United States, Rockville MD, July 05, 2022 (GLOBE NEWSWIRE) -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global steel tubes market size is bound to reach US$ 114.8 Bn in 2032, marking a CAGR of 2.1% between 2022 and 2032. The requirement for assembling systems at sophisticated offshore construction sites as well as the building of new transmission lines required to transfer oil & gas from drilling sites to customers are factors driving the demand growth for seamless steel pipes.
As per Fact.MR, the global Steel Tubes Market is set to reach a valuation of US$ 2.5 Bn in 2022. to the market is expected to gloat over burning need to assemble systems at the sophisticated offshore construction sites..
Also, the fact that steel tubes, along with steel pipes, are indispensable for industrial sectors like oil & gas, mining, construction, and manufacturing can’t be ruled out. This factor is likely to drive an inevitable growth of steel tubes market.
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Additionally, increasing usage of steel casing pipes due to better longevity and strength is likely to accelerate the market. The fast expanding industrial sector across the globe is expected to drive the demand for the steel tubes going forward.
North America finds steel tubes market well with its ever-expanding network of pipelines, especially in the automobiles’ sector coupled with expanding power plant installation capacity. Europe is flourishing in the steel tubes market due to exceptional increase in production of steel herein. The Asia-Pacific will see an increase with increase in disposable income.
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.
Restraints:
- Higher installation costs of steel tubes could be worrisome for the developing economies.
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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).
More Valuable Insights on Steel Tubes Market
Fact.MR in its latest study offers a comprehensive analysis on the global steel tubes market. It also provides key information such as latest trends, drivers, and challenges that are expected to influence sales of steel tubes during the forecast period of 2022 to 2032. It also uncovers critical forecast data for the steel tubes market through detailed segmentation as follows:
By Product:
- Seamless Steel Tubes
- Welded Steel Tubes
By Material:
- Carbon Steel Tubes
- Stainless Steel Tubes
- Alloy Steel Tubes
- Others
By End-use:
- Oil & gas
- Mining
- Petrochemicals
- Construction
- Automotive
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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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?
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