Global demand for steel pipe is projected to advance 3.5 percent per annum through 2019 to 79.7 million metric tons, with growth paced by continued strong increases in developing markets.
The pace of gains will decelerate from that of the 2009-2014 period as construction activity slows in China and other developing countries and as oil and gas exploration moderates in North America after a period of rapid growth.
These and other trends are presented in “World Steel Pipe,” a new study from Freedonia Group, a Cleveland-based industry research firm.
China, by far the world's largest national market with 28 percent of the global total in 2014, was a primary driver of growth in steel pipe demand between 2004 and 2014. "Through the forecast period, advances in steel pipe demand in China are projected to decelerate significantly; nevertheless, growth will remain above the global average," noted analyst Mariel Behnke.
In contrast to slowing growth in the Chinese market, demand for steel pipe in several other countries in Asia is projected to accelerate through 2019. India will experience strong improvement in growth, driven by an acceleration in construction spending and expansion in its manufacturing sector, while growth in demand in Indonesia will be supported by increased output from its manufacturing sector.
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