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Americas Steel Pipes Market Driven by Growing Oil & Gas Explorations : FMI Study
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The Americas steel pipes market is growing due to oil and gas explorations. Despite Covid-19 challenges, the sector is expected to see steady growth driven by investments in energy and construction.
The demand for steel pipes in the Americas has continued growing through 2020, despite challenges arising from the coronavirus pandemic. Rising public and private sector investments into the energy, oil & gas, and construction sectors are contributing to the rise of the industry. As per a new report by Future Market Insights, the sector is likely to reflect a steady upwards trajectory between 2020 and 2030. Analysts from FMI have indicated the oil & gas sector applications are projected to be the primary revenue source, especially with the discovery of unconventional sources and processes such as shale and fracking.
The Americas steel pipes market is likely to reflect steady, but moderate growth, with growth in niche end use sectors such as mining and automotive production. On the other hand, the industry is likely to face challenges in terms of substitute pipe materials such as plastic and iron, in addition to high costs associated to the production and installation of steel fixtures.
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The study by FMI encompasses an overview of the sector, including prominent dynamics of the market. Some of the critical takeaways of the report include:
“The Americas have become a leading region in the production of oil and gas with unconventional resources such as shale gaining the spotlight. With a number of upcoming projects in the United States and Canada demand for steel pipes in the region is expected to surge in the near future,” said a lead analyst at FMI.
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Covid-19 Impact on Americas Steel Pipes Market
The coronavirus pandemic has been projected to be moderately impact the Americas steel pipes market. Lockdown restrictions on the manufacturing sector and the mining industry are anticipated to affect raw material supplies and logistics in the supply chain for the short term. Also, the negative effects of the outbreak on the global economy will hurt imports and exports disrupting supply chains.
End use applications, particularly in the automotive and construction sectors, owing to compulsory social distancing regulations are estimated limit market growth. Also, the drop in demand is likely to result in shut down or limited operations at conventional production facilities, in addition to widespread layoffs.
The problems are likely to be compounded by reduced demand for crude oil, restricting expansion plans in the sector. Recovery is likely to be slow owing to continuing uncertainty over the duration of the pandemic.
Who is Winning?
In its report, Future Market Insights has given detailed analysis on the many strategies being used by manufacturers in the Americas steel pipes market. Key players are emphasizing on investments towards capacity expansions and strategic acquisitions and divestments in line with changing demand in the region.
Some of the leading players in the industry include Arcelor Mittal, Tenaris, Gerdau S/A, American Cast Iron Pipe Company, Baosteel Group Corporation, Evraz plc, Nippon & Sumitomo Steel, and JFE Holdings Corporation among others.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition.
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Report: https://www.futuremarketinsights.com/reports/americas-steel-pipes-market
Press Release Source: https://www.futuremarketinsights.com/press-release/americas-steel-pipes-market
The article discusses the growth of the Americas steel pipes market driven by oil and gas explorations.
Covid-19 has moderately impacted the market, affecting raw material supplies and logistics.
The oil and gas sector is the primary driver, with contributions from construction and mining.
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