Industrial Tubes Global Market Report 2024

The industrial tubes market size is expected to see strong growth in the next few years. It will grow to $906.01 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to market competition and innovation, supply chain resilience and efficiency, automotive industry evolution, urbanization and construction projects, environmental regulations and sustainability, . Major trends in the forecast period include customization demands, digitalization and smart manufacturing, sustainability focus, rising urbanization, advanced materials usage.

The industrial tubes market size has grown strongly in recent years. It will grow from $599.06 billion in 2023 to $650.23 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to factors such as construction and infrastructure development, which created demand for industrial pumps. Additionally, industrial manufacturing needs, especially in sectors such as oil and gas exploration, played a significant role. The overall global economic conditions and the need for infrastructure rehabilitation also contributed to the growth of the industrial pumps market during this period.

The industrial tubes market size is expected to see strong growth in the next few years. It will grow to $906.01 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The anticipated expansion during the forecast period is a result of factors such as competition and innovation in the market, the resilience and efficiency of supply chains, advancements in the automotive industry, urbanization, and the implementation of construction projects, as well as environmental regulations focusing on sustainability. Key trends expected during this period encompass increased demands for customization, the transition to digitalization and smart manufacturing, a growing emphasis on sustainability, the rise of urban areas, and the utilization of advanced materials.

The growth of the oil and gas industry is anticipated to propel the industrial tubes market. Industrial tubes are crucial for transporting crude oil, refined petroleum, and various fuels efficiently within the oil and gas sector. For example, India's oil refining capacity was reported at 248.9 million metric tonnes per annum (MMTPA) in September 2021, with crude oil production reaching 32.2 MMT in FY22. In the US, crude oil production stood at 348,849 barrels in April 2022, as per the U.S. Energy Information Administration. These statistics highlight the significance of industrial tubes in supporting the operations of the oil and gas industry, driving the demand for such products in the market.

The surge in the manufacturing sector is anticipated to propel the growth of the industrial tubes market in the foreseeable future. Within the manufacturing domain, which encompasses the creation of goods through physical processes employing both labor and machinery, industrial tubes serve diverse purposes. These tubes are instrumental in conveying fluids, providing structural reinforcement, and optimizing material transportation throughout production procedures. As an illustration, based on data from the Office for National Statistics in December 2023, the cumulative value of product sales by UK manufacturers amounted to $546.60 billion (£429.8 billion) in 2022, exhibiting a notable 7% increase from the $510.61 billion (£401.5 billion) recorded in 2021, marking a substantial $36.12 billion (£28.4 billion) uptick. Consequently, the burgeoning manufacturing sector is a key catalyst propelling the demand for the industrial tubes market.

In July 2021, NobelClad Europe GmbH, a Germany-based metal composite cladding company, introduced DetaPipe, an innovative clad-metal pipe designed for application in challenging industrial environments characterized by high temperatures, pressure, and corrosive conditions. DetaPipe incorporates a proprietary manufacturing process that amalgamates corrosion-resistant alloys such as zirconium and titanium with cost-effective base metals such as carbon steel. This fusion results in a product offering superior performance and enhanced fracture toughness compared to solid titanium or zirconium pipes. Specifically tailored for critical chemical processing applications such as monoethylene glycol production (a pivotal element in polyester manufacturing) and essential compounds such as epichlorohydrin (ECH), melamine, and urea, DetaPipe stands as a promising advancement within the industrial tube market.

Major players in the industrial tube market are concentrating on pioneering solutions, specifically eco-friendly steel tubes, to optimize performance and address evolving industry needs. These eco-friendly steel tubes are produced using sustainable practices, significantly reducing environmental impact throughout their manufacturing. For instance, in July 2023, ArcelorMittal, a Luxembourg-based steel manufacturer, introduced innovative steel tubes made from XCarb recycled and sustainably sourced steel. These tubes boast significantly reduced CO2 emissions - up to a remarkable 75% reduction in CO2 equivalent, ranking among the highest rates in the steel tube sector. The utilization of XCarb steel tubes enables customers to significantly decrease their carbon footprint, aligning with decarbonization goals, the Paris climate objectives, and the European Green Deal.

In December 2021, Sandvik, a Sweden-based engineering company, completed the acquisition of the GWS Tool Group for a deal valued at $863 million. This strategic acquisition is expected to position Sandvik as a rapidly growing provider of customized round tools, with substantial exposure to the general engineering and aerospace sectors. The GWS Tool Group, based in the US, is known for its expertise in manufacturing industrial cutting tools.

Major companies operating in the industrial tubes market report are China Baowu Steel Group Corporation Limited, Baoshan Iron and Steel Co. Ltd., POSCO, United Technologies Corporation, RTX Corporation, The Boeing Company, Airbus SE, Sumitomo Metal Corporation, Nippon Steel Corporation, Thyssenkrupp AG, Honeywell Aerospace Inc., JFE Steel Corporation, GE Aerospace, BAE Systems PLC, Safran S.A, Hyundai Steel Company, Thales Group, Anshan Iron and Steel Group Corporation, Kobe Steel Ltd., L-3 Communication Systems Inc., Hebei Iron and Steel Group Co. Ltd., Taiyuan Iron and Steel Group Corporation Limited, Nanjing Iron and Steel United Company, Teledyne Technologies Incorporated, Garmin Ltd., Curtiss-Wright Corporation, Cobham Limited, Meggitt PLC, Panasonic Avionics Corporation, Universal Avionics System Corporation. Asia-Pacific was the largest region in the industrial tubes market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global industrial tubes market share during the forecast period. The regions covered in the industrial tubes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The main types of industrial tubes include process pipes, mechanical tubes, heat exchanger tubes, structural tubes, and hydraulic and instrumentation tubes. Process pipes are used in piping systems to carry chemicals under pressure or vacuum, defining the value of piping systems used in chemical processes. These pipes are manufactured through seamless and welded processes using materials such as steel and non-steel. They find applications in industries such as oil and gas, petrochemical, automotive, mechanical and engineering, construction, and others.

The industrial tubes market size has grown strongly in recent years. It will grow from $599.06 billion in 2023 to $650.23 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to construction and infrastructure development, industrial manufacturing needs, oil and gas exploration, global economic conditions, infrastructure rehabilitation.

The countries covered in the industrial tubes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The industrial tube market consists of sales of steel, copper, titanium, and more. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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