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Global Industrial Tubes Market 2024 : Trends, Business Growth And Major Driving Factors | China Baowu Steel Group Corporation Limited, Baoshan Iron and Steel Co. Ltd., POSCO
Industrial Tubes Global Market Report 2024
As per the report, 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 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%.
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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.
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.
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
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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
Contents of the report:
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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