Global Industrial Tubes Market - 2024-2031

Global Industrial Tubes Market Overview

The global industrial tubes market size was worth US$ 604.50 billion in 2023 and is estimated to reach US$ 927.46 billion by 2031, growing at a CAGR of 5.5 % during the forecast period (2024-2031).

Pipes and tubes are frequently interchanged when referring to a cylinder used to transfer liquid or gas. Industrial tubes are hollow cylindrical structures made of copper, aluminum, steel, nickel, etc. and the examples include mechanical tubes, process pipes, structural tubes and hydraulic tubes. Seamless steel coiled tubing efficiently decreases leakage concerns in hydraulics and instrumentation systems. Pipe tracing systems and coiled tubing are two applications for which industrial tubes are widely utilized in process utilities.

The steel tubes market is experiencing steady growth, fueled by worldwide industrialization and urbanization. The market's expansion reflects a strong and burgeoning industry, supported by high demand from key sectors like construction, automotive, and oil and gas.

The swift industrialization in emerging economies and increasing needs in the construction and automotive industries are driving the market forward. Additionally, the oil and gas sector continues to be a significant consumer, relying on steel tubes for exploration and transportation purposes.

Global Industrial Tubes Market Dynamics

Due to its requirements in a wide range of structural applications and processing conditions across numerous sectors, the industrial tubes market is primarily driven by the worldwide petrochemical and chemical industries' growth. In addition, the growth of the energy and power sector is driving the industrial tube demand. Furthermore, these high-strength steel tubes with high resilience offer improved load-bearing capacity for engineering applications, which is predicted to influence market growth throughout the forecast period.

Rising usage of tubes in various end-use applications

According to industry participants, steel tubes for machine construction and components are made from various materials, including carbon steel and various steel alloys. Electric welded-resistant carbon steel tubes, for example, are employed in vehicle structural applications. Furthermore, steel tubes' great strength and low-temperature qualities make them ideal for marine buildings. As a result, expanding worldwide shipbuilding operations, including yacht and cruise ship construction, are likely to boost the demand for industrial tubes.

Industrial tubes are widely used in process utilities for coiled tubing and pipe tracing systems, among other things. The rising energy loss concerns in numerous industries, particularly in colder climates, harm manufacturing facility operational efficiencies. As a result, it is predicted to encourage the use of a heat tracing system in plants, boosting the growth of the industrial tubes market over the forecast period.

Increasing use of steel tubes

Steel has a high consumption rate due to its strong strength, durability, superior chemical and corrosion resistance, formability and weldability. It is commonly utilized in the production of industrial tubes for the chemical, oil & gas, petrochemicals, energy & power, automotive, and other industries.

The rising growth of the industrial tubes market is likely to be boosted by advancements in materials for manufacturing industrial tubes, particularly for offshore jacket constructions, and expanding worldwide offshore exploration activities. It is also fueled by rapidly expanding end-use sectors in emerging nations like China and India.

Price volatility in raw materials and government regulations

Some constraints and hurdles will cut down the pace of overall market expansion and these include the scarcity of skilled workers, and lack of norms and protocols. Furthermore, the market expansion is hampered by raw material price volatility and rigorous government regulations in some nations. Besides, oversupplied markets reduce the demand for industrial tubes.

COVID-19 Impact Analysis

Vendors in the market are encountering several challenges post the COVID-19 pandemic, as the demand for tubes continued to decline in FY 2023. The closure of manufacturing plants is anticipated to increase the economic burden on industry players. According to figures published by the World Steel Association in April 2023, the total crude steel output decreased by roughly 6% (year-over-year) from March 2019 to March 2023.

The COVID-19 pandemic significantly impacted the industrial tubes market, primarily due to disruptions in global supply chains and reduced industrial activity. Lockdowns and restrictions led to a slowdown in manufacturing processes and construction projects, causing a decrease in the demand for industrial tubes used in various applications such as automotive, aerospace, and construction. Additionally, the pandemic's economic uncertainties led many companies to postpone or cancel investment projects, further contributing to the market's growth challenges.

Global Industrial Tubes Market Segment Analysis

By end-user, the industrial tubes market is segmented into oil & gas and petroleum, automotive, construction and others.

