Market Size of Europe Line Pipe Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.20 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe Line Pipe Market Analysis
Europe line pipe market is expected to register a CAGR of more than 2.2% during the forecast period (2022-2027). Various countries across Europe have imposed lockdown restrictions due to the COVID-19 outbreak in Q1 of 2020, causing line pipe construction activities to be delayed. In Norway, the COVID-19 pandemic has impeded the development of offshore oil and gas projects, increasing costs and delaying startup dates, according to the government and Equinor. A government document showed that ongoing projects increased in cost by USD 1.4 billion on an inflation-adjusted basis from a year ago due to COVID-19 restrictions. It is now estimated that Equinor's Martin Linge oil and gas field will cost USD 6.15 billion, up from USD 5.68 billion in the previous year's estimate. Investments and developments in Oil & gas and water treatment sectors are among the major factors driving this market. Among them is the development of unconventional oil and gas sources that are driving pipeline expansions. Since line pipes are heavy, their transportation costs are higher, limiting the growth of the global line pipe market.
- The stainless steel segment is expected to dominate the market, owing to its corrosion resistance properties, and growing demand in the oil and gas industry is expected to boost the market.
- It is expected that the rise in offshore exploration and production projects are going to create excellent opportunities for market players in the years to come, since these projects are paving the way for growth in the line pipe industry.
- Norway is expected to be the largest market during the forecast period, owing to the increased oil & gas production activities and new pipeline projects, that drives the demand for line pipe market in the coming years.
