Industrial Tubes Market Forecasts to 2028 – Global Analysis By Type (Process Pipes, Heat Exchanger Tubes and Other Types), Manufacturing Method (Seamless and Welded), Material (Non-steel, Steel and Other Materials), End User and By Geography

Industrial Tubes Market Forecasts to 2028 – Global Analysis By Type (Process Pipes, Heat Exchanger Tubes and Other Types), Manufacturing Method (Seamless and Welded), Material (Non-steel, Steel and Other Materials), End User and By Geography

According to Stratistics MRC, the Global Industrial Tubes Market is accounted for $621.80 billion in 2022 and is expected to reach $1003.28 billion by 2028 growing at a CAGR of 8.3% during the forecast period. Metals including copper, aluminium, steel, nickel, and others are used to create hollow cylindrical industrial tubes. There are many different varieties of these tubes, including mechanical tubes, process pipes, hydraulic tubes, and structural tubes. Industrial tubes are made using two processes that either produces welded or seamless pipes. In both manufacturing processes, the raw steel is first cast into a more useful beginning form. The leakage risks are significantly reduced by the use of seamless steel coiled tubing in hydraulic and instrumentation systems. Process utilities frequently employ industrial tubes for uses like pipe tracing systems and coiled tubing.

According to the India Brand Equity Foundation, an India-based government export promotion agency, as of September 2021, India's oil refining capacity stood at 248.9 million metric tonnes per annum (MMTPA). According to the U.S. Energy Information Administration, a US-based Federal Statistical System for the energy sector, the crude oil production in the US stood at 348,849 barrels.

Market Dynamics:

Driver:

Rising demand of industrial tube in several industries

Several industries, primarily the automotive, chemical, oil & gas, and petrochemical ones, use industrial tubes. Due to their numerous benefits, including superior chemical and corrosion resistance, high strength, high durability, formability, and weld-ability, industrial tubes are in higher demand than ever before. This is anticipated to be a key reason in the market's expansion for industrial tubes. Furthermore, the main driver of market expansion is an increase in energy and power output. The primary elements, among others, that are projected to influence market growth rate are the efficient characteristics of industrial tubes, such as low-temperature properties, outstanding strength, and productive characteristics provided by steel tubes.

Restraint:

High cost associated with industrial tube

One of the primary concerns that inhibits the demand for industrial tubes and slows the rate of market expansion is the fluctuating pricing of the raw materials required to produce them. Other factors acting as restrictions and posing additional challenges to market growth rate include strict government laws and regulations and low demand for industrial tubes from a saturated industry.

Opportunity:

High usage of industrial tube due to wide range of applications

Industrial tubes are primarily employed in a variety of applications, including hydraulic & instrumentation tubes, heat exchanger tubes, mechanical tubes, and structural tubes. Additionally, capillary, precision, and boiler tubes are produced using industrial tubes. A cylindrical shell surrounds a number of tubes that are put inside a shell and tube heat exchanger. Therefore, the widespread use of industrial tubes will generate enormous prospects for the market and accelerate its growth pace. Additionally, the market for industrial tubes is presented with lucrative potential by the booming chemical and pharmaceutical industries as well as the rising investment in oil field development.

Threat:

Difficult manufacturing process

Due to their challenging manufacturing process and high manufacturing costs, are likely to experience slow market expansion. Because metal work pieces are becoming more and more expensive, wasted materials frequently significantly lower profitability. Production time is additionally increased by the intricate manufacturing procedure and the exact ductility, microstructure, and tensile that tubes must be made into. Manufacturers usually have to change parts to improve the surface polish and smooth out faults. All of these issues make it more expensive and challenging to produce, fabricate, and machine industrial tubes, which in turn limit market expansion.

Covid-19 Impact

The Covid-19 pandemic is having an effect on society and the global economy. The pandemic's effects are expanding constantly, and the supply chain is also being impacted. The COVID-19 situation is causing market uncertainty, a significant slowdown in the supply chain, a decline in corporate confidence, and growing panic among various client sectors. Industrial tubes are used in a variety of end-use industries, including oil and gas, construction, chemicals, petrochemicals, automotive, energy and electricity, and others. However, the intensity of the COVID-19 pandemic has largely touched every area and industry. The demand for industrial tubes has also been impacted by this. However, the aforementioned sectors are recovering more quickly and are anticipated to have a beneficial effect on the market's expansion as industrial tube demand picks up speed.

