Market Overview:
The global steel tubes market size reached US$ 82.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 92.8 Billion by 2032, exhibiting a growth rate (CAGR) of 1.3% during 2024-2032. The growing adoption of advanced processes, thriving construction sector, and rising demand in petrochemical and chemical industries represent some of the key factors driving the market.
Report Attribute
|
Key Statistics
|
Base Year
|
2023
|
Forecast Years
|
2024-2032
|
Historical Years
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2018-2023
|
Market Size in 2023
|
US$ 82.2 Billion |
Market Forecast in 2032
|
US$ 92.8 Billion |
Market Growth Rate 2024-2032 |
1.3% |
Rising Demand in Petrochemical and Chemical Industries Propelling Market Growth
The rising adoption of steel tubes in the petrochemical and chemical industries currently represents one of the primary drivers resulting in the increasing sales of steel tubes. Steel tubes are highly preferred in the oil and gas sector for the transportation of fluids and rollers for conveyor belts, bearing shells, and casings for concrete pilings. Apart from this, there is a rise in the adoption of steel tubes in the mechanical framework for heat exchanges, steam pipelines, and compressors in various heating, ventilation, and air-conditioning (HVAC) devices. This, coupled with the increasing utilization of steel tubes in the petrochemical and chemical sector, as they offer corrosion, pressure, and oxidation resistance properties, is propelling the growth of the market.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is consolidated in nature with the presence of few leading players operating in the industry. The volume of new entrants is moderate in the steel tubes industry due to the high investment cost and strong exit barriers. Moreover, low switching costs and product differentiation act as a barrier for new entrants in the steel tubes industry.
What are Steel Tubes?
Steel tubes are tough, strong, and durable hollow metal tubes that are widely available as seamless and welded in different sizes, shapes, structures, colors, designs, and textures. They are manufactured from various materials, such as carbon, tungsten, manganese, aluminum, and titanium. They are lightweight, versatile, and have a higher manufacturing tolerance and enhanced corrosion, chemical, and heat resistant properties as compared to polyvinyl chloride (PVC) based materials. As a result, steel tubes are widely employed in the oil and gas, petrochemical, construction, and automotive industries around the world.
COVID-19 Impact:
The COVID-19 pandemic outbreak has caused a severe problem for the steel tube industry and imposed unprecedented challenges on numerous countries. Due to the stringent lockdown norms and restrictions, the manufacturing units were forced to slow down or temporarily shut down their operations. In addition, there was a shortage of labor due to the fear of spreading of the disease among individuals around the world. Moreover, the COVID-19 pandemic caused certain disruptions related to supply and demand and transportation on account of the curfews on on-road movement. Apart from this, governing agencies of various countries have imposed stringent norms on imports and exports of goods and services due to cross-border restrictions. Additionally, key players had to postpone their upgradation plans related to steel tubes, which negatively impacted the growth of the market. However, after the reopening of the lockdown, the market is expected to boost due to the increasing number of construction activities across the globe.
Steel Tubes Market Trends:
At present, the increasing adoption of steel tubes in shale gas drilling activities for carrying chromium around the world represents one of the key factors contributing to the market growth. Besides this, the rising utilization of premium and technically advanced pipes due to high strength and durability is strengthening the market growth. In addition, the rising number of construction activities on account of the improving living standards of individuals worldwide is propelling the growth of the market. Apart from this, the increasing adoption of steel tubes in the petrochemical and chemical industries for the efficient transportation of fluids and rollers across the globe is bolstering the growth of the market. Furthermore, key players are introducing advanced processes to enhance the performance of steel tubes and prevent oxidation and rusting, which is strengthening the growth of the market worldwide.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global steel tubes market report, along with forecasts at the global and regional level from 2024-2032. Our report has categorized the market based on product type, material type and end use industry.
Product Type Insights:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
- Seamless Steel Tubes
- Welded Steel Tubes
The report has provided a detailed breakup and analysis of the steel tubes market based on the product type. This includes seamless steel tubes and welded steel tubes. According to the report, seamless steel tubes represented the largest segment. The increasing adoption of seamless steel tubes in the oil and gas industry, along with the rising number of shale gas drilling activities across the globe, is strengthening the growth of the market.
Material Type Insights:
- Carbon Steel
- Stainless Steel
- Alloy Steel
- Others
A detailed breakup and analysis of the steel tubes market based on the material type has also been provided in the report. This includes carbon steel, stainless steel, alloy steel, and others. According to the report, carbon steel accounted for the largest market share on account of its increasing utilization in school furniture, hospital beds, ordinary chairs, and tables. Additionally, there is a rise in the demand for mild carbon steel tubes in railway applications across the globe. This, coupled with the increasing adoption of hot rolled carbon steel in general, special, structural, and machine structural pipes to enhance their formability and weldability is bolstering the growth of the market.
End Use Industry Insights:
- Oil and Gas
- Petrochemicals
- Infrastructure and Construction
- Automotive
- Water Treatment and Sewage
- Others
A detailed breakup and analysis of the steel tubes market based on the end use industry has also been provided in the report. This includes oil and gas, petrochemicals, infrastructure and construction, automotive, water treatment and sewage, and others. According to the report, oil and gas accounted for the largest market share on account of the increasing utilization in various oil and gas processing equipment, such as separators, scrubbers, piping systems, heat exchangers, and manifolds. Besides this, the rising demand for durable and corrosion resistant stainless-steel pipes in offshore oil rigs is impelling the growth of the market across the globe. In line with this, key players are introducing innovative steel pipes infused with chromium and nickel for high corrosion resistance and tensile strength, which is supporting the growth of the market.
Regional Insights:
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- Asia Pacific
- Europe
- North America
- Middle East and Africa
- Latin America
The report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to the report, Asia Pacific was the largest market for steel tubes. Some of the factors driving the Asia Pacific steel tubes market included the growing infrastructural development activities, thriving power transmission and distribution sector, and increasing utilization of steel tubes in the automotive industry. In addition to this, the rising adoption of steel tubes, as they have an ability to withstand extreme weather conditions, is bolstering the growth of the market in the region.
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global steel tubes market.
Report Coverage:
Report Features |
Details |
Base Year of the Analysis |
2023 |
Historical Period |
2018-2023 |
Forecast Period |
2024-2032 |
Units |
US$ Billion |
Segment Coverage |
Product Type, Material Type, End Use Industry, Region |
Region Covered |
Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
Customization Scope |
10% Free Customization |
Report Price and Purchase Option |
Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499 |
Post-Sale Analyst Support |
10-12 Weeks |
Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the steel tubes market from 2018-2032.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global steel tubes market.
- The study maps the leading, as well as the fastest-growing, regional markets.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the steel tubes industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.