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Sunday, May 26, 2024

Industrial Tubes Market Size Set to Achieve a Remarkable 7.7% CAGR, Anticipated to Reach US$ 1.3 Trillion by 2033 | Future Market Insights, Inc.

Last updated Sunday, September 24, 2023 19:07 ET , Source: Future Market Insights, Inc.

Newark, United States, 09/24/2023 / Future Market Insights, Inc. /

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 many tubing products used in several applications, such as liquid and gas transportation, structural applications, and other industrial processes. Depending on the application’s specific needs, industrial tubes are typically made from steel, stainless steel, aluminum, copper, and plastic.

Industrial tubes are used in sectors such as oil & gas, chemical, petrochemical, construction, automotive, aerospace, manufacturing, and infrastructure development. They are used for various purposes, including moving liquids, gases, slurries, and load-bearing structural components.

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The industrial tubing market offers various types, shapes, sizes, and specifications in products to meet sectors’ specific needs. Common industrial tubes include seamless tubing, welded tubing, ERW (electric resistance welded), LSAW (longitudinal submerged arc welded), and spiral welded tubing.

Economic growth, infrastructure development, urbanization, industrialization, and technological advancement are key factors driving the industrial tubes industry. As industries expand and modernize, there is a growing demand for industrial tubing to support various applications. These include plumbing, HVAC systems, structural frameworks, mechanical components, electrical wiring, and piping networks.

The industrial tube 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.

“Industrial tubes are foundational components in various industrial processes. These versatile cylindrical structures are critical in conveying fluids, gases, and materials across various industries, from manufacturing to construction.” – Lead Analyst at Future Market Insights, Inc.

Key Takeaways from this Market Research:

  • According to Future Market Insights (FMI), the global market is set to reach US$ 604.6 billionby 2033.
  • Through 2033, sales in China will likely 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.
  • Regarding 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
  • Heavy Metals & Tubes Ltd.

Competitive Landscape:

Competitive scenarios provide predictive analysis of several business growth strategies of vendors.

The key manufacturers and companies are directed toward Mergers and acquisitions, Agreements, Cooperation and partnerships, New Product Introductions and improvements, Investments and financing, Awards, Evaluations, and 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 carbon steel, stainless steel, and electrical steel product manufacturer for several industries, including the automotive industry.

More Insights Available:

In its new offering, future Market Insights (FMI) presents an unbiased analysis of the industrial tubes market, presenting historical data (2018 to 2022) and forecast statistics for 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.

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Key Segments Profiled in the Industrial Tubes Market Survey:

By Material:

  • Steel
  • Non-Steel

By Manufacturing Method:

  • Wired
  • Seamless

By End-Use:

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

Author By:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil and gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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About Future Market Insights (FMI) 

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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The post Industrial Tubes Market Size Set to Achieve a Remarkable 7.7% CAGR, Anticipated to Reach US$ 1.3 Trillion by 2033 | Future Market Insights, Inc. appeared first on Future Market Insights.

Original Source of the original story >> Industrial Tubes Market Size Set to Achieve a Remarkable 7.7% CAGR, Anticipated to Reach US$ 1.3 Trillion by 2033 | Future Market Insights, Inc.