What Has Been Industrial Tubes Market in Recent Years?
The industrial tubes market has seen considerable growth due to a variety of factors.
• There has been a significant expansion in the size of the industrial tubes market in the past few years. The market, which is worth $646.18 billion in 2024, is projected to rise to $701.38 billion by 2025, with a compound annual growth rate (CAGR) of 8.5%.
The growth during the historical period can be credited to factors such as construction and infrastructure development, industrial manufacturing requirements, oil and gas exploration, global economic conditions, and infrastructure rehabilitation.
What is the Forecasted Growth of the Industrial Tubes Market Size?
The industrial tubes market is expected to maintain its strong growth trajectory in upcoming years.
• The market for industrial tubes is forecasted to experience significant growth, expanding to $1002.8 billion in 2029 with a compound annual growth rate (CAGR) of 9.3%.
This upward trend can be largely accredited to elements such as market rivalry and progressive innovation, supply chain strongness and productivity, the advancement of the automotive industry, escalating urbanisation and construction activities, as well as ecological laws and sustainability. Key trends that will dominate the forecast period encompass demands for customisation, the increase in digitalisation and intelligent manufacturing, a heightened emphasis on sustainability, burgeoning urbanisation, and the application of advanced materials.
What Are The Leading Drivers Of Growth In The Industrial Tubes Market?
The growth of the industrial tubes market is predicted to be fueled by the upsurge in the oil and gas industry. The industry encompasses various stages such as exploration, development, drilling, production, refining, distribution, and the transportation of hydrocarbons. These tubes have been engineered to efficiently carry both crude and refined petroleum, along with fuels such as oil, natural gas, and biofuels. The U.S. Energy Information Administration, a domestic Federal Statistical System dedicated to the energy sector, noted that the US produced 348,849 barrels of crude oil in April 2022. Thus, the expanding oil and gas industry is escalating the demand for the industrial tubes market.
What Is The Segmentation Of The Global Industrial Tubes Market?
The industrial tubes market covered in this report is segmented –
1) By Type: Process Pipes, Mechanical Tubes, Heat Exchanger Tubes, Structural Tubes, Hydraulic And Instrumentation Tubes
2) By Manufacturing: Seamless, Welded
3) By Material: Steel, Non-steel
4) By End-User: Oil And Gas and Petrochemical, Automotive, Mechanical And Engineering, Construction, Other End-Users
Subsegments:
1) By Process Pipes: Stainless Steel Process Pipes, Carbon Steel Process Pipes, Alloy Process Pipes
2) By Mechanical Tubes: Cold Drawn Mechanical Tubes, Hot Finished Mechanical Tubes
3) By Heat Exchanger Tubes: U-Tubes, Straight Tubes, Fin Tubes
4) By Structural Tubes: Square Tubes, Rectangular Tubes, Round Tubes
5) By Hydraulic And Instrumentation Tubes: Hydraulic Tubes, Instrumentation Tubes
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What Emerging Trends Are Shaping The Industrial Tubes Market?
Leading corporations in the industrial tubes market are prioritizing the creation of novel products like CO2-reduced steel pipes and tubes, in a bid to comply with environmental regulations and decrease their carbon emissions. CO2-reduced steel pipes and tubes are steel goods produced using methods that significantly cut down on CO2 emissions. For instance, The Van Leeuwen Pipe and Tube Group, a company based in the Netherlands that specializes in steel pipes and pipe and tube applications, rolled out the Van Leeuwen Impact brand in July 2024. This brand features a fresh line of CO2-reduced steel pipes and tubes, procured from several respected European manufacturers. These offerings are meant to satisfy the growing need for eco-friendly solutions in a variety of industrial settings. The Impact-brand goods are adaptable for numerous applications within the industrial and energy sector, providing enterprises with the opportunity to demonstrate their dedication to sustainability while also meeting their operational objectives.
Who Are the Key Players in the Industrial Tubes Market?
Major companies operating in the industrial tubes market include:
• Sandvik AB
• Vallourec S.A.
• Tenaris S.A.
• Nippon Steel Corporation
• ArcelorMittal S.A.
• TATA Steel Limited
• United States Steel Corporation
• Chelpipe Group
• Benteler International AG
• Jindal SAW Ltd.
• Hyundai Steel Co. Ltd.
• Tubacex S.A.
• Ratnamani Metals & Tubes Ltd.
• Fine Tubes Ltd.
• Zekelman Industries Inc.
• Pennar Industries Limited
• Maharashtra Seamless Limited
• Nova Tube Inc.
• Maruichi Steel Tube Ltd.
• Webco Industries. Inc.
• Liberty House Group
• Essar Steel India Ltd.
• MRC Global Inc.
• OAO TMK
• Vallourec Deutschland GmbH
• Nippon Steel & Sumitomo Metal Corporation
• MST Seamless Tube & Pipe
• Metal-Matic Inc.
• Precision Tube Inc.
What are the Regional Insights into the Industrial Tubes Market?
Asia-Pacific was the largest region in the industrial tubes market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global industrial tubes market share during the forecast period. The regions covered in the industrial tubes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
