Asia's Stainless Steel Seamless Pipe Market toWitness Incremental Growth with 1.7% CAGR Over Next Decade - News and Statistics - IndexBox

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IndexBox has just published a new report: Asia - Stainless Steel Seamless Pipe For Oil And Gas - Market Analysis, Forecast, Size, Trends And Insights.

Driven by rising demand, the stainless steel seamless pipe market in Asia is expected to experience a slight increase in performance, with a forecasted CAGR of +1.7% in volume and +2.6% in value from 2024 to 2035. This growth is anticipated to bring the market volume to 816K tons and value to $4.2B by the end of 2035.

Driven by rising demand for stainless steel seamless pipe in Asia, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.7% for the period from 2024 to 2035, which is projected to bring the market volume to 816K tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.6% for the period from 2024 to 2035, which is projected to bring the market value to $4.2B (in nominal wholesale prices) by the end of 2035.

In 2024, consumption of stainless steel seamless pipe for oil and gas increased by 1% to 681K tons, rising for the third year in a row after three years of decline. In general, consumption, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the consumption volume increased by 4.8%. The volume of consumption peaked at 744K tons in 2013; however, from 2014 to 2024, consumption failed to regain momentum.

The value of the stainless steel seamless pipe market in Asia dropped modestly to $3.1B in 2024, stabilizing at 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). Over the period under review, consumption, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the market value increased by 8.8%. Over the period under review, the market hit record highs at $3.3B in 2014; however, from 2015 to 2024, consumption stood at a somewhat lower figure.

China (270K tons) constituted the country with the largest volume of stainless steel seamless pipe consumption, comprising approx. 40% of total volume. Moreover, stainless steel seamless pipe consumption in China exceeded the figures recorded by the second-largest consumer, India (105K tons), threefold. Japan (44K tons) ranked third in terms of total consumption with a 6.4% share.

From 2013 to 2024, the average annual growth rate of volume in China totaled +1.3%. The remaining consuming countries recorded the following average annual rates of consumption growth: India (+1.8% per year) and Japan (+0.2% per year).

In value terms, China ($1B) led the market, alone. The second position in the ranking was taken by India ($441M). It was followed by Japan.

From 2013 to 2024, the average annual growth rate of value in China was relatively modest. The remaining consuming countries recorded the following average annual rates of market growth: India (+2.2% per year) and Japan (+1.3% per year).

The countries with the highest levels of stainless steel seamless pipe per capita consumption in 2024 were Saudi Arabia (539 kg per 1000 persons), Japan (353 kg per 1000 persons) and South Korea (347 kg per 1000 persons).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Saudi Arabia (with a CAGR of +3.8%), while consumption for the other leaders experienced more modest paces of growth.

In 2024, production of stainless steel seamless pipe for oil and gas in Asia rose markedly to 695K tons, surging by 9.6% compared with 2023. The total output volume increased at an average annual rate of +2.0% over the period from 2013 to 2024; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. As a result, production attained the peak volume and is likely to continue growth in the immediate term.

In value terms, stainless steel seamless pipe production reached $3.2B in 2024 estimated in export price. The total output value increased at an average annual rate of +2.0% from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of 26%. Over the period under review, production attained the peak level at $3.6B in 2022; however, from 2023 to 2024, production stood at a somewhat lower figure.

China (285K tons) remains the largest stainless steel seamless pipe producing country in Asia, accounting for 41% of total volume. Moreover, stainless steel seamless pipe production in China exceeded the figures recorded by the second-largest producer, India (103K tons), threefold. Saudi Arabia (63K tons) ranked third in terms of total production with a 9% share.

In China, stainless steel seamless pipe production increased at an average annual rate of +1.6% over the period from 2013-2024. In the other countries, the average annual rates were as follows: India (+3.6% per year) and Saudi Arabia (+21.4% per year).

In 2024, approx. 83K tons of stainless steel seamless pipe for oil and gas were imported in Asia; waning by -18.8% on the year before. In general, imports showed a abrupt descent. The pace of growth appeared the most rapid in 2018 when imports increased by 19%. The volume of import peaked at 234K tons in 2013; however, from 2014 to 2024, imports remained at a lower figure.

