Global Industrial Tubes Market Expected to Value Over USD 687.5 Billion by 2026 End

  • 23 Jul 2019

Global industrial tubes market expected to value over USD 687.5 billion by 2026 end and record a CAGR of over 5.3% during the forecast period 2019 to 2026. 

In recent years, power and energy production is done on a high priority basis. One of the major reasons is a meteoric rise in demand for power and energy due to an increasing population worldwide. Therefore, with respect to energy and power generation, industrial tubes are essential equipment utilised. Industrial tubes have applications ranging from the oil industry to automotive industry. Due to the effective properties and characteristics of industrial tubes and considering their range of applications, the industrial tubes market has seen an exceptional amount of growth in recent years. The US, Middle Eastern countries and Russia are projected to account for 69% of the total oil production in the near future. So this prospect will surely give the industrial tubes market a boost during the forecast period. 

Insights on Global Industrial Tubes Market:
North America, particularly the U.S, is expected to account for a maximum global market share during the forecast period due to an increase in demand for oil and gas production. Asia Pacific is expected to be the fastest-growing market during the forecast period due to an increase in the consumption of chemical products. This will increase the demand for industrial tubes as the petrochemical and chemical industry will experience an expansion in the global market. 

Additionally, automobile production is also on a rise in countries like China and India which will increase the requirement of industrial tubes and is therefore expected to drive the industrial tubes market even further during the forecast period. 
Middle East region is also expected to get more traction during the forecast region as they have the largest crude oil reserves which is boosting the oil production and will support the expansion of the industrial tubes market even further. 

Europe, particularly Russia, is expected to see positive market growth during the forecast period as they are going to acquire a significant share of the global oil production and as it is one of the most important sectors where industrial tubes are used. 

Steel dominates the material market segment and is expected to do so during the forecast period. One of the main reasons for their dominance is characteristics like high durability, high strength, excellent corrosion and chemical resistance which is vital for applying it in the chemical industry. 

Steel is weldable and formable which increases the demand for manufacturing industrial tubes using steel. Carbon steel dominates the steel sub-segment and is expected to continue the dominance during the forecast period as almost all the steel used in industries for tube production is carbon steel because the inclusion of carbon increases the durability of the tubes. 

Oil & gas and petrochemical industry dominate the industrial tube market and is expected to do the same during the forecast period due to its high demand of steel tubes in oil production. Process pipes, which are made using stainless steel, carbon steel, austenitic alloys are mainly used in oil & gas industry. The rise in automobile manufacturing, especially in India and China, have also increased the steel tube requirement in this segment and therefore it is expected that it will gain a great amount of traction during the forecast period. 

Competitive Landscape:
•    Nippon Steel & Sumitomo Metal Corp. (NSSMC)
•    Tata Steel
•    Vallourec S.A.
•    Sandvik AB
•    Tenaris
•    Tubaces
•    US Steel
•    Benteler
•    Aperam
•    AK Tube LLC

NSSMC dominates the global industrial tubes market and is expected to do the same during the forecast period. The Oil Country Tubular Goods (OCTG) pipes are widely used by oil industry companies worldwide. The steel pipes manufactured by them are used at the leg section of the jack-up rig used for fossil fuels extraction. 

Global Industrial Tubes Market Segmentation: 
1.    By Region
•    North America
•    Asia Pacific
•    Middle East & Africa
•    Europe
•    Rest of the World

2.    By Material Type
•    Steel
o    Carbon Steel
•    Oil, Boiler and Gas Steel Tubing
•    Hot Finished Seamless Tubing
•    Single- Wall Carbon Steel Tubing
•    Double- Wall Carbon Steel Tubing

o    Stainless Steel
•    304 Stainless Steel
•    316 Stainless Steel
•    Copper

o    Annealed Copper
o    Hard Drawn Copper

3.    By Industry Type
•    Oil and Gas Industry 
•    Petrochemical Industry
•    Chemical Industry
•    Automobile Industry
•    Pulp & Paper Industry

FutureWise Key Takeaways:
•    Growth prospects
•    SWOT analysis 
•    Key trends 
•    Key data-points affecting market growth 

Objectives of the Study:
•    To provide with an exhaustive analysis on the global industrial tubes market by region, by material type, by industry type 
•    To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
•    To evaluate and forecast micro-markets and the overall market 
•    To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Middle East & Africa and rest of the world
•    To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
•    Profiling of companies to evaluate their market shares, strategies, financials and core competencies 


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