The global market for steel tubes is expected to grow at a CAGR of 2.1% from US$ 93.3 billion in 2022 to US$ 114.8 billion by the end of 2032. The need for system assembly at complex offshore construction sites, as well as the construction of new gearbox lines to transport oil and gas from drilling sites to customers, is driving up demand for seamless steel pipes. The steel tubes market refers to the global industry that manufactures and sells various types of steel tubes for use in a variety of applications, including construction, automotive, oil and gas, energy, and others. Steel tubes are hollow steel cylinders that come in a variety of sizes, shapes, and thicknesses depending on the application.
The market is being driven by rising demand for steel tubes in a variety of industries, including infrastructure development, construction, and manufacturing. Steel tube demand is expected to rise in the coming years as the construction industry expands, particularly in emerging economies. Furthermore, the growing use of electric vehicles and renewable energy sources is expected to open up new 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
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United States Steel (USSC).