Industrial Tubes Market Development, Trends, Huge Demand, Gr...| MENAFN.COM

Friday, 02 December 2022 05:59 GMT

Industrial Tubes Market Development, Trends, Huge Demand, Growth Analysis And Forecasts 2022-2031


(MENAFN- America News Hour)

The key companies profiled in this report on the industrial tubes market include Nippon Steel & Sumitomo Metal Corporation (NSSMC) (Japan), Vallourec S.A. (France), Sandvik AB (Sweden), Tenaris (Luxembourg), and Tata Steel (India),

“The growth in end-use industries is expected to drive the industrial tubes market.”

The industrial tubes market is estimated to be USD 478.0 billion in 2022 and is projected to reach USD 632.6 billion by 2031, at a CAGR of 5.8%. The majority of industrial tubes are consumed in the oil & gas and petrochemical, construction, and automotive industries. Capacity expansion in these industries creates the demand for industrial tubes. Growth in automobile production in North America and APAC is favorable for the industrial tubes market.

The growth in the construction industry will have a favorable impact on the growth of the
industrial tubes market . The global construction output is expected to grow by 85% to reach USD 15.5 trillion by 2031. China, the US, and India, three major countries, are expected to contribute more than 50% to the overall growth of the construction industry due to the economic growth in these economies.

This overall growth in the end-use industries is expected to drive the industrial tubes market.

“The oil & gas and petrochemical industry segment accounted for the largest market share.”

The oil & gas and petrochemical industry accounted for the largest market share in the industrial tubes market. In the oil & gas and petrochemical industry, process pipes are mainly used for transportation, extraction, and processing. These tubes are made from steel, which are suitable for handling the aggressive environments in the oil & gas wells sour from hydrogen sulfide, carbon dioxide, and other chemicals. In this industry, casing and boring tubes are used, which are generally 9 m long. This industry has high consumption rate of tubes owing to its challenging operations, which make this industry a prominent consumer of industrial tubes. This scenario has led the oil & gas and petrochemical industry to become the largest consumer of industrial tubes.

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“APAC is the largest and projected to be the fastest-growing industrial tubes market.”

APAC is estimated to account for the largest share of the industrial tubes market in 2018, owing to the rapidly growing expansion in the petrochemical, chemical, automotive, and construction industries, which creates demand for industrial tubes. APAC is the largest consumer of oil & gas and petrochemical, chemical, and automotive products owing to its large demographics. The APAC region is expected to generate two-thirds of the global petrochemical product demand over the next decade. Robust coal-to-gas switch policies across China and India are expected to boost the demand for natural gas. APAC's natural gas demand is expected to increase by 60% by 2031 to reach 337 million tons per year. This scenario in the region is favorable for the growth of the industrial tubes market during the forecast period.

Extensive primary interviews were conducted in the process of determining and verifying sizes of several segments and sub-segments of the industrial tubes market gathered through secondary research.

The break-up of primary interviews has been given below.

  • By Company Type: Tier 1 – 46%, Tier 2 – 31%, and Tier 3 – 23%
  • By Designation: C Level Executives – 31%, Director Level – 15%, Others – 54%
  • By Region: North America – 15%, Europe – 23%, APAC – 39%, South America – 8%, Middle East & Africa — 15%

The key companies profiled in this report on the industrial tubes market include Nippon Steel & Sumitomo Metal Corporation (NSSMC) (Japan), Vallourec S.A. (France), Sandvik AB (Sweden), Tenaris (Luxembourg), Tata Steel (India), Tubacex (Spain), US Steel (US), Benteler (Germany), Aperam (Luxembourg), and AK Tube LLC (US).

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Research Coverage

The industrial tubes market has been segmented based on type, material, manufacturing method, end-use industry, and region. This report covers the industrial tubes market and forecasts its market size till 2023. It also provides detailed information on company profiles and competitive strategies adopted by the key players to strengthen their position in the industrial tubes market. The report also provides insights into the driving, and restraining factors in the industrial tubes market along with opportunities and challenges across these industries. The report also includes profiles for top manufacturers in the industrial tubes market.

Reasons to Buy the Report

The report is expected to help market leaders/new entrants in the following ways:

  • This report segments the industrial tubes market and provides the closest approximations of revenue numbers for the overall market and its segments across different verticals and regions.
  • This report is expected to help stakeholders understand the pulse of the industrial tubes market and provide information on key market drivers, restraints, challenges, and opportunities influencing the growth of the market.
  • This report is expected to help stakeholders obtain an in-depth understanding of the competitive landscape of the industrial tubes market and gain insights to improve the position of their businesses. The competitive landscape section includes detailed information on strategies such as new product launch, merger, joint venture, supply contract, expansion, and acquisition.

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