Analysis of Steel Tubes market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Expanding at a CAGR of 2.1%, the global steel tubes market is projected to increase from a valuation of US$ 93.3 billion in 2022 to US$ 114.8 billion by the end of 2032.
The requirement for assembling systems at sophisticated offshore construction sites as well as the building of new transmission lines required to transfer oil & gas from drilling sites to customers are factors driving the demand growth for seamless steel pipes.
Steel Tubes Market Report Attributes
Steel Tubes Market Size (2022)
US$ 93.3 Billion
Projected Market Value (2032)
US$ 114.8 Billion
Global Market Growth Rate (2022-2032)
Top 3 Countries’ Market Share (2022)
Key Companies Profiled
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“Growing Usage of Steel Tubes in Various Industrial Processes Driving Market Growth”
According to Fact.MR, a market research and competitive intelligence provider, demand for steel tubes is projected to rise at a CAGR of 2.1% from 2022 to 2032.
Steel tubes and steel pipes are among the most commonly used components in a wide range of industrial sectors, such as construction, mining, oil & gas, and manufacturing industries. Steel tubes are used in various industrial processes, such as carrying high-temperature fluids and gases, which is driving the steel pipes & tubes market growth.
Steel tubes find many applications in a wide range of industrial verticals owing to their extraordinary operational features, such as strength and longevity. Industrial infrastructures are undergoing developments, which are expected to boost demand for steel casing pipes across the world. Thereby, rapidly expanding industrial sectors worldwide are expected to boost demand for steel tubes over the coming years.
The substitution of modern steel tubes for traditional pipes and tubes is another factor fueling the growth of the steel tubes market. Due to the tremendous growth in the worldwide building, engineering, and large-scale industries, the market for steel tubes is also developing significantly. As a result, the market's demand for steel tubes is rising.
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“Growing Preference for Steel Tubes Due to Their Unique Properties”
Market growth is being fueled by the qualities and traits of steel tubes, which are important considerations. Corrosion resistance and great reliability are some of these qualities. Steel tubes are preferred for different construction tasks, including the construction of homes and businesses because they are affordable.
The market for steel tubes is also growing as a result of the increased utilization of steel tubes in various industry-based applications and their lower cost when compared to traditional pipes and tubes.
Key elements driving the market growth include growing consumer awareness of and preference for steel tubes in the building and construction sector. Additionally, a significant element contributing to the growth of the steel tubes market is the decreased or cheap maintenance cost of steel tubes.
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“New Market Entrants Focusing on Enhancement of Product Qualities and Operational Effectiveness”
Many new companies offering high-quality products and technologies have been joining the market. Manufacturers of steel tubes have a significant chance to change the way they operate by integrating technology, which will allow them to increase operational effectiveness, customer satisfaction, inventory levels, and profit margin.
To address concerns with energy efficiency and to personalize product qualities, emerging businesses use advanced heat treatment solutions for the production of steel.
“Growing Industrialization & Rising Number of Energy & Infrastructure Projects Driving Market Growth across Regions”
Europe accounts for 31.6% share of the global steel tubes market. The market in Europe is expanding due to rising product usage, the presence of a large petrochemical industry, growing industrialization, and infrastructure expansion.
North America and Europe are likely to exhibit promising growth opportunities for stakeholders in the steel tubes market on account of the significant rise in steel production in these regions.
North America has a major contribution in driving the steel tubes market with 26.3% share. The market is expanding due to the expanding pipeline network, rising number of energy and infrastructure projects, growing demand for steel tubes in the automobile sector, expansion of power plant installation capacity, and the flourishing oil and gas industry.
Recent developments in the end-use industrial sectors in developing countries in Asia Pacific are expected to trigger demand for steel tubes in the region. In addition, the favorable regulatory framework is welcoming hefty investments by manufacturers in the steel tubes market in the Asia Pacific region.
The market in China is being positively impacted by customers' increasing lifestyles and high spending income. The improvement in lifestyle is driving up demand for contemporary house interior design and architecture, which in turn is driving demand for steel tubes.
“Increasing Energy Needs Driving Demand for Steel Tubes in Oil and Gas Industry”
Based on end use, the steel tubes market is segmented into oil & gas, mining, petrochemicals, construction, automotive, and others. Demand for steel tubes in the oil & gas industries is expected to rise at a significant CAGR over the forecast period.
Steel tubes are more preferred in the oil and gas sector for the transportation of fluids and as rollers for conveyor belts, bearing shells, and casings for concrete pilings.
A surge in shale gas extraction has increased the use of steel tubing to transport chromium, which has increased their output. In addition, they are utilized in the mechanical framework of heat exchangers, compressors, and steam pipelines in HVAC and refrigeration devices.
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.
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In 2022, the global steel tubes market stands at US$ 93.3 billion.
China dominates the steel tubes market with 19.6% market share.
Europe leads with 31.6% market share.
The market is predicted to expand at a CAGR of 2.1% through 2032.
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