The market for steel tubes worldwide is anticipated to grow from a valuation of US$ 93.3 billion in 2022 to US$ 114.8 billion by the end of 2032, expanding at a CAGR of 2.1%. The demand for seamless steel pipes is increasing due to the need for system assembly at complex offshore construction sites and the construction of new transmission lines needed to transport oil and gas from drilling sites to customers. The steel tubes market refers to the global industry that produces and sells various types of steel tubes used in different applications, such as construction, automotive, oil and gas, energy, and others. Steel tubes are hollow cylinders made of steel and are available in different sizes, shapes, and thicknesses, depending on the application.
The market is driven by the increasing demand for steel tubes in various sectors, such as infrastructure development, construction, and manufacturing. The growth of the construction industry, especially in emerging economies, is expected to drive the demand for steel tubes in the coming years. Additionally, the increasing adoption of electric vehicles and renewable energy sources is expected to create opportunities for the steel tube industry in the automotive and energy sectors
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Key Takeaways:
- The U.S. steel tubes market is projected to account for a share of about 25% by 2032.
- Europe’s steel tubes market is set to second seeded by contributing for close to 20% of the market share.
- By end-use, the oil & gas sector is expected to go steady in the upcoming decade.
- By material, stainless steel tubes are expected to account for approximately 21% of the steel tubes market share in 2032.
Growth Drivers:
- Enhancement in infrastructure in the developing economies is all set to drive the growth.
- Ongoing demand for heat exchangers is likely to propagate the market.
Competitive Landscape:
The global steel tubes market is subject to companies making way for high-quality technologies and products.
For instance,
- US-based Nucor Corporation, of late, bought a minority equity position in Trion Coatings for benefiting from the environmentally-friendly chrome plating technology. The objective is that of improving finishing of the steel products (inclusive of steel tubes).
- Archelor Mittal did mention about acquiring Ilva S.p.A. for adding to quality assets and also making a mark in the European market.
Key Companies Profiled by Fact.MR
- Borusan Mannesmann Boru Sanayi ve Ticaret A.S.
- JFE Steel
- Arcelor Mittal
- Jindal SAW Ltd.
- Bao Pipes and Tubes
- Gerdau
- NSSMC
- Nucor
- POSCO
- Ansteel
- AK Pipes and Tubes
- Hebei Iron and Steel
- Liaoyang Steel Tube Co., Ltd.
- American SpiralWeld Pipe Company, LLC
- Shagang Group
- Tata Steel
- United States Steel (USSC).
Key Questions Covered in the Steel Tubes Market Report
- Who are the leading players in the steel tubes market?
- Which region is anticipated to dominate the global steel tubes market during 2022-2032?
- What is the expected value of steel tubes market in 2022?
- Which are the challenges faced in the steel tubes market?
- What will be the market size of global steel tubes market during the forecast period (2022-2032)?
- At what rate will the global steel tubes market grow until 2032?
The market is also influenced by factors such as fluctuations in raw material prices, government regulations, and the emergence of new technologies