The process pipes segment is expected to be the largest during the forecast period

The process pipes segment is estimated to have a lucrative growth. The pulp and paper, chemical, and petrochemical industries are the principal users of process pipes. Carbon steel, stainless steel, duplex stainless steel, and austenitic alloys are used to make process pipes because they can withstand the harsh conditions found in wells that are sour from hydrogen sulphide, carbon dioxide, and other pollutants. Due to growing upstream and downstream operations, as well as increasing demand for these types of tubes in the oil & gas, petrochemical, and chemical sectors, process type pipes are predicted to hold the biggest market share over the projection period.

The steel segment is expected to have the highest CAGR during the forecast period

The steel segment is anticipated to witness the fastest CAGR growth during the forecast period. The primary drivers of the growth of the worldwide industrial tubes market are rising energy and power production, expanding steel tube consumption in end-use industries, and efficient features and capabilities of industrial tubes. The development of the industrial tubes market is being hampered by saturated markets, which have lower demand for industrial tubes. Steel is a good option for the production of industrial tubes because there aren't many alternatives available on the market for industrial application. Steel is expected to be in high demand in the industrial tubes market during the forecast period due to growth in its end-use industries' high consumption rates.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the booming manufacturing sector's growth and the quick expansion of the building industry. Due to an increase in public investment, emerging nations are experiencing significant development in the commercial infrastructure sector. Due to a strong demand outlook, the region is also seeing a noticeable increase in automobile production capacity. In the near future, it is anticipated that the combined impact of all the aforementioned factors would increase demand for industrial tubes in the Asia Pacific region.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the existence of major market participants in the area, the development and introduction of cutting-edge industrial tubes by these firms, and the extensive usage of copper pipes and tubes in Europe's energy, building, and healthcare sectors. Lawton Tubes was sought out by the government, National Health Service (NHS), and healthcare providers to develop equipment that would safely provide oxygen to those in need during COVID-19 because of the company's reputation for providing medical gas copper pipes. Therefore, it is anticipated that rising demand for copper oxygen pipes will keep the industrial tubes market in this area from experiencing revenue growth.

Key players in the market

Some of the key players profiled in the Industrial Tubes Market include Vallourec S.A., Tata Steel, Sandvik AB, Nippon Steel & Sumitomo Metal Corporation, United States Steel Corporation, Tubacex, Heavy Metals & Tubes Ltd., Tubos Apolo, Ratnamani Metal & Tubes Ltd., Sanghvi Overseas, Divine Tubes Pvt. Ltd, Halcor, Eisenbau Kramer Gmbh, Acciai Speciali Terni S.P.A. and Kme Germany Gmbh & Co Kg.

Key Developments:

In May 2022, Sandvik signed an agreement to acquire Preziss, a Spain-based company and is a cutting tool and solution provider with high accuracy in milling, drilling, reaming and tooling systems. This acquisition will strengthen Sandvik’s offering towards the light weight components of the automotive market. Preziss has a global reach and sell to leading companies in the automotive industry.

In May 2022, Schenck Process which is a global company for sustainable, integrated measuring and process technology solutions has signed an agreement with Sandvik AB, Swedish Engineering Group for the sale of its mining business. The business will be integrated into Sandvik’s Rock Processing Solutions business area, a leading supplier of tools, parts, equipment and services for processing rock and minerals in the mining and construction industries.

In November 2017, Vallourec S.A. received a contract to supply 16,000 tons of OCTG tubular solution to China National Offshore Oil Corporation (CNOOC), in Shenzhen, Shanghai, Tianjin, and Zhanjiang in China.

In July 2018, Vallourec S.A. developed copper tubes for the long period storage of wasted nuclear fuel. This project was undertaken in 2006, with a contract from customer Posiva Oy (France), a nuclear waste management organization.

Types Covered:
• Process Pipes
• Heat Exchanger Tubes
• Hydraulic & Instrumentation Tubes
• Structural Tubes
• Mechanical Tubes
• Capillary Tubes
• Boiler Tubes
• Precision Tubes
• Other Types

Manufacturing Methods Covered:
• Seamless
• Welded

Materials Covered:
• Non-steel
• Steel
• Carbon Steel
• Stainless Steel
• Alloy Steel
• Brass
• Other Materials

End Users Covered:
• Mechanical & Engineering
• Automotive
• Oil & Gas and Petrochemical
• Chemical
• Construction
• Pharmaceutical
• Sanitary Systems
• Aerospace
• Food & Beverage
• Marine
• Water Treatment
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements