Industrial Tubes Market Is Expected To Reach a Revenue Of USD 1,3730 Bn By 2033, At 8.0% CAGR: Dimension Market Research

New York, Nov. 18, 2024 (GLOBE NEWSWIRE) -- Overview

The Global Industrial Tubes Market size is expected to reach USD 687.1 billion by 2024 and is further anticipated to reach USD 1,373.0 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 8.0% from 2024 to 2033.

Tubing or tubes are hollow cylinders used for fluid transport, structural applications, or electrical sheathing, which are mostly cylindrical but may have round, rectangular, or square cross-sections.

Tubing is specified in terms of outside diameter (OD), with either rigid or flexible. In industry, "tube" and "pipe" are nearly interchangeable terms. Both mainly describe long hollow cylinders of uniform material with a certain amount of rigidity and permanence, which in contrast to "hose", is typically more portable and flexible, and is made up of multiple layers of different materials which vary based on the application.

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The US Overview

The Industrial Tubes Market in the US is expected to reach USD 177.0 billion in 2024 at a CAGR of 7.5% over the forecast period.

In the US, the industrial tubes market grows due to higher demand from the automotive & construction sectors, development in manufacturing, and growing infrastructure projects. However, fluctuating raw material prices, strict environmental regulations, and competition from alternative materials impacts the growth.

Also, opportunities like renewable energy projects, automation in manufacturing, and efficient transportation needs, along with trends like lightweight, high-strength materials, corrosion-resistant coatings, and smart technologies drive market growth.

Important Insights

• The Industrial Tubes Market is expected to grow by USD 636.7 billion by 2033 from 2025 with a CAGR of 8.0%.
• The steel tubes segment is projected to lead in 2024 with a major & is expected to dominate throughout the forecasted period.

• The seamless tube segment is set to lead the Industrial Tubes market in 2024.
• The food & beverages segment is predicted to get the largest revenue share in 2024 in the Industrial Tubes market.
• Asia Pacific is anticipated to hold a 41.7% share of revenue in the Global Industrial Tubes Market in 2024.

Global Industrial Tubes Market: Trends

• Adoption of Advanced Materials: Increase the use of high-performance materials like composites, titanium, and better alloys for improved durability, weight reduction, and corrosion resistance.
• Automation and Digitalization: Higher implementation of automation and digital technologies in manufacturing processes for better precision, efficiency, and quality control.
• Focus on Sustainability: Rising focus on sustainable practices, like the use of recycled materials, energy-efficient production methods, and eco-friendly products.
• Customization and Specialized Tubing: Higher requirements for customized and application-specific tubes customized to meet the unique demands of various industries, like aerospace, automotive, and medical.

Industrial Tubes Market: Competitive Landscape

In the global industrial tube market, strong competition among key players is driven by technological developments and product innovation. Companies are expanding manufacturing capacities to meet rising demand in sectors like oil and gas, automotive, construction, and chemicals. Also, strategic collaborations, mergers, acquisitions, and advanced R&D efforts highlight the efforts to strengthen market positions and enhance global presence.

Some of the major players in the market include Vallourec SA, TPCO, Tenaris, JFE Steel Corporation, Tata Steel, and more.

Some of the prominent market players:

• Vallourec SA
• TPCO
• Tenaris
• JFE Steel Corporation
• Tata Steel
• Gerdau
• Jindal Saw Ltd
• VIZ Steel
• China Baowu Steel Group Corporation Limited
• Sandvik AB
• Other Key Players

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Industrial Tubes Market Scope

Segment Analysis:

The seamless tube segment is projected to dominate the industrial tubes market in 2024, driven by its high use in oil & gas applications like riser pipes, OCTG, heat exchanger tubes, subsea flow lines, and instrumentation tubes. The chemical sector's need for reliable and strong seamless tubes further supports this growth.

