CHICAGO, Feb. 15, 2019 /PRNewswire/ -- According to the new research report "Industrial Tubes Market by Type (Process Pipes, Mechanical, Heat Exchanger, Structural), Material (Steel, Non-steel), Manufacturing (Seamless, Welded), End-use (Oil & Gas and Petrochemical, Automotive, Chemical), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Industrial Tubes Market is projected to grow from USD 478.0 billion in 2018 to USD 632.6 billion by 2023, at a CAGR of 5.8% during the forecast period. The growth of the Industrial Tubes Market can be attributed to the increased demand for steel tubes in the oil & gas and petrochemical industry. In addition, the expansion activities in the chemical and petrochemical industries of APAC are expected to drive the Industrial Tubes Market.
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Increasing consumption of steel tubes in end-use industries
In the Industrial Tubes Market, the demand for tubes, mainly steel tubes, is projected to be driven by the performance of the end-use industries such as oil & gas and petrochemical, construction, and automotive. The oil & gas industry is the dominant end user of steel tubes, and therefore, the growth in oil & gas production is the major driving factor for the Industrial Tubes Market. According to BP Statistics, the Middle East countries, the US, and Russia are expected to account for 69% of the oil production in 2040, a significant increase from 60% in 2016. The oil & gas sector is very important for seamless tube demand as approximately 50% of all seamless tubes & pipes are used for oil & gas applications including oil country tubular goods (OCTG), topside process pipes, riser pipes, subsea flowlines, and heat exchanger tubes or instrumentation tubes among others. This has increased the consumption of steel tubes in the oil & gas and petrochemical and chemical industries.
Process pipes to be the fastest-growing type segment of the Industrial Tubes Market
Process pipes are made from carbon steel, stainless steel, duplex stainless steel, and austenitic alloys, which are appropriate to handle the aggressive environments in wells sour from hydrogen sulfide, carbon dioxide, and other chemicals. Process pipes are primarily used in the pulp & paper, chemical, and petrochemical industries. This segment is projected to register the highest growth rate during the forecast period. The growth is mainly driven by the growing upstream and downstream activities. The demand for these types of tubes is high in the oil & gas and petrochemical and chemical industries. In addition, capacity expansion of these industries, especially in the APAC region is favorable for the Industrial Tubes Market.
Steel to be the fastest-growing material segment of the Industrial Tubes Market
Steel dominates the Industrial Tubes Market and is projected to be the largest segment of this market. There are very few substitutes available in the market for steel for industrial use, which makes steel a viable option for the manufacturing of industrial tubes. Growth in its end-use industries high consumption rate of and steel tubes are expected to drive the demand for steel in the Industrial Tubes Market during the forecast period.
APAC to be the fastest-growing regional segment of the Industrial Tubes Market
APAC is projected to be the fastest-growing Industrial Tubes Market. The growth of the APAC Industrial Tubes Market can be attributed to the growing investment in oil & gas exploration, capacity expansion in the petrochemical and chemical industry, along with increasing automotive production in the region. Additionally, the growth in the number of commercial infrastructure projects is expected to drive the Industrial Tubes Market during the forecast period.
Most active players in the Industrial Tubes Market:
Nippon Steel & Sumitomo Metal Corporation (NSSMC) (Japan), Vallourec S.A. (France), Sandvik AB (Sweden), Tenaris (Luxembourg), Tata Steel (India), Tubacex (Spain), US Steel (US), Benteler (Germany), Aperam (Luxembourg), and AK Tube LLC (US) are the leading players operating in the Industrial Tubes Market.
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