Press release
Industrial Tubes Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends | China Baowu Steel Group Corporation Limited, Baoshan Iron and Steel Co. Ltd., POSCO
Industrial Tubes Global Market Report
The Business Research Company offers in-depth market insights through Industrial Tubes Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth 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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Market Segmentation:
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
Major Driver - Oil And Gas Industry Surge Ignites Growth In The Industrial Tubes Market
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.
Competitive Landscape:
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
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Top Trend - Innovation For Sustainability Enhanced The Market Growth
Major companies operating in the industrial tube market are focusing on innovative solutions, such as eco-friendly steel tubes, to enhance performance and meet evolving industry demands. Eco-friendly steel tubes are manufactured using sustainable and environmentally conscious practices, minimizing the overall impact on the environment throughout the production process. For instance, in July 2023, ArcelorMittal, a Luxembourg-based steel manufacturing company, launched innovative steel tubes with low carbon emissions crafted from XCarb recycled and sustainably sourced steel, delivering an impressive up to 75% reduction in CO2 equivalent among the highest rates in the steel tube sector. Leveraging XCarb steel tubes empowers customers to diminish the overall CO2 impact of their endeavors, aligning with decarbonization objectives, Paris climate goals, and the European Green Deal.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Industrial Tubes Market Characteristics
3. Industrial Tubes Market Trends And Strategies
4. Industrial Tubes Market - Macro Economic Scenario
5. Industrial Tubes Market Size And Growth
…..
27. Industrial Tubes Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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