Steel Tubes Market to Reach US$ 92.8 Billion, Globally, by 2032 at 1.3% CAGR - IMARC Group

The global steel tubes market size reached US$ 82.2 Billion in 2023 & expected to reach US$ 92.8 Billion by 2032, growth rate (CAGR) of 1.3% during 2024-2032.

BROOKLYN, NEW YORK, UNITED STATES, December 13, 2023 /EINPresswire.com/ -- Steel Tubes Market Outlook 2024-2032:

The latest report by IMARC Group, titled “Steel Tubes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on the global steel tubes market. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global steel tubes market size reached US$ 82.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 92.8 Billion by 2032, exhibiting a growth rate (CAGR) of 1.3% during 2024-2032.

Steel tubes are cylindrical hollow structures made predominantly of steel, designed to facilitate the conveyance of fluids, gases, or solids in various industrial applications. These tubes exhibit durability, strength, and resistance to extreme conditions, making them integral in construction, infrastructure, and manufacturing. With a diverse range of sizes and specifications, steel tubes serve multiple purposes, including as structural components, conduits for liquids and gases, and support elements in engineering projects. Their versatility allows for applications in plumbing, transportation, and the oil and gas industry. The manufacturing process involves forming flat strips of steel into a tube shape through welding or seamless methods. Welded tubes are created by welding the edges of a steel strip, while seamless tubes are produced without welding, offering a smooth, uninterrupted structure. The enduring popularity of steel tubes stems from their reliability, structural integrity, and adaptability across a spectrum of industries, contributing to their essential role in modern construction and infrastructure development.

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Global Steel Tubes Market Trends:

The global market is majorly driven by the growing construction and infrastructure sector. Steel tubes play a vital role in structural applications, providing essential support and durability in buildings, bridges, and other infrastructure projects. Rapid urbanization and the ongoing need for modernization fuel the demand for steel tubes in construction activities, catalyzing the market. Furthermore, in the energy sector, particularly oil and gas, steel tubes are crucial components for transporting fluids and gases. The exploration and extraction of oil and natural gas require durable and corrosion-resistant tubing, sustaining the demand for high-quality steel tubes. The growth of the energy sector, including the development of pipelines and drilling activities, contributes significantly to the expansion of the market. Besides, the automotive industry is a key driver of the steel tube market. Steel tubes are used in the manufacturing of vehicle components, contributing to the structural integrity and safety of automobiles. As the automotive sector experiences technological advancements and an increasing focus on lightweight materials for fuel efficiency, steel tubes find applications in innovative designs.

Moreover, rapid advancements in manufacturing processes, such as the development of seamless steel tubes, contribute to the market's growth. Seamless tubes, produced without welding, offer superior strength and reliability, making them particularly desirable in critical applications like pressure vessels and high-pressure fluid transportation. The growing emphasis on renewable energy sources, such as wind and solar power, propels the demand for steel tubes in the construction of support structures for wind turbines and solar panels. Steel tubes provide the necessary strength and stability required for these renewable energy installations. The global trend toward sustainable and eco-friendly practices is influencing the steel tube market as well. Steel, being a highly recyclable material, aligns with environmental objectives, and the demand for environmentally responsible construction materials supports the growth of the market. Additionally, government infrastructure development initiatives, especially in emerging economies, contribute significantly to market expansion. Large-scale projects, such as transportation networks, water supply systems, and smart city developments, drive the demand for steel tubes in these regions.

By the IMARC Group, Some of the Top Competitive Landscape Operating in the Industry are Given Below:

• Borusan Mannesmann Boru Sanayi ve Ticaret A.S
• JFE Steel Corporation
• ArcelorMittal S.A.
• Jindal SAW Ltd.
• China Baowu Steel Group Corp., Ltd.
• Gerdau
• Nippon & Sumitomo Stainless Steel Metal Corporation (NSSMC)
• POSCO
• Nucor Corporation

Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/steel-tubes-market

Key Market Segmentation:

Breakup by End-Use Industry:

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

Breakup by Product Type:

• Seamless Steel Tubes
• Welded Steel Tubes

Breakup by Material Type:

• Carbon Steel
• Stainless Steel
• Alloy Steel
• Others

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Historical, Current, and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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