In value terms, stainless steel seamless pipe imports declined to $434M in 2024. Overall, imports saw a pronounced curtailment. The most prominent rate of growth was recorded in 2022 with an increase of 28% against the previous year. The level of import peaked at $702M in 2013; however, from 2014 to 2024, imports stood at a somewhat lower figure.

South Korea (18K tons), Indonesia (13K tons), Saudi Arabia (9.8K tons), Malaysia (8.4K tons), the United Arab Emirates (7.8K tons), Singapore (7.2K tons) and India (6K tons) represented roughly 85% of total imports in 2024.

From 2013 to 2024, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +9.2%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest stainless steel seamless pipe importing markets in Asia were Saudi Arabia ($107M), the United Arab Emirates ($57M) and South Korea ($54M), together comprising 50% of total imports.

The United Arab Emirates, with a CAGR of +12.7%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

In 2024, the import price in Asia amounted to $5,250 per ton, rising by 14% against the previous year. Import price indicated a strong increase from 2013 to 2024: its price increased at an average annual rate of +5.2% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, stainless steel seamless pipe import price increased by +74.9% against 2019 indices. The most prominent rate of growth was recorded in 2022 an increase of 22% against the previous year. The level of import peaked in 2024 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Saudi Arabia ($10,881 per ton), while Indonesia ($2,640 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Singapore (+3.2%), while the other leaders experienced more modest paces of growth.

In 2024, the amount of stainless steel seamless pipe for oil and gas exported in Asia surged to 97K tons, increasing by 57% compared with 2023. Overall, exports continue to indicate a resilient increase. The growth pace was the most rapid in 2021 with an increase of 101% against the previous year. Over the period under review, the exports reached the maximum at 143K tons in 2022; however, from 2023 to 2024, the exports remained at a lower figure.

In value terms, stainless steel seamless pipe exports declined to $302M in 2024. Over the period under review, exports recorded a temperate expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 38%. Over the period under review, the exports hit record highs at $395M in 2022; however, from 2023 to 2024, the exports stood at a somewhat lower figure.

Saudi Arabia was the main exporter of stainless steel seamless pipe for oil and gas in Asia, with the volume of exports recording 53K tons, which was approx. 54% of total exports in 2024. China (15K tons) ranks second in terms of the total exports with a 16% share, followed by Kazakhstan (12%). Singapore (3.6K tons), India (3.3K tons), South Korea (2.9K tons) and Japan (2.8K tons) followed a long way behind the leaders.

From 2013 to 2024, average annual rates of growth with regard to stainless steel seamless pipe exports from Saudi Arabia stood at +40.5%. At the same time, Kazakhstan (+101.8%), China (+10.0%) and Japan (+4.8%) displayed positive paces of growth. Moreover, Kazakhstan emerged as the fastest-growing exporter exported in Asia, with a CAGR of +101.8% from 2013-2024. By contrast, South Korea (-5.5%), Singapore (-9.3%) and India (-10.0%) illustrated a downward trend over the same period. Saudi Arabia (+52 p.p.), Kazakhstan (+12 p.p.) and China (+4.6 p.p.) significantly strengthened its position in terms of the total exports, while South Korea, Singapore and India saw its share reduced by -8.3%, -18.4% and -18.8% from 2013 to 2024, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($90M), China ($52M) and South Korea ($51M) appeared to be the countries with the highest levels of exports in 2024, with a combined 64% share of total exports. Japan, India, Singapore and Kazakhstan lagged somewhat behind, together comprising a further 26%.

Kazakhstan, with a CAGR of +64.4%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

The export price in Asia stood at $3,127 per ton in 2024, waning by -41.3% against the previous year. Overall, the export price saw a perceptible shrinkage. The most prominent rate of growth was recorded in 2023 when the export price increased by 92% against the previous year. As a result, the export price attained the peak level of $5,330 per ton, and then shrank significantly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was South Korea ($17,477 per ton), while Kazakhstan ($970 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by South Korea (+7.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for stainless steel seamless pipe in Asia. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

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The Latest Trends and Insights into The Industry

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The Largest Producers on The Market and Their Profiles

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