Global Stainless Steel Seamless Pipe Market: Anticipated CAGR of +1.1% in Volume and +3.8% in Value from 2024 to 2030

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

The global market for stainless steel seamless pipe is projected to have a slight increase in performance over the period from 2024 to 2030. The market volume is expected to grow at a CAGR of +1.1%, reaching 1.7M tons by 2030. In terms of value, the market is forecasted to increase at a CAGR of +3.8%, reaching $9B by the end of 2030.

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 six-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.1% for the period from 2024 to 2030, which is projected to bring the market volume to 1.7M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.8% for the period from 2024 to 2030, which is projected to bring the market value to $9B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Stainless Steel Seamless Pipe For Oil And Gas

In 2024, the amount of stainless steel seamless pipe for oil and gas consumed worldwide fell to 1.6M tons, leveling off at the year before. In general, consumption saw a slight shrinkage. The most prominent rate of growth was recorded in 2023 with an increase of 8.8%. Global consumption peaked at 1.9M tons in 2013; however, from 2014 to 2024, consumption stood at a somewhat lower figure.

The global stainless steel seamless pipe market size was estimated at $7.2B in 2024, picking up by 3.4% 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). Over the period under review, consumption recorded a relatively flat trend pattern. Global consumption peaked at $7.5B in 2013; however, from 2014 to 2024, consumption stood at a somewhat lower figure.

Consumption By Country

Russia (581K tons) remains the largest stainless steel seamless pipe consuming country worldwide, accounting for 36% of total volume. Moreover, stainless steel seamless pipe consumption in Russia exceeded the figures recorded by the second-largest consumer, China (244K tons), twofold. The United States (107K tons) ranked third in terms of total consumption with a 6.5% share.

In Russia, stainless steel seamless pipe consumption declined by an average annual rate of -2.2% over the period from 2013-2024. The remaining consuming countries recorded the following average annual rates of consumption growth: China (+2.6% per year) and the United States (+2.5% per year).

In value terms, the United States ($1.8B), China ($936M) and Russia ($889M) were the countries with the highest levels of market value in 2024, together accounting for 51% of the global market. India, Japan, Chile, Pakistan, Indonesia, Singapore and Saudi Arabia lagged somewhat behind, together comprising a further 18%.

Saudi Arabia, with a CAGR of +23.1%, saw the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of stainless steel seamless pipe per capita consumption in 2024 were Singapore (5.7 kg per person), Russia (4 kg per person) and Chile (1.8 kg per person).

From 2013 to 2024, the biggest increases were recorded for Saudi Arabia (with a CAGR of +19.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Stainless Steel Seamless Pipe For Oil And Gas

Global stainless steel seamless pipe production declined modestly to 1.5M tons in 2024, approximately reflecting the previous year. Over the period under review, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the production volume increased by 9.1% against the previous year. Over the period under review, global production attained the maximum volume at 1.7M tons in 2013; however, from 2014 to 2024, production remained at a lower figure.

In value terms, stainless steel seamless pipe production amounted to $7.1B in 2024 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 21%. Global production peaked in 2024 and is likely to continue growth in the near future.

Production By Country

The country with the largest volume of stainless steel seamless pipe production was Russia (570K tons), accounting for 37% of total volume. Moreover, stainless steel seamless pipe production in Russia exceeded the figures recorded by the second-largest producer, China (259K tons), twofold. The United States (104K tons) ranked third in terms of total production with a 6.8% share.

From 2013 to 2024, the average annual rate of growth in terms of volume in Russia stood at -2.4%. The remaining producing countries recorded the following average annual rates of production growth: China (+2.9% per year) and the United States (+1.9% per year).

Imports

World Imports of Stainless Steel Seamless Pipe For Oil And Gas

In 2024, purchases abroad of stainless steel seamless pipe for oil and gas increased by 5.2% to 198K tons, rising for the third consecutive year after three years of decline. Over the period under review, imports, however, saw a perceptible shrinkage. The most prominent rate of growth was recorded in 2018 when imports increased by 25%. Over the period under review, global imports reached the maximum at 334K tons in 2013; however, from 2014 to 2024, imports failed to regain momentum.

