Carbon Steel Pipe Fittings Market Growth & Trends
The global carbon steel pipe fittings market size is expected to reach USD 10.39 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.7% from 2022 to 2030. Moderate oil & gas exploration activities along with the rise in demand for petrochemical products are expected to assist the market growth. `
Investments associated with oil & gas exploration activities are expected to boost the demand for carbon steel pipe fittings in transportation and storage applications. For instance, In May 2022, Oil & Natural Gas Corporation (ONGC) announced an investment of USD 4.00 billion for exploration activities over the next 4 years. This is an increase of 150% in exploration expenditure compared to USD 2.70 billion from 2019 to 2022.
Investments in water infrastructure in emerging countries such as India are anticipated to drive demand for carbon steel fittings during the forecast period.In 2019, the Government of India announcedan investment of USD 270 billion over the next 15 years for the expansion of water infrastructure. The projects under this investment include Namami Gange, river-linking, piped water supply, and Pradhan Mantri Krishi Sichai Yojna.
Demand for fittings in hydro and other energy plants is also anticipated to boost the market growth in the long run. For instance, as reported by International Energy Agency (IEA), India is set to add around 26,000 megawatts (MW) of hydropower facilities by 2030. The installed capacity of hydropower projects was 46,209 MW as of July 2021. Financial aids for infrastructure expansion and flood control are likely to benefit the expansion of such facilities.
Investments in chemical production industries are anticipated to benefit the demand for carbon steel pipe fittings market during the forecast year. For instance, in October 2021, Sabic, a Saudi Arabia-based petrochemical company announced the investment of USD 1.00 billion at its Teesside plant. The company aims to reduce 60% of its carbon footprint through this project and wants to strengthen its position as the lowest carbon-emitting crackers.
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Carbon Steel Pipe Fittings Market Report Highlights
In terms of revenue, the oil & gas segment is projected to register the highest CAGR of 4.8% from 2022 to 2030. Investments in exploration activities are projected to boost the market growth
Industrial held as the second largest segment and accounted for a volume share of over 38.0% in 2021. The carbon steel fittings demand in heating, ventilation, air-conditioning, plumbing, and other applications is projected to benefit the market growth in the long run.
The construction & infrastructure segment is projected to witness lucrative growth over the coming years mainly due to steel pipes & fittings demand in water transportation & storage, sanitation, and filtration infrastructure
The Asia Pacific was the largest regional market in 2021, in terms of both volume and revenue. The growth of the region is led by the rising focus of Chinese and Indian companies to expand their footprint in petrochemicals and oil & gas industries
In terms of volume, North America accounted for the second-largest market share in 2021. The growth of the region is attributable to the rising focus on investments associated with nuclear and hydro energy projects.
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