Global stainless steel pipes market to grow at CAGR of 4.6% in 2022-2028

According to a report, the global stainless steel pipes and tubes market had a worth of US$32.68 billion in 2021 and was expected to grow at a compound annual growth rate (CAGR) of 4.6% during the period from 2022 to 2028 and reach US$44.77 billion by 2028.

The growth was due to the continuous increase in oil and gas production activities in the world brought by higher demand for transportation. Besides, the market would be enlarged in future years by the government’s policies supporting the automobile industry and a hike in oil reserves in the US and other countries.