Global Metal Pipe Market Expected to Reach $97.7 Billion by 2023

Dallas, Texas (Feb. 13, 2019)—According to a new market report published by Lucintel, the global metal pipe market looks promising, with opportunities in the oil and gas, power generation, automotive and industrial sectors. The global metal pipe market is expected to reach an estimated $97.7 billion by 2023 with a compound annual growth rate (CAGR) of 3.9 percent from 2018 to 2023. The major drivers for this market are increasing construction of new pipelines for oil/gas and water/wastewater, replacement of aging pipelines, and development of infrastructure.

In this market, different types of metal pipe, such as steel pipes, ductile iron pipes, copper pipes and other material pipes are used as material. On the basis of comprehensive research, Lucintel forecasts that the steel pipe is expected to remain the largest segment and witness highest growth over the forecast period due to increasing demand in oil and gas, power generation and automotive industries.

North America is expected to remain the largest region due to increase in oil and gas exploration activities. Asia Pacific is expected to witness the highest growth over the forecast period due to increasing infrastructure development, urbanization, and government economic stimulus measures in this region.

Emerging trends, which have a direct impact on the dynamics of the metal pipe industry, include increasing use of premium and technically advanced pipe and development of multilayer pipe for strength and durability. 

Lucintel, a global strategic consulting and market research firm, has analyzed and forecasted for the global metal pipe market by end use industry, material, diameter, pressure, and region and has come up with a comprehensive research report entitled  “Growth Opportunities in the Global Metal Pipe Market 2018-2023: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions.