Stainless Steel Seamless Pipe Market

The global market for stainless steel seamless pipe is forecasted to see an upward consumption trend over the period from 2022 to 2030, with anticipated growth in volume and value. The market performance is expected to increase slightly, with a forecasted CAGR of +1.9% for volume and +3.5% for value. Key insights include the decline in consumption in 2022, with Russia being the largest consumer and producer of stainless steel seamless pipe. Import and export trends also show fluctuations in volume, value, and prices across different countries. Overall, the market is expected to see growth in the coming years.

Market Forecast

Driven by rising demand for stainless steel seamless pipe worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.9% for the period from 2022 to 2030, which is projected to bring the market volume to 1.8M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.5% for the period from 2022 to 2030, which is projected to bring the market value to $10.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Stainless Steel Seamless Pipe For Oil And Gas

In 2022, the amount of stainless steel seamless pipe for oil and gas consumed worldwide dropped modestly to 1.6M tons, which is down by -2.5% compared with the previous year. Over the period under review, consumption showed a mild curtailment. Global consumption peaked at 1.9M tons in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

The global stainless steel seamless pipe market revenue rose sharply to $7.7B in 2022, increasing by 7.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. Over the period under review, the global market attained the peak level at $7.9B in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Consumption By Country

Russia (561K tons) constituted the country with the largest volume of stainless steel seamless pipe consumption, accounting for 36% of total volume. Moreover, stainless steel seamless pipe consumption in Russia exceeded the figures recorded by the second-largest consumer, China (235K tons), twofold. The United States (112K tons) ranked third in terms of total consumption with a 7.1% share.

In Russia, stainless steel seamless pipe consumption contracted by an average annual rate of -3.1% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: China (+4.0% per year) and the United States (+6.2% per year).

In value terms, the largest stainless steel seamless pipe markets worldwide were Russia ($1.8B), China ($1.1B) and the United States ($1B), with a combined 51% share of the global market.

The United States, with a CAGR of +7.4%, recorded the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of stainless steel seamless pipe per capita consumption was registered in Russia (3,896 kg per 1000 persons), followed by the Netherlands (1,593 kg per 1000 persons), Japan (368 kg per 1000 persons) and Germany (346 kg per 1000 persons), while the world average per capita consumption of stainless steel seamless pipe was estimated at 200 kg per 1000 persons.

In Russia, stainless steel seamless pipe per capita consumption declined by an average annual rate of -3.1% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: the Netherlands (+3.4% per year) and Japan (-0.5% per year).

Production

World Production of Stainless Steel Seamless Pipe For Oil And Gas

In 2022, approx. 1.5M tons of stainless steel seamless pipe for oil and gas were produced worldwide; waning by -4.4% compared with the previous year. Over the period under review, production continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the production volume increased by 8.1% against the previous year. As a result, production attained the peak volume of 1.7M tons. From 2014 to 2022, global production growth failed to regain momentum.

In value terms, stainless steel seamless pipe production amounted to $8.1B in 2022 estimated in export price. In general, the total production indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -8.7% against 2020 indices. The pace of growth was the most pronounced in 2013 when the production volume increased by 43% against the previous year. Over the period under review, global production attained the maximum level at $8.9B in 2020; however, from 2021 to 2022, production failed to regain momentum.

Production By Country

Russia (555K tons) remains the largest stainless steel seamless pipe producing country worldwide, comprising approx. 37% of total volume. Moreover, stainless steel seamless pipe production in Russia exceeded the figures recorded by the second-largest producer, China (246K tons), twofold. The United States (112K tons) ranked third in terms of total production with a 7.4% share.

In Russia, stainless steel seamless pipe production decreased by an average annual rate of -3.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (+4.2% per year) and the United States (+5.1% per year).

Imports

World Imports of Stainless Steel Seamless Pipe For Oil And Gas

For the fourth year in a row, the global market recorded decline in supplies from abroad of stainless steel seamless pipe for oil and gas, which decreased by -17.9% to 136K tons in 2022. In general, imports showed a deep contraction. The growth pace was the most rapid in 2018 when imports increased by 32%. Over the period under review, global imports attained the peak figure at 446K tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, stainless steel seamless pipe imports totaled $541M in 2022. Overall, imports continue to indicate a deep contraction. The pace of growth was the most pronounced in 2018 when imports increased by 27% against the previous year. Global imports peaked at $1.3B in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports By Country

In 2022, South Korea (20K tons), Malaysia (18K tons), Singapore (13K tons), India (11K tons) and Indonesia (9.4K tons) was the key importer of stainless steel seamless pipe for oil and gas in the world, comprising 53% of total import. The following importers - Russia (5.8K tons), Ireland (4.2K tons), the United Arab Emirates (3.5K tons), Oman (3K tons), Vietnam (2.9K tons), Norway (2.2K tons) and New Zealand (2.1K tons) - together made up 17% of total imports.

From 2012 to 2022, the biggest increases were recorded for New Zealand (with a CAGR of +22.5%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest stainless steel seamless pipe importing markets worldwide were South Korea ($56M), Malaysia ($54M) and India ($52M), together accounting for 30% of global imports. Indonesia, Singapore, Russia, Vietnam, the United Arab Emirates, Norway, Oman, Ireland and New Zealand lagged somewhat behind, together accounting for a further 22%.

New Zealand, with a CAGR of +15.1%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average stainless steel seamless pipe import price stood at $3,984 per ton in 2022, with an increase of 23% against the previous year. Over the last decade, it increased at an average annual rate of +3.5%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was India ($4,756 per ton), while Ireland ($1,099 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+11.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Stainless Steel Seamless Pipe For Oil And Gas

In 2022, after four years of growth, there was significant decline in shipments abroad of stainless steel seamless pipe for oil and gas, when their volume decreased by -43.2% to 77K tons. Over the period under review, exports saw a abrupt descent. The pace of growth appeared the most rapid in 2021 with an increase of 61% against the previous year. Over the period under review, the global exports hit record highs at 139K tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, stainless steel seamless pipe exports totaled $424M in 2022. In general, exports recorded a pronounced shrinkage. The pace of growth was the most pronounced in 2021 with an increase of 24%. The global exports peaked at $667M in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports By Country

In 2022, Saudi Arabia (23K tons), distantly followed by China (13K tons), South Korea (4.8K tons), Kazakhstan (4.7K tons), India (4.2K tons) and Singapore (3.7K tons) were the main exporters of stainless steel seamless pipe for oil and gas, together creating 69% of total exports. The following exporters - South Africa (2.6K tons), Malaysia (2.3K tons), the United States (1.8K tons), Italy (1.7K tons), the United Arab Emirates (1.7K tons), Thailand (1.5K tons) and Norway (1.3K tons) - together made up 17% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Saudi Arabia (with a CAGR of +52.5%), while the other global leaders experienced more modest paces of growth.

In value terms, China ($104M), Saudi Arabia ($76M) and South Korea ($36M) were the countries with the highest levels of exports in 2022, with a combined 51% share of global exports.

In terms of the main exporting countries, Saudi Arabia, with a CAGR of +61.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average stainless steel seamless pipe export price stood at $5,504 per ton in 2022, with an increase of 78% against the previous year. Over the period under review, export price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The global export price peaked at $7,032 per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($15,235 per ton), while Kazakhstan ($1,307 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kazakhstan (+12.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform