Industrial Tubes market Sharing Economy In market Outlook: Tata Steel, Nippon Steel & Sumitomo Metal Corporation

Industrial Tubes Market

Industrial tubes market are responsible for transporting fluids between processing units and storage tanks within an industrial facility.

SEATTLE, WA, UNITED STATES , December 29, 2021 /EINPresswire.com / -- Market Overview:

Industrial tubes market are responsible for transporting fluids between processing units and storage tanks within an industrial facility. Thus, industrial tubes find application in various industries such as oil & gas, construction, chemicals, automotive, petrochemicals, and energy and power, among others. Steel tubes used in across various industrial applications, primarily to transport water, gasses, and liquid wastes. Steel tubes are a common component of industrial machines, used in conveyor belts, hydraulic lifts, mills, and many other machines. Industrial tubes are available in various types such as hydraulic, process pipes, mechanical tubes, and structural tubes. It is a broad category of fluid and solid transport hardware used in many applications and industries. In industry, they are valued for their strength and ability to withstand extremes of temperature, pressure, and destructive elements.

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Competitive Landscape:

Major players operating in the global industrial tubes market are AK Tube LLC, Benteler, Tubacex, Tenaris, Vallourec S.A, Aperam, Sandvik AB, Tata Steel, US Steel, and Nippon Steel & Sumitomo Metal Corporation (NSSMC), among others.

Key Market Drivers:

Growing demand for industrial tubes worldwide from various end-use industries is expected to augment the growth of the industrial tubes market during the forecast period. For instance, in December 2020, APL Apollo Tubes Limited (APL Apollo) launched 'Apollo Mechanical', a wide range of Low Diameter High Thickness steel tubes for use in heavy-duty applications. Apollo Mechanical tubes are unique size tubes that offer high strength, uniformity, and cost-effectiveness at the same time.

Moreover, growing infrastructure activities and construction industry is expected to boost the growth of the industrial tubes market over the forecast period. For instance, the governments of Canada and Alberta allocated USD 52.7 million to complete many infrastructure projects through Investing in Canada Infrastructure Program.

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COVID-19 Impact Analysis:

Industrial tubes find application in various end-use industries such as oil and gas, construction, chemicals, automotive, petrochemicals, energy and power, and others. But, there is hardly any place/sector that has remained unaffected by the severity of the outbreak of COVID-19. This has also affected the demand for industrial tubes. However, the aforementioned industries are recovering faster and are expected to have a positive impact on the growth of the market, as the demand for industrial tubes is now increasing with a rapid pace.

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Key Takeaways:

The industrial tubes market is expected to exhibit a CAGR of 5.8% during the forecast period owing to the extensive research for the development of advanced industrial tubes. For instance, in October 2021, Researchers at Ural Federal University developed a unique industrial tube finning technology. It allows increasing the heat exchange, decreasing the metal intensity, and thus reducing the cost of the finished product. Researchers have already applied for a patent and made their first commercial order.

Among regions, North America and Asia Pacific are expected to witness robust growth in the industrial tubes market due to increasing consumption of steel tubes in various end-use industries, such as oil & gas, automotive, and construction. For instance, according to India Brand Equity Foundation (IBEF), India, China, and U.S. are expected to account for 60% of the global construction sector by 2025. Moreover, India plans to spend US$ 1.4 trillion on infrastructure projects through the National Infrastructure Pipeline (NIP), from 2019 to 2023, to ensure sustainable development in the country.

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