Industrial Tubes Market by Type, Material, Manufacturing, End-use, and Region - Global Forecast to 2023
[133 Pages Report] The industrial tubes market size is estimated at USD
478.0 billion in 2018 and is projected to reach USD 632.6 billion by
2023, at a CAGR of 5.8%. Growth in the global petrochemical and chemical
industry is the major driver for the industrial tubes market. In
addition, the growing energy & power segment is also driving the
demand for industrial tubes.
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| Industrial Tubes Market by Type, Material, Manufacturing, End-use, and Region - Global Forecast to 2023 |
The steel tubes segment dominates the industrial tubes market and is projected to be the fastest-growing material segment
Steel has high strength, high durability, excellent
chemical and corrosion resistance, formability, and weldability due to
which it has a high consumption rate. It is widely used in the
manufacturing of these industrial tubes used in the chemical, oil &
gas and petrochemical, energy & power, automotive, and many other
industries. The steel segment, thus, dominates the industrial tubes
market. Also, it is projected to register the highest growth rate during
the forecast period owing to the rapidly growing end-use industries in
emerging economies such as China and India.
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The oil & gas and petrochemical industry segment is projected to register the highest CAGR during the forecast period.
The oil & gas industry is the dominant end user
of steel tubes, and therefore the growth in oil & gas production is
the major driving factor for the industrial tubes market. According to
BP Statistics, the Middle East countries, the US, and Russia are
expected to account for 69% of the oil production in 2040, a significant
increase from 60% in 2016. The oil & gas sector is very important
for seamless tube demand as approximately 50% of all seamless tubes
& pipes are used for oil & gas applications including OCTG,
topside process pipes, riser pipes, subsea flowlines, and heat exchanger
tubes or instrumentation tubes among others. This has increased the
consumption of steel tubes in the oil & gas and petrochemical and
chemical industries.
APAC is projected to be the largest market, in terms of value, during the forecast period.
APAC has the largest populous countries such as China
and India. These countries are rapidly going through capacity expansion
in the petrochemical and chemical industry owing to the increased
consumption of the chemical products. In addition, automobile production
is also expected to grow significantly with the growth in the
disposable income of the middle-class population. The industrial tubes
market is, therefore, expected to experience a positive growth trend in
the automotive industry. The construction industry is also expected to
witness moderate demand for industrial tubes with the growth in the
commercial infrastructure in key regions.
Nippon Steel & Sumitomo Metal Corporation (NSSMC)
(Japan), Vallourec S.A. (France), Sandvik AB (Sweden), Tenaris
(Luxembourg), and Tata Steel (India) are the key players operating in
the industrial tubes market.
These companies have adopted various organic as well
as inorganic growth strategies between 2015 and 2018 to strengthen their
position in the market. New product launch and supply contract were
among the key growth strategies adopted by these leading players to
enhance their product offering and regional presence and meet the
growing demand for industrial tubes from emerging economies.
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