July 27, 2023 11:21 ET | Source: ReportLinker ReportLinker
New York, July 27, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Carbon Steel Pipe Fittings Global Market Report 2023" - https://www.reportlinker.com/p06480091/?utm_source=GNW Ltd., Sungkwang Bend Co. Ltd., Thai Benkan Co. Ltd., Xinfeng Pipe-fittings, Yingkou Ever Foundry Co. Ltd., Shandong Jintong Pipeline Co. Ltd., Zhejiang Jiuli Hi-Tech Metals Co. Ltd., and Jiangsu Wujin Stainless Steel Pipe Group Co. Ltd. The global carbon steel pipe fittings market is expected to grow from $6.56 billion in 2022 to $6.97 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The carbon steel pipe fittings market is expected to reach $8.59 billion in 2027 at a CAGR of 5.4%. The carbon steel pipe fittings market consists of sales of carbon steel-based ERW (Electric resistance welded) pipe fittings, welded pipe fittings, fabricated pipe fittings, seamless pipe fittings, and LSAW (longitudinal-seam submerged arc welding) pipe fittings.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Carbon steel pipe fittings refer to curved joining components that connect pipes with straight lengths.They are made of carbon steel, a type of steel that contains carbon as its main alloying element. These fittings are commonly used in a wide range of industries, including oil and gas, petrochemicals, power generation, and construction. Asia-Pacific was the largest region in the carbon steel pipe fittings market in 2022.North America is expected to be the fastest-growing region in the forecast period. The regions covered in the carbon steel pipe fittings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The main types of carbon steel pipe fittings are hot-rolled steel pipes and cold-rolled (drawn) steel pipes.Hot-rolled steel pipe fittings refer to fittings made of a type of steel that is formed at a temperature above its recrystallization temperature using the hot rolling process. The various applications of carbon steel pipe fittings are oil and gas, chemicals and petrochemicals, construction and infrastructure, and industrial applications. These are sold through online and offline distribution channels. The increasing construction and infrastructure sectors are expected to propel the growth of the carbon steel pipe fittings market going forward.Construction refers to the process of assembling or building physical structures, such as buildings, bridges, roads, and other infrastructure. Infrastructure refers to the fundamental facilities and systems that support a society or organization, including transportation, communication, sewage, water, and electric systems.Carbon steel pipe fittings are widely used in the construction and infrastructure industries for various applications such as plumbing, HVAC (heating, ventilation, and air conditioning) systems, fire protection systems, and structural supports. Carbon steel pipe fittings are preferred due to their high strength, durability, and resistance to corrosion, making them suitable for use in harsh environments and heavy-duty applications.For instance, in 2022, according to a report shared by ToolSense, an Austria-based software company related to construction, facility services, mining, agriculture, logistics, or manufacturing, the number of housing units built in 2021 was 1,337,800, which is a 4% rise over the previous year. Between March and July 2020, the volume of residential construction rose by 275%. Therefore, the increasing construction and infrastructure sectors are driving the growth of the carbon steel pipe fittings market. Technological advancements are the key trends gaining popularity in the carbon steel pipe fittings market.Major companies operating in the carbon steel pipe fittings market are adopting new technologies to strengthen their position in the market. For instance, in March 2023, NIBCO Inc., a US-based provider of flow control solutions, adopted press technology for fuel and gas carbon steel pipe applications to expand its BenchPress G carbon steel fittings line to incorporate and launch 2-inch diameters into its current product lineup. The BenchPress G press technology enables quick and affordable installation of carbon steel piping systems for residential, commercial, and industrial usage. It also provides users with consistent joint integrity and a polished look. It provides a simpler, cleaner, and faster installation process because it doesn’t call for threading tools or lubricants. In October 2022, Texas Pipe and Supply, a US-based distributor of carbon pipe, carbon fittings, and flanges, and stainless pipe and stainless fittings and flanges, acquired Woodco USA for an undisclosed amount.Through this acquisition, Woodco USA expanded its network of commercial partners and solidifies its present ones, providing better service to both current and potential customers from various businesses and sectors. Woodco is a US-based producer of supplies, including carbon steel pipe fittings for the oilfield industry used to modify, separate, and assemble pressure control equipment. The countries covered in the carbon steel pipe fittings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The carbon steel pipe fittings market research report is one of a series of new reports that provides carbon steel pipe fittings market statistics, including the carbon steel pipe fittings industry global market size, regional shares, competitors with a carbon steel pipe fittings market share, detailed carbon steel pipe fittings market segments, market trends, and opportunities, and any further data you may need to thrive in the aspherical lens industry. This carbon steel pipe fittings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. Read the full report: https://www.reportlinker.com/p06480091/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________ Products
