18-Nov-2020 | Zion Market Research
The industrial tubes market was valued at USD 502.2 billion in 2019 and is predicted to reach around USD 737.8 Billion By 2026 with a CAGR of 5.65%. development of the global chemical and petrochemical sector is the primary booster for the industrial tubes market. Moreover, the developing energy & power section is also powering the requirement for industrial tubes.
Vallourec S.A., Tata Steel, Tenaris, Sandvik AB, and Nippon Steel & Sumitomo Metal Corporation (NSSMC) are the major companies active in the global industrial tubes market.
Petrochemical And Oil & Gas Industry Segment Predicted To Clock The Maximum CAGR In The Years To Come
The oil & gas sector is the commanding end user of steel tubes, and hence the development in oil & gas manufacturing is the primary boosting factor for the global market. As per Zion Market Research, the US, the Middle East nations, and Russia are predicted to add up for more than 2/3rd of the oil production in 2040, a significant rise from 62% in 2019. The oil & gas industry is very essential for seamless tube requirement as almost half of all seamless pipes & tubes are employed for oil & gas applications comprising topside process pipes, OCTG, subsea flowlines, riser pipes, and instrumentation tubes or heat exchanger tubes amongst others. This has elevated the usage of steel tubes in the chemical & petrochemical and oil & gas sectors.
Asia Pacific Is Expected To Be The Biggest Market During The Forecast Period In Terms Of Value
Asia Pacific has the biggest populous nations such as India and China. These nations are swiftly going via capacity extension in the chemical and petrochemical sector due to the elevated usage of the chemical goods. Moreover, automobile manufacturing is also predicted to develop considerably with the development in the disposable revenue of the middle-class populace. The global industrial tubes market is, consequently, predicted to undergo a positive developmental trend in the automotive sector. The construction sector is also predicted to witness reasonable requirement for industrial tubes with the development in key regions in the commercial infrastructure.
Browse the full “Industrial Tubes Market- by Type (Process pipes, mechanical, heat exchanger, structural), by Material (Steel, Non-steel), by Manufacturing (Seamless, Welded), by End user (Oil & gas, Petrochemical, Automotive, Chemical)- Global Industry Perspective Comprehensive Analysis and Forecast, 2020 - 2026.” Report at https://www.zionmarketresearch.com/report/industrial-tubes-market
The global industrial tubes market is segmented as follows:
By Manufacturing Method:
By End-use Industry
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