Global Steel Tubes Market Surges to $81 Billion in 2022, Driven by Robust Demand Across Industries

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Oct 04, 2023, 17:30 ET

DUBLIN, Oct. 4, 2023 /PRNewswire/ -- The "Steel Tubes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global steel tubes market has exhibited robust growth, achieving a substantial valuation of US$ 81.0 billion in 2022. The market is poised for continued expansion, with projections indicating that it will reach an impressive US$ 88.6 billion by 2028. This growth trajectory reflects a notable Compound Annual Growth Rate (CAGR) of 1.4% during the period from 2023 to 2028.

Versatile and Durable Steel Tubes

Steel tubes, characterized by their toughness, strength, and durability, come in various shapes, including square, rectangular, and round. The production process involves the incorporation of iron alloys with elements like carbon, tungsten, manganese, aluminum, and titanium. There are two primary types of steel tubes based on their manufacturing process: seamless and welded. These tubes boast a higher manufacturing tolerance, enhancing their manufacturability and quality.

Due to their versatility, steel tubes find applications in diverse industries such as oil and gas, petrochemicals, infrastructure and construction, automotive, water treatment, and more. In recent years, steel tubes have gained immense popularity in the oil and gas industry for fluid transportation, as well as in the form of conveyor belt rollers, bearing casings, and casings for concrete pilings.

The shale gas drilling boom has further increased their demand for transporting chromium. Additionally, steel tubes are utilized in heating, ventilation, and air conditioning (HVAC) and refrigeration equipment, serving as integral components in heat exchangers, compressors, and boiler pipelines.

The automobile sector has witnessed a surge in the demand for steel tubes due to their reliability, optimal strength, corrosion resistance properties, and high energy absorption capacity. These tubes contribute to construction safety and offer resistance against collision shocks. These attributes have driven the global consumption of steel tubes.

Key Market Segmentation: Product Type, Material Type, and End Use Industry

The report provides a comprehensive analysis of key trends in each sub-segment of the global steel tubes market, offering forecasts at both the global and regional levels for the period from 2023 to 2028. The market is categorized based on product type, material type, and end use industry:

Product Type Insights:

Seamless Steel Tubes
Welded Steel Tubes

Material Type Insights:

Carbon Steel
Stainless Steel
Alloy Steel
Others

End Use Industry Insights:

Oil and Gas
Petrochemicals
Infrastructure and Construction
Automotive
Water Treatment and Sewage
Others

Regional Insights: A Global View

The global market encompasses various regions, including Asia Pacific, Europe, North America, the Middle East and Africa, and Latin America. North America currently holds the largest share of the steel tubes market, driven by factors such as growing demand for visual content, availability of stock images, and changing consumer preferences.

Key Questions Answered:

What was the size of the global steel tubes market in 2022?
What is the expected growth rate of the global steel tubes market during 2023-2028?
What are the key factors driving the global steel tubes market?
What has been the impact of COVID-19 on the global steel tubes market?
What is the breakdown of the global steel tubes market based on product type?
What is the breakdown of the global steel tubes market based on material type?
What is the breakdown of the global steel tubes market based on the end use industry?
Which are the key regions in the global steel tubes market?

Key Attributes:

Report Attribute	Details
No. of Pages	143
Forecast Period	2022 - 2028
Estimated Market Value (USD) in 2022	$81 Billion
Forecasted Market Value (USD) by 2028	$88.6 Billion
Compound Annual Growth Rate	1.5 %
Regions Covered	Global

For more information about this report visit https://www.researchandmarkets.com/r/pvy6x3

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