DUBLIN, March 9, 2023 /PRNewswire/ — GCC Stainless Steel Tubing Market by Value and Volume, Product Type (Seamless, ERW, HSAW, LSAW), Application, Country Analysis (Saudi Arabia, UAE, Kuwait), Qatar, Oman, Bahrain: Market Size, Analytics, Competition, Covid-19 Impact and Forecast (2023-2028)” was added to ResearchAndMarkets.com’s offering.
The GCC stainless steel pipe market was valued at $1,671.32 million in 2021 and is projected to grow at a CAGR of 5.38% during the forecast period 2023-2028.
The report provides an analysis of the GCC Stainless Steel Pipe market for the historical period 2018-2021, the base year 2022 and the forecast period 2023-2028.
The stainless steel pipe market is driven by productivity, rising infrastructure spending supported by GDP growth, and large oil reserves in the region. GCC countries account for 25% of crude oil production, according to an OPEC analysis. The proven reserves of crude oil in the GCC countries are 497 billion barrels, which is about 34% of the world’s estimated proven reserves of crude oil.
In recent years, the growing demand and production of oil and gas in the region has led to the implementation of several seamless pipeline projects, which have reduced carbon emissions by 40%. Seamless stainless steel tubing is available in sizes and wall thickness specifications from 1/8″ to 26″ OD for high pressure applications in the oil and gas, hydrocarbon and refinery industries. There are currently more than $2.3 trillion of known planned and outstanding projects in the Gulf States. Demand for stainless steel pipes is expected to continue to rise after the Covid pandemic amid booming construction sector in the GCC market due to increased investment in mega-projects in Saudi Arabia and the UAE. Among the GCC countries, Saudi Arabia is the leader in steel production. In the Kingdom of Neom (the flagship project of the Kingdom), the Red Sea Project and Qiddiya (the capital of entertainment) are among the key mega-projects that form the infrastructure and construction roadmap.
For example, Saudi Vision 2030 is the government’s plan to reduce the country’s dependence on oil and diversify its economy by giving steel companies like Al-Jazera, Rezayat Group and others significant investment in stainless steel pipes and tubing. In addition, a large number of projects are underway in Qatar, Kuwait and Bahrain, including expansion of the oil and gas sector, the construction of new residential and commercial facilities, the modernization of transport, energy and water systems, as well as major industrial developments.
For example, MAN Industries (India) Limited received a $209 million order from Kuwait to supply 170,000 tons of HSAW and LSAW pipes to the Gulf countries. In this way, manufacturers can meet different needs by using different alloy mixing ratios and offering different shapes for different purposes.
The report tracks competitive developments, strategy, mergers and acquisitions, and new product development.
Post time: May-03-2023