NEWARK, Del: According to a Future Market Insights (FMI) report, the industrial tubes market is poised to reach an impressive US$ 604.6 Billion by the end of 2023. What’s even more striking is the projected growth during the forecast period spanning from 2023 to 2033, with industrial tubes sales expected to surge at a remarkable Compound Annual Growth Rate (CAGR) of 7.7%. This growth trajectory suggests that by the conclusion of 2033, the market’s total size could soar to an astonishing US$ 1.3 trillion.
The industrial tubes market encompasses a broad spectrum of sectors involved in the manufacturing, distribution, and sale of tubing designed for a multitude of industrial applications. These tubes, often cylindrical in shape, are crafted from various materials including metals like steel, aluminum, and copper, as well as plastics and composites.
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The industrial tubing market offers a wide variety of types, shapes, sizes, and specifications in products to meet the specific needs of sectors. Common industrial tubes include seamless tubing, welded tubing, ERW (electric resistance welded) tubing, LSAW (longitudinal submerged arc welded) tubing, and spiral welded tubing.
Key factors driving the industrial tubes industry include economic growth, infrastructure development, urbanization, industrialization, and technological advancement. As industries expand and modernize, there is a growing demand for industrial tubing to support a variety of applications. These include plumbing, HVAC systems, structural frameworks, mechanical components, electrical wiring, and piping networks.
The Industrial Tubes Market is influenced by factors such as the availability and price of raw materials, technological developments in the manufacturing process, regulatory requirements, safety standards, and environmental considerations.
Market players in the industrial tubing segment include manufacturers, distributors, suppliers, and end users who rely on these tubing for their operations.
The industrial tubes industry also plays a key role in supporting the infrastructure, manufacturing, and industrial sectors by providing essential tubing solutions. These solutions find use in fluid transportation, structural support, and other similar applications. Market growth is driven by continued demand for reliable and efficient tubing products across sectors.
Key Takeaways from this Market Research:
- According to Future Market Insights (FMI), the global market is set to reach US$ 604.6 Billion by 2033.
- Through 2033, sales in China are likely to soar at 7.6% CAGR.
- The United Kingdom is estimated to be valued at US$ 47.3 Billion, growing at a CAGR of 7.4% through 2033.
- Based on the manufacturing method, the wired segment is estimated to exhibit a CAGR of 7.4% in the assessment period.
- In terms of material, the steel category is projected to showcase a CAGR of 7.5% from 2023 to 2033.
“Increasing demand for practical packaging solutions and the ongoing requirement for manufacturing procedures are anticipated to drive market growth.” Lead Analyst at Future Market Insights, Inc.
Competitive Landscape:
Competitive scenarios provide predictive analysis of several business growth strategies of vendors.
The key manufacturers and companies are directed toward Mergers and acquisitions, Agreements, Cooperation and partnerships, New Product Introductions and improvements, Investments and financing, Awards, Evaluations and expansions.
All collected information helps providers understand market gaps and competitor strengths and weaknesses, providing insights to improve their products and services.
For instance,
- In January 2020, Sandvik AB completed the acquisition of Summerill Tube Corporation, a manufacturer of high-precision stainless steel and nickel alloy tubes for various industries such as aerospace, petrochemicals, and transportation.
- In December 2019, Cleveland Cliffs announced the acquisition of AK Steel Corporation, a manufacturer of carbon steel, stainless steel, and electrical steel products for several industries, including the automotive industry.
Key Companies Profiled:
- Acciai Speciali Terni S.P.A.
- Divine Tubes Pvt. Ltd
- Eisenbau Krämer Gmbh
- Halcor
- Heavy Metals & Tubes Ltd.
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More Insights Available:
Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the Industrial Tubes Market presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals segments in terms of material (steel, non-steel) manufacturing method (wired, seamless) end-use (oil & gas petrochemical, automotive, mechanical & engineering, chemical) from 2023 to 2033.
Market Segmentation:
By Material:
- Steel
- Non-Steel
By Manufacturing Method:
- Wired
- Seamless
By End-Use:
- Oil & Gas Petrochemical
- Automotive
- Mechanical & Engineering
- Chemical
- Others
About the Industrial Automation Division at Future Market Insights (FMI):
Expert analysis, actionable insights, and strategic recommendations – the industrial automation team at Future Market Insights (FMI) helps clients from all over the globe with their unique business intelligence needs.
With a repertoire of over 1,000 reports and 1 Million+ data points, the team has analyzed the industrial automation domain lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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Note: This post was originally published at – https://www.chronicles24.com/index.php/2023/09/19/industrial-tubes-market-poised-for-remarkable-growth-predicted-to-surge-to-us-1-3-trillion-by-2033-fmi-research/
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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