April 16, 2024 08:59 ET | Source: Research and Markets Research and Markets
Dublin, April 16, 2024 (GLOBE NEWSWIRE) -- The "Oil and Gas Pipes - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering. Global Oil and Gas Pipes Market to Reach $110.7 Billion by 2030 The global market for Oil and Gas Pipes estimated at US$71.1 Billion in the year 2023, is projected to reach a revised size of US$110.7 Billion by 2030, growing at a CAGR of 5.7% over the analysis period 2023-2030. cast iron casting
Pipeline infrastructure remains integral to the global energy landscape, facilitating the transportation of oil and gas across vast distances. The sector's significance is underscored by the global energy demand and growth trajectory, emphasizing the critical role of oil and gas pipes in supporting the economy. Amidst a dynamic global economic update, inflationary pressures and geopolitical tensions contribute to the volatility in the oil and gas sector, impacting pipeline operations worldwide.
Despite challenges, pipeline transportation offers myriad benefits, driving widespread deployments and investments in pipeline infrastructure. Various types of pipes are utilized, with different materials and designs tailored to specific industry requirements. Global pipeline development activity is robust, with significant investments bolstering the business case for oil and gas pipes.
Stainless Steel Pipes, one of the segments analyzed in the report, is projected to record 6.3% CAGR and reach US$44.8 Billion by the end of the analysis period. Growth in the HDPE Pipes segment is estimated at 5.8% CAGR for the next 8-year period. The U.S. Market is Estimated at $20.3 Billion, While China is Forecast to Grow at 6.6% CAGR
The market outlook reflects regional developments influencing the sector, including major projects in Asia-Pacific and Africa. However, challenges such as regulatory hurdles and environmental concerns hinder pipeline projects' progress.
The Oil and Gas Pipes market in the U.S. is estimated at US$20.3 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$19.7 Billion by the year 2030 trailing a CAGR of 6.6% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.2% and 5% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 4.1% CAGR.
In this competitive landscape, the market share and presence of key competitors in 2023 are analyzed, highlighting their roles in shaping the industry. Recent market activity underscores the sector's dynamism and ongoing developments.
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