Press release
Industrial Tubes Global Market Report 2024 Market Opportunities, Strategies, Size, Share And Analysis 2024-2034
Industrial Tubes Global Market
Industrial Tubes Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $906.01 billion In 2028 At A CAGR Of 8.6% :
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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Industrial Tubes Market Major Segments
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
Key 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.
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Prominent Trend - Technologically Advanced Clad-Metal Pipe Redefining Industrial Tube Performance
Product advancement is the key trend gaining popularity in the industrial tube market. Major companies operating in the industrial tubes market are focused on developing technologically advanced products to strengthen their market position. For instance, in July 2021, NobelClad Europe GmbH, a Germany-based metal composite cladding company, launched DetaPipe, a high-performance clad-metal pipe product, developed for use in corrosive, high-temperature, and high-pressure industrial processing environments. A patented manufacturing process is used to combine corrosion-resistant alloys including zirconium and titanium with less expensive base metals such as carbon steel to create DetaPipe. Compared to solid titanium or zirconium pipe, the product offers better performance and fracture toughness. DetaPipe is expected to be used in the processing of monoethylene glycol, a critical component of polyester, as well as other critical chemical compounds such as epichlorohydrin (ECH), melamine, and urea.
Industrial Tubes Market 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
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Largest And Fastest Growing Region In The Market
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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Industrial Tubes Market Report Structure
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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