Adoption of Industrial Tubes in Industrial Applications to Propel Market Go past US$ 1.3 Trillion at a CAGR of 7.7% by 2033 | Data by Future Market Insights, Inc.
In the projection period from 2023 to 2033, Future Market Insights (FMI) projects that the United State market would be worth US$ 224 billion. Through 2033, the nation’s total demand for industrial tubes is anticipated to grow at a CAGR of 7.7%
NEWARK, Del, July 13, 2023 (GLOBE NEWSWIRE) — The Industrial Tubes Market value is set to reach US$ 604.6 billion in 2023. From 2023 to 2033, industrial tube sales are projected to soar at a CAGR of 7.7%. The total market size at the end of 2033 is forecast to reach US$ 1.3 trillion.
As per Future Market Insights (FMI), sales of industrial tubes grew at 9.2% CAGR from 2018 to 2022. At the end of 2022, the market value was calculated at US$ 554.7 billion.
The industrial tubes industry includes a wide range of tubing products used in several applications such as liquid and gas transportation, structural applications, and other industrial processes. Industrial tubes are typically made from materials such as steel, stainless steel, aluminum, copper, and plastic, depending on the specific needs of the application.
Industrial tubes are used in sectors such as oil & gas, chemical, petrochemical, construction, automotive, aerospace, manufacturing, and infrastructure development. They are used for a variety of purposes, including moving liquids, gases, slurries, and load-bearing structural components.
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The industrial tubing market offers a wide variety of types, shapes, sizes, and specifications in products to meet the specific needs of sectors. Common industrial tubes include seamless tubing, welded tubing, ERW (electric resistance welded) tubing, LSAW (longitudinal submerged arc welded) tubing, and spiral welded tubing.
Key factors driving the industrial tubes industry include economic growth, infrastructure development, urbanization, industrialization, and technological advancement. As industries expand and modernize, there is a growing demand for industrial tubing to support a variety of applications. These include plumbing, HVAC systems, structural frameworks, mechanical components, electrical wiring, and piping networks.
The Industrial Tubes Market is influenced by factors such as the availability and price of raw materials, technological developments in the manufacturing process, regulatory requirements, safety standards, and environmental considerations.
Market players in the industrial tubing segment include manufacturers, distributors, suppliers, and end users who rely on these tubing for their operations.
The industrial tubes industry also plays a key role in supporting the infrastructure, manufacturing, and industrial sectors by providing essential tubing solutions. These solutions find use in fluid transportation, structural support, and other similar applications. Market growth is driven by continued demand for reliable and efficient tubing products across sectors.
Key Takeaways from this Market Research:
- According to Future Market Insights (FMI), the global market is set to reach US$ 604.6 billion by 2033.
- Through 2033, sales in China are likely to soar at 7.6% CAGR.
- The United Kingdom is estimated to be valued at US$ 47.3 billion, growing at a CAGR of 7.4% through 2033.
- Based on the manufacturing method, the wired segment is estimated to exhibit a CAGR of 7.4% in the assessment period.
- In terms of material, the steel category is projected to showcase a CAGR of 7.5% from 2023 to 2033.
Who’s winning?
Acciai Speciali Terni S.P.A.; Divine Tubes Pvt. Ltd; Eisenbau Krämer Gmbh; Halcor; and Heavy Metals & Tubes Ltd. are some of the key manufacturers in the market.
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Competitive Landscape:
Competitive scenarios provide predictive analysis of several business growth strategies of vendors.
The key manufacturers and companies are directed toward Mergers & Acquisitions, Agreements, Cooperation & Partnerships, New Product Introductions & Improvements, Investments & Financing, Awards, Evaluations & Expansions.
All collected information helps providers understand market gaps and competitor strengths and weaknesses, providing insights to improve their products and services.
For instance,
- In January 2020, Sandvik AB completed the acquisition of Summerill Tube Corporation, a manufacturer of high-precision stainless steel and nickel alloy tubes for various industries such as aerospace, petrochemicals, and transportation.
- In December 2019, Cleveland Cliffs announced the acquisition of AK Steel Corporation, a manufacturer of carbon steel, stainless steel, and electrical steel products for several industries, including the automotive industry.
More Insights Available:
Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the Industrial Tubes Market presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals segments in terms of material (steel, non-steel) manufacturing method (wired, seamless) end-use (oil & gas petrochemical, automotive, mechanical & engineering, chemical) from 2023 to 2033.
Market Segmentation:
By Material:
- Steel
- Non-Steel
By Manufacturing Method:
- Wired
- Seamless
By End-Use:
- Oil & Gas Petrochemical
- Automotive
- Mechanical & Engineering
- Chemical
- Others
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