Stainless steel is currently the most preferred raw material used to manufacture pipes, owing to its less corrosive and easy-to-fabricate nature. However, carbon steel or mild steel has certain inherent advantages over stainless steel – carbon steel has more strength, is more malleable, and provides better thermal conductivity than stainless steel. Owing to these factors, carbon steel is slowly being preferred over stainless steel in the manufacturing of heavy equipment. Advancements in welding and fabrication technology may lead to increased adoption of carbon steel over stainless steel, thereby negatively impacting revenue growth of the stainless steel welded pipes market.
This interesting finding is taken from a recent market research study by Future Market Insights on the global stainless steel welded pipes market. According to the report, revenue from the sales of stainless steel welded pipes is projected to reach a whopping US$ 20.9 Bn by 2028, from an estimated US$ 13.5 Bn in 2018. This is indicative of a growth rate of 4.5% during the 10 year period from 2018 to 2028.
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Increasing Adoption of Recycled Stainless Steel and Rising Use in Pre-Engineered Buildings Trending the Global Stainless Steel Welded Pipes Market: There has been a rising adoption of scrap metal including scrap iron and steel in the production of steel in countries such as China and India in keeping with global initiatives to reduce the carbon footprint. Recycled steel is being widely used across industries to eliminate the need for mining newer reserves of iron ore and also to reduce air pollution by eliminating carbon dioxide emissions. This positive approach of the iron and steel industry towards managing global warming is being observed as a key trend in the stainless steel welded pipes market.
In the last few years, pre-engineered buildings have become a critical component of both the industrial and commercial sectors globally. Stainless steel is an important raw material used to construct pre-engineered buildings. Rapid industrialisation and the resulting urbanisation is leading to rapid growth in the construction of pre-engineered buildings, thereby fuelling demand for stainless steel. This factor is expected to bode well for the growth of the stainless steel welded pipes market. Another trend being observed in the global stainless steel welded pipes market is the use of stainless steel pipes in distributing drinking water. The good strength, grade resistance, corrosion resistance, ductile nature, and mechanical properties of stainless steel make it ideal for constructing pipes that carry drinking water. This is driving the demand for stainless steel welded pipes in the water distribution and transportation industry across the world.
Burgeoning Global Construction Industry and Growth of Water and Wastewater Management to Boost Revenue Growth of the Stainless Steel Welded Pipes Market: Rapid industrialisation has led to mass urbanisation across the globe, leading to an increase in demand for both residential and commercial properties. This has fuelled investments in the global construction sector, consequently upping the demand for stainless steel welded pipes. Further, instrumentation equipment, industrial piping, water supply and transportation, and petrochemicals require complex piping solutions that necessitate the use of stainless steel welded pipes. This factor is expected to augur well for revenue growth of the global stainless steel welded pipes market in the near future.
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Urbanisation brings with it rising demands for clean and pure drinking water and the governments of several developing countries are moving towards the use of stainless steel pipes in the installation of water pipelines for both domestic consumption and agricultural purposes. Governments across the world are also planning strategic initiatives pertaining to wastewater management to reduce water pollution and improve the quality of water by setting up effective industrial wastewater collection systems that incorporate stainless steel welded pipes. This is further expected to push revenue growth of the global stainless steel welded pipes market in the coming decade.