Steel Pipes Market Share

APAC Market Forecast

Steel pipes market in the Asia Pacific region is expected to hold 27% of the revenue share by 2037. The growth of the region is due to the existence of sizable manufacturing and petrochemical industries, nations like China, South Korea, India, and Japan are credited with a big portion of the market share. These nations are major consumers of steel pipes and tubes. China's production of crude steel reached a remarkable 536 million tonnes in the first half of 2023, up 1.3% year over year, according to figures issued by the National Bureau of Statistics. On the other hand, there was a 1.9% decline in the apparent consumption of crude steel during the same period.

Middle East & Africa Market Statistics

Steel pipes market in middle east & Africa region is predicted to hold second largest share of about 25% during the forecast period. The growth of the region is due to increasing private sector investment in the establishment of new petrochemical facilities, the Middle East and Africa region is expected to have moderate growth throughout the projection period. For example, the Saudi Arabian Ministry of Energy approved Alujain Corporation's application to develop a new petrochemicals project in Yanbu Industrial City in November 2022.