The global industrial tubes market size is expected to reach USD 809.20 Billion in 2028 and register a revenue CAGR of 5.3% over the forecast period, according to latest report by Reports and Data. Industrial tubes market revenue growth of can be attributed to increasing consumption of steel tubes in industries such as automotive and construction, and increase in offshore spending and new oilfield discoveries. The industrial tubes manufacturing industry is experiencing high competitive rivalry owing to presence of a large number of manufacturers, including global giants as well as small and medium enterprises, with vast product portfolios to cater to a broad spectrum of applications in various industries.
Industrial tubes are majorly used for applications such as heat exchanger tubes, mechanical tubes, structural tubes, and hydraulic & instrumentation tubes. They are used for manufacturing precision tubes, capillary tubes, and boiler tubes as well. In view of current fluctuations in oil prices, major oil & gas production companies across the globe are getting ready for a future anticipated crash in crude oil prices. This trend is expected to increase installation of efficient heat exchangers to increase profitability of oil firms, as heating and cooling are the most expensive components in oil and gas production. This is expected to drive market revenue growth.
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Companies profiled in the global market report include Nippon Steel Corporation, Vallourec S.A., Sandvik AB, Tenaris, Tata Steel, Tubacex SA, United States Steel Corporation, Benteler International, Aperam, AK Tube LLC, Jindal Saw Ltd., and Divine Tubes Pvt. Ltd.
Some Key Highlights from the Report
- Industrial tubes find extensive application in the automotive industry owing to their superior strength-to-weight ratio. Demand for lightweight components in automotive industry is expected to drive market revenue growth, as tube hydroforming is considered one of the enabling technologies to manufacture lightweight components.
- Industrial tubes are used in the oil & gas industry for transportation, extraction, and processing. These tubes are made from steel and are, therefore, suitable for withstanding harsh environments in oil & gas wells containing hydrogen sulfide, carbon dioxide, and other chemicals.
- By manufacturing method, the welding segment accounted for largest market revenue share in 2020. Seamless segment is expected to register a faster CAGR during the forecast period due to superior properties of industrial tubes and their ability to withstand pressure, greater strength under loading, as well as uniformity of shape. This is increasing their demand in oil & gas and petrochemical industries as riser pipes, subsea flow lines, and instrumentation tubes.
- Industrial tubes market in Asia-Pacific accounted for largest revenue share in 2020 and is expected to grow at a faster CAGR during the forecast period due to growth in infrastructure development with rising public investment. The region is also witnessing notable expansion in automotive production capacity owing to robust demand outlook.
- In October 2021, Vallourec announced that it had signed a 10-year agreement with Esso Exploration & Production Guyana Limited (EEPGL) to supply line pipe products in Guyana. The agreement will enable long-term line pipe supply by defining contractual and commercial terms to support EEPGL’s future oil & gas development in this strategic basin.
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Rapid developments in the manufacturing sector and equipment, robust growth in the building and construction sector, high adoption for eco-friendly materials in constructions and increasing demand for smart buildings and smart homes are boosting market growth. Steady increase in the disposable income across the globe, improvements in the standard of living, increasing number of redevelopment plans and high demand for aesthetic look and posh homes are further fueling market growth. In addition, increasing R&D investments, and government schemes to support manufacturing and construction industry are fueling growth of the global Industrial Tubes market.
For this report, Reports and Data has segmented the industrial tubes market based on end-use, type, manufacturing method, and region:
Type Outlook (Revenue, USD Billion; 2018–2028)
- Process Pipes
- Structural Tubes
- Heat Exchanger Tubes
- Mechanical Tubes
- Hydraulic & Instrumentation Tubes
End-Use Outlook (Revenue, USD Billion; 2018–2028)
- Oil & Gas Petrochemical
- Mechanical & Engineering
Manufacturing Method Outlook (Revenue, USD Billion; 2018–2028)
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Major offerings of the Industrial Tubes market report:
- In-depth analysis of the Industrial Tubes market along with present and emerging trends
- Forecast estimations to assist in formulating investment strategies
- Assessment of key drivers, restraints, opportunities, challenges, and risks of the market
- SWOT Analysis, Porter’s Five Forces Analysis, Feasibility Analysis, and Investment Return Analysis
- Forecast estimation of the market for a period of 2021-2028
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