In value terms, stainless steel seamless pipe imports dropped slightly to $808M in 2024. In general, imports, however, continue to indicate a pronounced setback. The growth pace was the most rapid in 2023 with an increase of 27%. Global imports peaked at $1.1B in 2013; however, from 2014 to 2024, imports remained at a lower figure.

Imports By Country

In 2024, Norway (30K tons) and Chile (29K tons) represented the main importers of stainless steel seamless pipe for oil and gasacross the globe, together recording near 30% of total imports. It was followed by South Korea (18K tons), the United Arab Emirates (14K tons), Indonesia (13K tons) and Russia (11K tons), together creating a 29% share of total imports. The following importers - Singapore (7.1K tons), India (5.8K tons), Malaysia (4.7K tons) and Kuwait (4.1K tons) - together made up 11% of total imports.

From 2013 to 2024, the biggest increases were recorded for Chile (with a CAGR of +41.7%), 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 Chile ($97M), Norway ($87M) and the United Arab Emirates ($56M), together comprising 30% of global imports.

Chile, with a CAGR of +45.8%, 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 global leaders experienced more modest paces of growth.

Import Prices By Country

The average stainless steel seamless pipe import price stood at $4,078 per ton in 2024, shrinking by -7.6% against the previous year. Over the period from 2013 to 2024, it increased at an average annual rate of +2.4%. The most prominent rate of growth was recorded in 2017 an increase of 20%. Over the period under review, average import prices reached the maximum at $4,415 per ton in 2023, and then dropped in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was Malaysia ($6,495 per ton), while Russia ($1,121 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Malaysia (+5.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Stainless Steel Seamless Pipe For Oil And Gas

In 2024, approx. 105K tons of stainless steel seamless pipe for oil and gas were exported worldwide; picking up by 8.2% against 2023. Overall, exports enjoyed a mild increase. The pace of growth appeared the most rapid in 2021 when exports increased by 81% against the previous year. The global exports peaked at 156K tons in 2022; however, from 2023 to 2024, the exports remained at a lower figure.

In value terms, stainless steel seamless pipe exports dropped to $515M in 2024. Over the period under review, exports, however, recorded a slight slump. The most prominent rate of growth was recorded in 2021 with an increase of 30% against the previous year. Over the period under review, the global exports reached the maximum at $712M in 2014; however, from 2015 to 2024, the exports failed to regain momentum.

Exports By Country

Saudi Arabia was the largest exporting country with an export of around 46K tons, which accounted for 43% of total exports. China (15K tons) held a 14% share (based on physical terms) of total exports, which put it in second place, followed by Kazakhstan (11%). South Korea (4K tons), Singapore (3.6K tons), India (3.5K tons), Norway (2.9K tons), South Africa (2K tons), Japan (1.8K tons) and the Netherlands (1.7K tons) held a relatively small share of total exports.

Exports from Saudi Arabia increased at an average annual rate of +38.7% from 2013 to 2024. At the same time, Kazakhstan (+40.4%), China (+9.8%) and South Africa (+6.9%) displayed positive paces of growth. Moreover, Kazakhstan emerged as the fastest-growing exporter exported in the world, with a CAGR of +40.4% from 2013-2024. Japan experienced a relatively flat trend pattern. By contrast, South Korea (-2.7%), the Netherlands (-2.9%), Norway (-3.2%), Singapore (-9.3%) and India (-9.6%) illustrated a downward trend over the same period. From 2013 to 2024, the share of Saudi Arabia, Kazakhstan and China increased by +42, +10 and +8.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest stainless steel seamless pipe supplying countries worldwide were Saudi Arabia ($88M), South Korea ($73M) and Japan ($51M), together comprising 41% of global exports. China, Norway, the Netherlands, India, Singapore, Kazakhstan and South Africa lagged somewhat behind, together accounting for a further 32%.

In terms of the main exporting countries, Kazakhstan, with a CAGR of +64.4%, 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 $4,904 per ton in 2024, reducing by -12.7% against the previous year. Over the period under review, the export price continues to indicate a pronounced reduction. The most prominent rate of growth was recorded in 2023 an increase of 66% against the previous year. The global export price peaked at $6,670 per ton in 2013; however, from 2014 to 2024, the export prices failed to regain momentum.

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 Japan ($28,361 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 Kazakhstan (+17.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform