Global Steel Pipe Fitting Market is Anticipated to Thrive at 3.6% CAGR During the Forecast Period, according to Research Nester
The global steel pipe fitting market is segmented by technology into welded steel pipes, ERW steel pipes and galvanized steel pipes. ERW steel pipes segment among other segments is likely to witness substantial growth over the forecast period. Growing adoption of ERW (Electric Resistance Welded) steel pipes to transport liquid, such as fuel, gas is expected to drive the growth of this segment over the forecast period. Additionally, dean accurate surface of steel pipes is a key reason which makes them more adoptable in applications such as water pipelines, agriculture, gas pipe lines and in transportation of LPG and other toxic gases.
Global steel pipe market is expected to register a 3.6% CAGR over the forecast period. Moreover, the global steel pipe market is projected to reach at a valuation of USD 79.9 Million by the end of 2024. The market is primarily driven by a number of factors such as rapid industrialization and increasing constructional activities across the globe. Further, growing use of steel pipes to deliver high flammable oil & gases in various industries including oil & gas industries is predicted to drive the growth of market in upcoming years.
The stainless steel segment by material type is expected to emerge as fastest growing market among other segments of global steel pipes market. Stainless steel pipes offer numerous advantages over other material pipes such as high resistance to rust, high durability and more hygienic in terms of transporting water. Further, increasing adoption of stainless steel pipes in industries where corrosion resistance is a major concern is expected to escalate the growth of this segment over the forecast period.