The global industrial tubes market size was USD 550 Billion in 2022 and is expected to reach USD 1,406.92 Billion in 2032, and register a rapid revenue CAGR of 11% during the forecast period. Rising demand for industrial tubes across a range of end-use sectors, including Oil Gas (OG), construction, and automotive, among others, is a key factor driving market revenue growth. Manufacturers are focusing on creating new and cutting-edge products as demand for environmentally-friendly and energy-efficient industrial tubes is rising.
One prominent end-use market for industrial tubes is the OG sector. Pipelines are required due to rising demand for OG, which in turn, is increasing price of industrial tubes. Another large end-use industry for industrial tubes is the building sector. Use of industrial tubes is increasing by rising building activities, particularly in emerging nations, for various applications, including Heating, Ventilation, and Air Conditioning (HVAC) systems, water supply systems, and sewage systems, among others.
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Some Key Highlights from the Report
- Industrial tubes find extensive application in the automotive industry owing to their superior strength-to-weight ratio. Demand for lightweight components in automotive industry is expected to drive market revenue growth, as tube hydroforming is considered one of the enabling technologies to manufacture lightweight components.
- Industrial tubes are used in the oil gas industry for transportation, extraction, and processing. These tubes are made from steel and are, therefore, suitable for withstanding harsh environments in oil gas wells containing hydrogen sulfide, carbon dioxide, and other chemicals.
- By manufacturing method, the welding segment accounted for largest market revenue share in 2020. Seamless segment is expected to register a faster CAGR during the forecast period due to superior properties of industrial tubes and their ability to withstand pressure, greater strength under loading, as well as uniformity of shape. This is increasing their demand in oil gas and petrochemical industries as riser pipes, subsea flow lines, and instrumentation tubes.
- Industrial tubes market in Asia-Pacific accounted for largest revenue share in 2020 and is expected to grow at a faster CAGR during the forecast period due to growth in infrastructure development with rising public investment. The region is also witnessing notable expansion in automotive production capacity owing to robust demand outlook.
- In October 2021, Vallourec announced that it had signed a 10-year agreement with Esso Exploration Production Guyana Limited (EEPGL) to supply line pipe products in Guyana. The agreement will enable long-term line pipe supply by defining contractual and commercial terms to support EEPGL’s future oil gas development in this strategic basin.
Companies profiled in the global market report: Nippon Steel Corporation, Vallourec S.A., Sandvik AB, Tenaris, Tata Steel, Tubacex SA, United States Steel Corporation, Benteler International, Aperam, AK Tube LLC, Jindal Saw Ltd., and Divine Tubes Pvt. Ltd.
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