Industrial Tubes Market

SKU: DMICT5417 | Last Updated On: Oct 17 2022 | Available Formats

>Industrial Tubes Market Expected to reach a high CAGR 6.4% By 2029:

Industrial Tubes Market is Segmented By Material (Carbon Steel, Stainless Steel, Non-Steel, Brass), By Manufacturing Method (Seamless, Welded), By Type (Process Pipes, Structural Tubes, Heat Exchanger Tubes, Mechanical Tubes, Hydraulic & Instrumentation Tubes, Others), By End-User (Oil & Gas and Petrochemical Industry, Automotive, Construction, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.

Industrial Tubes Market is estimated to reach at a CAGR of 6.4% during the forecast period (2022-2029).

Pipes and tubes are frequently interchanged when referring to a cylinder used to transfer liquid or gas. Industrial tubes are hollow cylindrical structures made of copper, aluminum, steel, nickel, etc. Examples are mechanical tubes, process pipes, structural tubes and hydraulic tubes.

Industrial tubes can be produced in two ways, making a welded or seamless pipe. Raw steel is initially cast into a more effective beginning form in both ways of manufacture. Seamless steel coiled tubing efficiently decreases leakage concerns in hydraulics and instrumentation systems. Pipe tracing systems and coiled tubing are two applications for which industrial tubes are widely utilized in process utilities.

Industrial Tubes Market

Metrics

Details

Market CAGR

6.4%

Segments Covered

By Material, By Manufacturing Method, By End-User, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

Market Dynamics

Due to its requirements in a wide range of structural applications and processing conditions across numerous sectors. The industrial tubes market is primarily driven by the global petrochemical and chemical industries' growth. In addition, the rising energy and power sector is driving industrial tube demand. Furthermore, these high-strength steel tubes with high resilience offer improved load-bearing capacity for engineering applications, which is predicted to drive market expansion throughout the forecast period.

Rising usage of tubes in various end-use applications

According to industry participants, steel tubes for machine construction and components are made from various materials, including carbon steel and various steel alloys. Electric welded-resistant carbon steel tubes, for example, are employed in vehicle structural applications. Furthermore, steel tubes' great strength and low-temperature qualities make them ideal for marine buildings. As a result, expanding global shipbuilding operations, including yacht and cruise ship construction, are likely to boost demand for industrial tubes.

Industrial tubes are widely used in process utilities for coiled tubing and pipe tracing systems, among other things—the rising energy loss concerns in numerous industries, particularly in colder climates, harm manufacturing facility operational efficiencies. As a result, it is predicted to encourage the use of a heat tracing system in plants, boosting the growth of the industrial tubes market over the forecast period.

Increasing use of steel tubes

Steel has a high consumption rate due to its strong strength, durability, superior chemical and corrosion resistance, formability and weldability. It's commonly utilized in the production of industrial tubes for the chemical, oil & gas, petrochemical industries, energy & power, automotive and other industries.

The rising growth of the industrial tubes market is likely to be boosted by advancements in materials for manufacturing industrial tubes, particularly for offshore jacket constructions and expanding global offshore exploration activities. It is also fueled by rapidly expanding end-use sectors in emerging nations like China and India.

Price volatility in raw materials and government regulations

Some constraints and hurdles will stifle overall market expansion. The market's expansion is being stifled by reasons such as a scarcity of skilled workers and a lack of norms and protocols. Furthermore, the market expansion is hampered by raw material price volatility and rigorous government regulations in certain nations. Furthermore, oversupplied markets reduce demand for industrial tubes. As a result, it may operate as a major stumbling block to the global market's overall expansion.

COVID-19 Impact Analysis:

Vendors in the market are encountering hurdles due to the COVID-19 pandemic, as demand for tubes continues to decline in FY 2020. The closure of manufacturing plants is anticipated to increase the economic burden on industry players. According to figures published by the World Steel Association in April 2020, total crude steel output decreased by roughly 6% (year-over-year) from March 2019 to March 2020.

Segment Analysis:

By end-user, the industrial tubes market is segmented into oil & gas and petroleum, automotive, construction and others.

Oil & gas and petroleum hold the lion's share.

Due to the oil & gas industry being the largest end-user of steel tubes, oil and gas production growth is the primary driver of the industrial tubes market. According to BP Statistics, Middle Eastern countries, U.S. and Russia will account for 69% of oil output in 2040, up from 60% in 2016. Process pipes are primarily utilized for transportation, extraction and processing in oil & gas and petrochemical industries. These tubes are made of steel, which can withstand the harsh conditions found in oil and gas wells, such as hydrogen sulfide, carbon dioxide and other chemicals.

Casing and boring tubes, typically 9 meters long, are employed. Oil and gas applications account for around half of all seamless tubes and pipes, including OCTG, topside process pipes, riser pipes, subsea flowlines, heat exchanger tubes or instrumentation tubes. Steel tube use has increased in the oil & gas and petrochemical industries.

Geographical Analysis:

Rising manufacturing sectors along with construction in Asia-Pacific

Due to the booming manufacturing sector and rapid construction industry growth, Asia-Pacific will likely see the fastest growth in industrial tube demand. Due to increased public investment, emerging economies like India see significant development in the commercial infrastructure category. Due to the rising demand for chemical goods, China and India rapidly expanded their capacity for petrochemical and chemical industries.

Furthermore, as the middle-class population's disposable income rises, automotive production will likely rise dramatically. In addition, due to strong demand, the region is seeing a significant increase in car production capacity. Shortly, the combined influence of all of the factors above is likely to boost demand for industrial tubes in Asia-Pacific.

Competitive Landscape:

Many players, including global giants and small & medium firms, create intense competition in the industrial tubes manufacturing industry. However, the sector offers a diverse portfolio to meet the needs of a wide range of businesses. As a result, many players focus on a small number of end-use sectors and offer a limited product portfolio.

Major companies in the global industrial tubes market include Nippon Steel & Sumitomo Metal Corporation, Vallourec S.A., Sandvik AB, Tenaris, Tata Steel, Tubacex, United States Steel Corporation, Benteler, Aperam and AK Tube LLC.

Nippon Steel & Sumitomo Metal Corporation

Overview: Vallourec is a world leader in its markets, providing benchmark tubular solutions for the energy and other industries, including some of the most demanding: from extreme-condition oil and gas wells to next-generation power plants, daring architectural projects extremely high-performing mechanical equipment. The organization employs around 17,000 people in 20 different countries. It has over 40 manufacturing locations and a significant local and global presence.

Product Portfolio: The company offers a diverse range of innovative, high-value-added tubular products to meet the needs of the oil and gas, low-carbon energy and industrial industries. Since the first VAM connection in 1965, it has provided tubular solutions to the Oil & Gas business.

Key Development: Vallourec tube-alloy launched a factory in Singapore in 2016 as part of its expansion in Asia-Pacific. Vallourec Tube-geographic Alloy's footprint, which is now based on four production sites in U.S., will be expanded by the new plant in Singapore, which will support the company's oil country tubular good (OCTG) activities. Threading VAM premium connectors on wellhead and completion equipment and producing turnkey OCTG accessories will focus on the new plant in northern Singapore.

The plant employs 50 engineers and technicians and is well-positioned to assist Singapore-based oil and gas equipment manufacturers and regional operators whose projects necessitate high-value tubular solutions. The plant can produce 25,000 threads per year,

Frequently Asked Questions

What is the Projected CAGR value of the Industrial Tubes Market?

Industrial Tubes Market is expected to grow at a CAGR of 6.4% during the forecasting period 2022-2029.

Which region controlled the global market during 2022-2029?

North America region Controls the Industrial Tubes Market during 2022-2029.

Which is the fastest growing region in the Industrial Tubes Market?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period.

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