Demand For Steel Tubes Is Projected To Rise At A CAGR Of 2.1% From 2022 To 2032: Fact.MR Analysis
The market for steel tubes worldwide is anticipated to grow from a worth of US$ 93.3 billion in 2022 to US$ 114.8 billion by the end of 2032, expanding at a CAGR of 2.1%.
The demand for seamless steel pipes is increasing due to the need for system assembly at complex offshore construction sites and the installation of new transmission lines needed to transport oil and gas from drilling sites to consumers. Steel tubes and pipes are among the most widely used materials in a variety of industrial fields, including manufacturing, oil & gas, mining, construction, and transportation. Steel tubes are utilized in a variety of industrial processes, such as transporting gases and fluids at high temperatures, which is fueling the expansion of the steel pipes & tubes market.
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Steel tubes and steel pipes are among the most widely used components in a variety of industrial sectors, including construction, mining, oil and gas, and manufacturing. Steel tubes are utilised in a variety of industrial processes, such as transporting high-temperature fluids and gases, which is driving the expansion of the steel pipes and tubes market.
Steel tubes are used in a variety of industrial verticals due to their exceptional operational characteristics like as strength and endurance. Industrial infrastructure is being developed, which is likely to increase demand for steel casing pipes globally. As a result, rapidly expanding industrial sectors around the world are likely to drive up demand for steel tubes in the future years.
Another factor driving the growth of the steel tubes market is the substitution of contemporary steel tubes for traditional pipes and tubes. The market for steel tubes is expanding rapidly as a result of the great increase in the global building, engineering, and large-scale sectors. As a result, the market for steel tubes is increasing.
Key Segments Covered in Steel Tubes Industry Research
- Steel Tubes Market by Product :
- Seamless Steel Tubes
- Welded Steel Tubes
- Steel Tubes Market by Material :
- Carbon Steel Tubes
- Stainless Steel Tubes
- Alloy Steel Tubes
- Others
- Steel Tubes Market by End Use :
- Oil & Gas
- Mining
- Petrochemicals
- Construction
- Automotive
- Others
- Steel Tubes Market by Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Competitive Landscape of Steel Tubes Market
Steel tube manufacturers are adopting advanced processes to improve the performance characteristics of steel tubes and prevent them from oxidation and rusting.
Some of the players are concentrating on fulfilling a need of particular customers. With a strong emphasis on innovations, the market has strong partnerships across the whole value chain. To meet the needs of a growing consumer base, manufacturers are striving to strategically collaborate with end users and local distributors.
For instance :
- Arcelor Mittal, a Luxemburg-based steel company, completed the acquisition of Ilva S.p.A. (‘Ilva’), an Italian steel company, to add to its quality assets and expand its presence in the European steel tubes market.
Key Companies Profiled
- NSSMC
- Nucor Corporation
- Arcelor Mittal
- Jindal SAW Ltd.
- POSCO
- Tata Steel
- Gerdau
- Ansteel
- Bao Pipes and Tubes
- Liaoyang Steel Tube Co., Ltd
- Shagang Group
- Hebei Iron and steel
- United States Steel (USSC)
- AK Pipes and Tubes
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