Steel Tubes Market Valuation US$ 88.6 Billion During 2023-2028, Says IMARC Group

According to the latest report by IMARC Group, titled "Steel Tubes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on the global steel tubes market. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global steel tubes market size reached US$ 81.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 88.6 Billion by 2028, exhibiting a growth rate (CAGR) of 1.4% during 2023-2028.

Steel tubes refer to long, strong, and hollow tubes that are manufactured from alloys of iron with several other elements, including tungsten, carbon, manganese, aluminum, titanium, etc. Their production process primarily involves raw steel, which is cast into a workable starting form and is then stretched into a sealed or seamless tube. Steel tubes are extremely durable, exhibit resistance to corrosion and heat, can withstand high pressures, etc. Consequently, they find wide-ranging applications across numerous sectors, such as oil and gas, construction, petrochemical, water treatment, etc.

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Global Steel Tubes Market Trends:

The increasing number of offshore production and exploration activities across countries is among the primary factors driving the steel tube market. Additionally, the escalating product utilization in conveyor belt rollers and casings for concrete pilings is further catalyzing market growth. Besides this, the widespread adoption of these tubes in heating, ventilation and air conditioning (HVAC) systems, refrigeration equipment, and in the automotive industry to protect electrical wires, owing to their optimal strength, absorption capacity, resistance against collision shocks, construction safety, etc., is acting as another significant growth-inducing factor.

Furthermore, the rising investments in R&D activities aimed at developing heat-resistant stainless steel for exhaust manifolds, automobile catalyst carriers, disk brakes, etc., are also augmenting the global market. In line with this, the introduction of various advancements, including chrome plating technology that aids in enhancing the finishing of the products without harming the environment, is anticipated to fuel the steel tubes market over the forecasted period.

Explore the Full Report with TOC & List of Figures: https://www.imarcgroup.com/steel-tubes-market

Competitive Landscape:

The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.

Some of these key players include:

• Borusan Mannesmann Boru Sanayi ve Ticaret A.S
• JFE Steel Corporation
• ArcelorMittal S.A.
• Jindal SAW Ltd.
• China Baowu Steel Group Corp., Ltd.
• Gerdau
• Nippon & Sumitomo Stainless Steel Metal Corporation (NSSMC)
• POSCO
• Nucor Corporation

Key Market Segmentation:

Breakup by End-Use Industry:

• Oil and Gas
• Petrochemicals
• Infrastructure and Construction
• Automotive
• Water Treatment and Sewage
• Others

Breakup by Product Type:

• Seamless Steel Tubes
• Welded Steel Tubes

Breakup by Material Type:

• Carbon Steel
• Stainless Steel
• Alloy Steel
• Others

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company's expertise.

This release was published on openPR.