Seamless manufacturing allows superior quality and performance, important for high-pressure and high-temperature environments, and is expected to drive substantial market growth throughout the forecast period.

Industrial Tubes Market Segmentation

By Type

• Process Pipes
• Mechanical Tubes
• Heat Exchanger Tubes
• Structural Tubes
• Hydraulic & Instrumentation Tubes
• Others

 By Material

• Steel
  • Carbon Steel
  • Stainless Steel
  • Alloy Steel
• Non-Steel

By Manufacturing Method

• Seamless
• Welded

By End-user Industry

• Oil & Gas and Petrochemical
• Automotive
• Mechanical & Engineering
• Construction
• Chemical
• Others

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Global Industrial Tubes Market: Driver

• Increasing Infrastructure Development: Fast urbanization and infrastructure projects, mainly in emerging economies, drive the need for industrial tubes in the construction, energy, and transportation sectors.
• Technological Advancements: Innovations in manufacturing processes and materials, like the development of corrosion-resistant and high-strength alloys, impact the efficiency and lifespan of industrial tubes.
• Energy Sector Expansion: Growth in oil, gas, and renewable energy projects requires high use of industrial tubes for drilling, transportation, and power generation applications.
• Rising Automotive and Aerospace Industries: Higher production and development in the automotive and aerospace sectors boost the need for lightweight, durable, and high-performance tubing solutions.

Global Industrial TubesMarket: Restraints

• Volatile Raw Material Prices: Regular changes in the prices of raw materials like steel & aluminum can impact production costs and profit margins for manufacturers.
• Stringent Environmental Regulations: Compliance with environmental and safety regulations can enhance operational costs and limit manufacturing processes.
• Intense Competition: High competition among existing players & the entry of new companies can cause price wars and reduced profitability.
• Supply Chain Disruptions: Disruptions due to geopolitical tensions, natural disasters, or pandemics can impact the availability of raw materials and delay production timelines.

Global Industrial Tubes Market: Opportunities

• Renewable Energy Projects: The growing focus on renewable energy sources like wind and solar power creates demand for specialized industrial tubes used in energy generation and infrastructure.
• Technological Innovations: Development in manufacturing technologies, like additive manufacturing and advanced welding techniques, provide opportunities to create more efficient and customized tubing solutions.
• Emerging Markets: Fast industrialization and urbanization in emerging economies provide major growth potential for industrial tube manufacturers to expand their market presence.
• Green and Sustainable Solutions: Higher demand for eco-friendly and sustainable products allows the development of industrial tubes made from recycled materials or with improved energy efficiency.

Regional Analysis

The Asia-Pacific region is anticipated to dominate the global industrial tubes market with a 41.7% share in 2024 owing to its expanding manufacturing sector and rapid construction industry growth. Industrialization & urbanization in India and China, along with high chemical product usage, drive revenue growth.

China's petrochemical sector has seen major investment, while India is experiencing commercial infrastructure growth. Also, the region's automotive manufacturing capacity is expanding.

Further, the North America, strong revenue growth is expected, with the U.S. and Canada leading due to high use of seamless steel pipes in the automotive sector.

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By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

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Recent Developments in the Industrial Tubes Market

• May 2024: Neopac's Wilson, NC plant introduced a new cosmetics tube line, boosting production by 70 million tubes annually with advanced printing options.
• March 2024: Adani Group unveiled the launch of the first phase of the world's largest single-location copper manufacturing plant at Mundra in Gujarat, to help cut India's dependency on imports and help energy transition.
• January 2024: ArcelorMittal announced a partnership with IIT Madras to develop scalable, affordable Hyperloop technology for passenger and cargo mobility with student and start-up teams.
• November 2023: Baker Hughes launched PythonPipe, an RTP technology that reduces installation time by 60% & costs by 80%, with API 15s qualifications.
• June 2023: Corning and SGD Pharma announced a partnership to open a new glass tubing facility in India to improve pharmaceutical vial quality and productivity.

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