Oil & gas and petroleum hold the lion's share.

Oil & gas sector being the largest end-user of steel tubes, the growth in prduction of oil and gas is the primary driver of the industrial tubes market. According to BP Statistics, Middle Eastern countries, U.S. and Russia will account for 69% of oil output in 2040, up from 60% in 2016. Process pipes are primarily utilized for transportation, extraction and processing in oil & gas and petrochemicals industries. These tubes are made of steel, which can withstand the harsh conditions found in oil and gas wells, such as hydrogen sulfide, carbon dioxide and other chemicals. Oil and gas applications account for around half of all seamless tubes and pipes, including OCTG, topside process pipes, riser pipes, subsea flowlines, heat exchanger tubes or instrumentation tubes. Steel tube use has increased in the oil & gas and petrochemical industries over the past few years.

Global Industrial Tubes Market Geographical Analysis

Rising manufacturing sectors along with construction in Asia-Pacific

Due to the booming manufacturing sector and rapid construction industry growth, Asia-Pacific will likely see the fastest growth in the demand for industrial tubes. Due to increased public sector investments, emerging economies like India see significant development in the commercial infrastructure category. Due to the rising demand for chemical goods, China and India rapidly expanded their capacity for petrochemicals and chemicals industries.

Furthermore, as the middle-class population's disposable income rises, automotive production will see rapid growth. Consequently, due to the strong demand, the region is seeing a significant increase in car production capacity. Thus, the combined influence of all these factors is likely to boost the demand for industrial tubes in Asia-Pacific.

Russia-Ukraine War Impact:

The Russia-Ukraine war has significantly impacted the industrial tubes market by disrupting supply chains and creating volatility in raw material prices. The conflict has affected key suppliers and manufacturers in the region, leading to delays and increased costs for industrial tubes. This disruption is particularly notable in industries that rely on steel and other metals for tube production, as both Russia and Ukraine are amongst the key suppliers of these materials.

Additionally, the uncertainty and geopolitical risks associated with the war have led to a cautious approach from investors and businesses in the industrial tubes sector. Companies are facing challenges in securing long-term contracts and managing inventory levels, which has resulted in fluctuating market conditions and heightened competition. The war's economic ramifications are prompting companies to seek alternative sources and adapt their strategies to mitigate risks and stabilize their operations.

By Material

• Carbon Steel
• Stainless Steel
• Non-Steel
• Brass

By Manufacturing Method

• Seamless
• Welded

By Type

• Process Pipes
• Structural Tubes
• Heat Exchanger Tubes
• Mechanical Tubes
• Hydraulic & Instrumentation Tubes
• Others

By End-user

• Oil & Gas Petrochemical Industry
• Automotive
• Construction
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In March 2023, ArcelorMittal announced the signing of Share Purchase agreement to acquire a 28.4% equity interest in Vallourec, for €955 million. Vallourec is a leading provider of premium tubular solutions for energy and industrial applications, with significant operations in the U.S. and Brazil. This is expected to strengthen ArcelorMittal's position in the tubular market, particularly in energy transition sectors like hydrogen, geothermal, and carbon capture.

Global Industrial Tubes Market Competitive Landscape

Many players, including global giants and small & medium-sized firms, create intense competition in the industrial tubes manufacturing industry. As a result, many players focus on a small number of end-use sectors and offer a limited product portfolio.

Major companies in the global industrial tubes market include Nippon Steel & Sumitomo Metal Corporation, Vallourec S.A., Sandvik AB, Tenaris, Tata Steel, Tubacex, United States Steel Corporation, Benteler, Aperam and AK Tube LLC.

Why Purchase the Report?

• Visualize the composition of the industrial tubes market segmentation by material, manufacturing method, type, end-user and region, highlighting the critical commercial assets and players.
• Identify commercial opportunities in the industrial tubes market by analyzing trends and co-development deals.
• Excel data sheet with thousands of industrial tubes market-level 4/5 segmentation points.
• Pdf report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players

The global industrial tubes market report would provide access to an approx. 69 market data table, 67 figures and 203 pages.

Target Audience 2024

• Industrial Tubes Service Providers/ Buyers
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Emerging Companies
• Industrial Tubes Manufacturers