Piping System and Piping Spools Market Research 2027
The global piping system and piping spools market size was valued at $4,832.5 million in 2019, and is expected to reach $6,035.0 million by 2027, registering a CAGR of 4.5% from 2020 to 2027.
Pipe spool is a fabricated component of a piping system. Pipe spools is a piping system in which a number of raw pipes and pipe fittings (elbows, flanges, and others) are fabricated in fabrication shops or on-site. Roll correction and welding, and durable position fitting and welding, are the two processes used in pipe spooling. Piping spools are generally used in power plants, chemical industries, and oil & gas industries.
Steel pipes, alloy steel, or carbon steel is the material used for pipe spooling. The factors such as growth in exploration and drilling activities for oil around the globe is anticipated to drive the growth of the piping system and piping spools market. For instance, exploration drilling activities increased by nearly 30% from 2017 to 2018. Many oil companies and governments are focusing on new exploration and drilling activities for oil & gas to gain a competitive edge over the other players and fulfil the growing oil demand around the world. For instance, in November 2018, PetroChina, a China-based oil & gas company aimed to raise the oil output in 2021 in Northwestern Xinjiang region. The site is a newly discovered oilfield. However, the fluctuation in raw material prices required for piping spools is anticipated to hamper the growth of the piping system and piping spools market. On the other hand, technological advancement in the piping spools industry is anticipated to provide lucrative opportunities for the market players in the piping spools industry. Moreover, increase in government investment in oil & gas refinery project is projected to cater to the growth of the piping system and piping spools market. For instance, in August 2020, German government invested around $100.8 million on hydrogen project at oil refinery project in Hamburg.
Furthermore, the adoption of stainless-steel piping spool is rising, owing to its features such as hardness, corrosion control, and able to work under high temperature. Major players are offering stainless steel pipes for spooling application. For instance, Prosaic Steel and Alloys offered ASTM A123 stainless steel pipe. It is used in heat exchangers plates, sheet, and steel boiler. It is available in size from 12” and 24”. The pipe has a diameter from 3.2 mm to 127 mm. All instances are anticipated to cater to the growth of the piping system and piping spools market.
The COVID-19 pandemic has forced many companies in the global piping system and piping spools market to halt their business operations to comply with new government regulations for curbing the spread of COVID-19. This halt in operations directly impacts the revenue flow of the global piping system and piping spools market. In addition, there is a halt in providing raw material to the manufacturers of piping system and piping spools products. However, the demand for piping spools for oil & gas project and chemical projects is expected to increase in the near-term. Hence, halt in manufacturing activities and lockdowns for several months have affected the global piping system and piping spools market, with slow recovery is anticipated during 2021. This is further projected to the re-opening of piping system and piping spools industry at their full-scale capacities, which in turn, would aid the market to recover by the start of 2022.
By Material
Stainless steel segment holds dominant position in 2019
Segment Overview
Based on material, the market is divided into stainless steel, carbon steel, alloy steel, and others. The carbon-steel segment is projected has highest revenue during the forecast period. By end-user, the market is divided into power plant, petroleum refineries, offshore, shipbuilding, and others, chemical and fertilizers, pharmaceuticals, and others. The pharmaceuticals segment is projected to grow at a significant CAGR during the forecast period. Region wise, the global piping system and piping spools market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Based on region, Asia-Pacific is expected to grow at a highest rate during the forecast period.
By End-user
Pharmaceuticals segment is projected to grow at a significant CAGR
Competition Analysis
Key companies profiled in the report include Dee Piping System, Metal Forge India, Prosaic Steel and Alloys, U.S. Pipe, Cogbill Construction LLC, ChelPipe Group, CCI Leidingsystemen B.V., Yena Engineering B.V., Cimtas Pipe Fabrication and Trading Co Ltd, Arabian International Co for Steel Structure (AIC), Sung IL Sim Co. Ltd., Seonghwa Industrial Co. Ltd., and Larsen & Toubro Limited.
By Region
Asia- Pacific is expected to grow at a highest rate during the forecast period.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging piping system and piping spools market trends and dynamics.
- In-depth market analysis is conducted by constructing estimations for the key segments between 2019 and 2027.
- Extensive analysis of the piping system and piping spools market growth is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The global piping system and piping spools forecast analysis from 2020 to 2027 is included in the report.
- The key market players operating in the market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the piping system and piping spools market.
Piping System and Piping Spools Market Report Highlights
| Aspects | Details |
 By Material |
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 By END USER |
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 By Region |
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 Key Market Players | CHELPIPE GROUP, METAL FORGE INDIA, CCI LEIDINGSYSTEMEN B.V., SEONGHWA INDUSTRIAL CO LTD, YENA ENGINEERING B.V., FORTERRA INC. (U.S. PIPE), SUNG IL SIM CO LTD., PROSAIC STEEL AND ALLOYS, LARSEN & TOUBRO LIMITED (L&T PIPING CENTER), ENKA INSAAT VE SANAYI (CIMTAS PIPE FABRICATION AND TRADING CO. LTD.), DEE DEVELOPMENT ENGINEERS LIMITED (DEE PIPING SYSTEMS), COGBILL CONSTRUCTION, LLC, ARABIAN INTERNATIONAL CO. FOR STEEL STRUCTURES (AIC) |
Analyst Review
A rise in drilling and exploration of oil and gas is anticipated to fuel the growth of the market. Moreover, rise in use of pipe spools in end-users such as power plant, chemical, and others, are expected to supplement the growth of the market. For instance, in December 2018, L & T Hydrocarbon Engineering, a subsidiary of Larsen & Turbo Limited, constructed a new project named as 3 Gas PDM’S Project in Saudi Arabia. In addition, rise in use of stainless-steel material owing to its robustness and corrosion control, is projected to fuel the growth of the market. On the contrary, high initial capital investment, fluctuation in raw material prices, and availability of substitute products are projected to hamper the growth of the market.
Major players are offering fabricated stainless-steel pipe to the market. For instance, in September 2018, Hebei Haihao Group offered stainless steel pipe and alloy steel pipe spools for construction of belts, and roads. The stainless-steel pipe spools is available in size of 40”. An increase in use of spooling application in the piping system is anticipated to provide lucrative opportunities for the growth of the market. In addition, technological advancement in the piping spools industry is expected to provide lucrative opportunities for the growth of the piping system and piping spools market.
The global piping system and piping spools market size was valued at $4,832.5 million in 2019, and is expected to reach $6,035.0 million by 2027, registering a CAGR of 4.5% from 2020 to 2027.
The forecast period considered for the piping system and piping spools market is 2020 to 2027, wherein, 2019 is the base year, 2020 is the estimated year, and 2027 is the forecast year.
The base year considered in the global piping system and piping spools market is 2019.
The report for global piping system and piping spools market doesn’t provides Value Chain Analysis, but if there is a requirement for the same, it could be added as an additional customization.
On the basis of material, the stainless-steel segment is expected to be the most influencing segment growing in the global piping system and piping spools market report.
Based on the end-user in 2019, the petroleum refineries segment generated the highest revenue, accounting for over 30% of the market, and is projected to grow at a rate of 3.8% from 2020 to 2027.
The report contains an exclusive company profile section, where leading 10 companies in the market are profiled. These profiles typically cover company overview, geographical presence, and market dominance (in terms of revenue and volume sales).
The key trending markets based on the end-users, in the global piping system and piping spools market are, the petroleum refineries segment.
Increase in investment in power plant industry in Asia-Pacific is expected to reach $1.5 trillion up to 2030, which is anticipated to cater to the growth of the piping system and piping spools market.
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