analysis of Stainless Steel Pipes and Tubes 8.4 Company Profiles For more information about this report visit https://www.researchandmarkets.com/r/63xtdh
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