Overview and Scope
Industrial tube refers to a tube that is used for the transportation of solids and fluids. Solids and fluids are transported by industrial pipelines. Industrial tubes convey water, gas, sewage, and other materials, as well as provide critical services to businesses such as oil and natural gas pipelines, power plants, chemical processing facilities, refineries, steel mills, and paper mills.
Sizing and Forecast
The industrial tubes market size has grown strongly in recent years. It will grow from $599.06 billion in 2023 to $650.23 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to construction and infrastructure development, industrial manufacturing needs, oil and gas exploration, global economic conditions, infrastructure rehabilitation.
The industrial tubes market size is expected to see strong growth in the next few years. It will grow to $906.01 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to market competition and innovation, supply chain resilience and efficiency, automotive industry evolution, urbanization and construction projects, environmental regulations and sustainability. Major trends in the forecast period include customization demands, digitalization and smart manufacturing, sustainability focus, rising urbanization, advanced materials usage.
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Segmentation & Regional Insights
The industrial tubes market covered in this report is segmented –
1) By Type: Process Pipes, Mechanical Tubes, Heat Exchanger Tubes, Structural Tubes, Hydraulic And Instrumentation Tubes
2) By Manufacturing: Seamless, Welded
3) By Material: Steel, Non-steel
4) By End-User: Oil And Gas and Petrochemical, Automotive, Mechanical And Engineering, Construction, Other End-Users
Asia-Pacific was the largest region in the industrial tubes market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global industrial tubes market share during the forecast period. The regions covered in the industrial tubes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in the oil and gas industry is expected to propel the growth of the industrial tubes market going forward. The oil and gas sector focuses on exploration, development, drilling, production, refining, distribution, and transportation of hydrocarbons. The industrial tubes are designed to transport crude and refined petroleum, as well as fuels such as oil, natural gas, and biofuels, efficiently. For instance, according to the India Brand Equity Foundation, an India-based government export promotion agency, as of September 2021, India’s oil refining capacity stood at 248.9 million metric tones per annum (MMTPA). Also, India’s crude oil production in FY22 till January stood at 32.2 MMT. Additionally, according to the U.S. Energy Information Administration, a US-based Federal Statistical System for the energy sector, in April 2022, the crude oil production in the US stood at 348,849 barrels. Therefore, the rise in the oil and gas industry is driving the demand for the industrial tubes market.
Key Industry Players
Major companies operating in the industrial tubes market report are China Baowu Steel Group Corporation Limited, Baoshan Iron and Steel Co. Ltd., POSCO, United Technologies Corporation, RTX Corporation, The Boeing Company, Airbus SE, Sumitomo Metal Corporation, Nippon Steel Corporation, Thyssenkrupp AG, Honeywell Aerospace Inc., JFE Steel Corporation, GE Aerospace, BAE Systems plc, Safran S.A, Hyundai Steel Company, Thales Group, Anshan Iron and Steel Group Corporation, Kobe Steel Ltd., L-3 Communication Systems Inc., Hebei Iron and Steel Group Co. Ltd., Taiyuan Iron and Steel Group Corporation Limited, Nanjing Iron and Steel United Company, Teledyne Technologies Incorporated, Garmin Ltd., Curtiss-Wright Corporation, Cobham Limited, Meggitt plc, Panasonic Avionics Corporation, Universal Avionics System Corporation
The industrial tubes market report table of contents includes:
1. Executive Summary
2. Industrial Tubes Market Characteristics
3. Industrial Tubes Market Trends And Strategies
4. Industrial Tubes Market – Macro Economic Scenario
5. Global Industrial Tubes Market Size and Growth
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32. Global Industrial Tubes Market Competitive Benchmarking
33. Global Industrial Tubes Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Industrial Tubes Market
35. Industrial Tubes Market Future Outlook and Potential Analysis
36. Appendix
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