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Industrial Tubes: By Type (Process Pipes, Mechanical, Heat Exchanger and Structural), By Material (Steel and Non-Steel), By End-use (Oil & Gas and Petrochemical, Automotive, Chemical and Others) And Region - Global Analysis of Market Size, Share & Trends for 2019-2020 And Forecasts To 2031
Global Industrial Tubes was valued at 492.7 billion in 2021 at a CAGR of 5.8%.
Industrial tubes are hollowed, long cylindrically formed pipes that are utilized in a variety of industries for a variety of purposes. These tubes are made utilizing two separate procedures, which result in welded and seamless pipes. These tubes come in a variety of diameters and applications, as well as being corrosion resistant, simple to install, and versatile. Industrial tubes are widely used in process utility for coiled tubing & pipe tracing systems, among other things. Increasing energy loss issues in numerous industries, particularly those located in colder climates, are harming manufacturing facility operational efficiencies. As a result, it is likely to encourage the use of a heat tracking system in plants, boosting the development of industrial tubes industry during the forecast period.
Global Industrial Tubes market is expected to project a notable CAGR of 5.8% in 2031.
Global Industrial Tubes was valued at 492.7 billion in 2021 at a CAGR of 5.8%. The most recent technical breakthroughs in industrial tube commercial elements, such as an AI-based heat-exchanger control and automation system. The industrial tubes market is primarily driven by growth in the worldwide petrochemical and chemical industries. Industrial tubes are also in high demand due to the rising energy and power sector.
Steel tubes segment to grow with the highest CAGR during 2021-31
The market is divided into two types of materials: steel and non-steel. The steel tubes sector accounts for the majority of the market. High strength, durability, superior oxidation & corrosion resistance, formability, as well as weld ability are all aspects that contribute to its high consumption rate. Steel tubes are frequently utilized in the chemicals, oil & gas, and petrochemical industries, which stimulates the economy for steel tubes.
Heat exchanger tubes segment to grow with the highest CAGR during 2021-31
Based on Type, the global Industrial tubes market is segmented into Process Pipes, Mechanical Tubes, Heat Exchanger Tubes, Structural Tubes. For the projected period, the heat-exchanger tube segment is expected to grow at the fastest rate. The factors that can be contributed to the commercial exploitation of AI-based heat-exchanger monitoring and control systems that focused on heat exchange & optimal utilization of dormant and sensible heat from flue gas, resulting in a better viewpoint for clean coal power, are fueling demand for this segment.
Market DynamicsIncreasing demand for steel pipes
One of the primary reasons driving the development of the industrial tubes industry is growing market for metal pipes from petrochemical industry due to increased demand for petro-chemical products. Increased industrialization is also a major driver of the demand for industrial tubes. Furthermore, the rapidly growing pharmaceutical and chemical industries, as well as rising expenditure in oil field exploration, provide a lucrative opportunity for the industrial tubes market to flourish.
Rising use of heat tracking system
Industrial tubes are widely used in processing utilities for coiled tubing & pipe tracing systems, among other things. Rising energy loss issues in numerous industries, particularly those located in colder climates, are harming manufacturing facility operational efficiencies. As a result, it is likely to encourage the use of a heat tracking system in plants, boosting the development of the industrial pipes market during the forecast period. Furthermore, steel tubes' great strength and low-temperature qualities make them ideal for marine buildings. As a result, expanding worldwide shipbuilding operations, including as yacht & cruise ship construction, are likely to boost the growth of industrial tubes.
Raw material price volatility
The expansion of the market is impeded by factors such as a paucity of competent people as well as a lack of standards and protocols. Furthermore, market expansion is hampered by raw material price volatility and rigorous government regulations in certain nations. As a result, it may operate as a major stumbling block to the global market's overall expansion.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Industrial Tubes market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. APAC region is expected drive the market growth during the forecast period. Due to the rising demand for chemical goods, the countries are rapidly expanding their capacity in the chemical and petrochemical industries. Furthermore, as the middle-class population's disposable income rises, automotive production is likely to rise dramatically. As a result, the automotive industry is predicted to have a favorable growth trend in the industrial tubes market. With the expansion of commercial infrastructure in important regions, the construction industry is likely to see significant demand for industrial tubes.
COVID-19 is an unprecedented global public health crisis that has impacted practically every business, and its long-term repercussions are expected to have an influence on industry growth over the forecast period. Our ongoing research is improving our research methodology to ensure that basic COVID-19 problems & potential solutions are addressed. The research examines COVID-19 in light of changes in consumer behavior and demand, purchasing habits, supply chain re-routing, market dynamics, and government involvement.
Global Industrial Tubes is further segmented by region into:|
Report Attribute |
Details |
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Market size value in 2021 |
492.7 billion |
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Revenue forecast in 2031 |
867 billion |
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Growth Rate |
CAGR of 5.8% from 2021 to 2031 |
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Base year for estimation |
2020 |
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Quantitative units |
Revenue in USD million and CAGR from 2021 to 2031 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Type, Material, End-use and Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key companies profiled |
Tata Steel, Vallourec S.A., Sandvik AB, Tenaris, Tubaces, US Steel, Benteler, Aperam and Other Prominent Players. |
Global Industrial Tubes was valued at 492.7 billion in 2021 at a CAGR of 5.8%.
Industrial tubes are hollowed, long cylindrically formed pipes that are utilized in a variety of industries for a variety of purposes. These tubes are made utilizing two separate procedures, which result in welded and seamless pipes.
Heat Exchanger tubes and Steel tubes segments accounted for the largest Industrial Tubes market share.
Ans. Key players: Tata Steel, Vallourec S.A., Sandvik AB, Tenaris, Tubaces, US Steel, Benteler, Aperam, AK Tube LLC are the key players in the Industrial Tubes market.
The market is being driven by the Increasing demand for steel pipes and increasing use of heat tracking system is also likely to drive the market demand in the forecasted period, i.e. 2021-2031.
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