Seamless Pipes & Tubes market is expected to witness strong growth in demand for OCTG pipes, driven by resurgence in exploration & production activity in the oil & gas sector and greater emphasis on horizontal and directional drilling operations. Another key driver for the seamless pipes market is growing demand from industries such as chemical and fertilizers, and pharmaceuticals, where the usage of boilers and other chemical processes is more frequent.
Amid the COVID-19 crisis, the global market for Seamless Pipes and Tubes estimated at US $175.2 Billion in the year 2022, is projected to reach a revised size of US $218.7 Billion by 2026, growing at a CAGR of 5.5% over the analysis period. Hot Finished, one of the segments analyzed in the report, is projected to grow at a 6.4% CAGR to reach US $132.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Cold Finished segment is readjusted to a revised 4.4% CAGR for the next 7-year period. This segment currently accounts for a 45.7% share of the global Seamless Pipes & Tubes market.