New Jersey, NJ, July 31, 2019 (GLOBE NEWSWIRE) -- Increasing demand for steel tubes from the oil & gas and petrochemical industry along with the ongoing expansion activities in the chemical and pharmaceuticals industries of Asia Pacific region are the factors that are fuelling the growth of the global industrial tubes market. The global industrial tubes market is expected to grow from USD 426.51 Billion in 2017 to USD 677.28 Billion by 2025, at a CAGR of 5.95% during the forecast period from 2018-2025, according to the new report published by Fior Markets.
Industrial tubes are long, hollow cylindrical shaped materials that are used for diverse purposes. Industrial tubes are manufactured by two distinct methods which result in either a welded or seamless pipe. Industrial tubes have many advantages such as a variety of applications, a wide range of sizes, easy to join and install, corrosion resistance and versatility. Industrial tubes are widely used in the oil & gas and chemical industry for the variety of applications such as heat exchanger, structural etc.
Although the factors such as rising utilization of steel tubes in end-user industries, superior properties of industrial tubes are driving the global industrial tubes market, the highly competitive nature of the market and the volatility in the raw material prices are anticipated to prove the major restraining factors for the market growth. However, growing investment on the discovery and development of oilfields and rapid development of pharmaceuticals and chemicals industry in Asia Pacific region is expected to develop new opportunities for the global industrial tubes market growth in upcoming years.
DOWNLOAD FREE SAMPLE REPORT AT https://www.fiormarkets.com/report-detail/385929/request-sample
Key players operating in the market are Nippon Steel & Sumitomo Metal Corporation (NSSMC), Vallourec S.A., Sandvik AB, Tenaris, Tata Steel, Tubacex, United States Steel Corporation, Benteler, Aperam, AK Tube LLC, Acciai Speciali Terni S.P.A., Kme Germany Gmbh & Co Kg, Wieland, Hutmen S.A., Macsteel, Tubos Apolo, Ratnamani Metal & Tubes Ltd, Jindal Saw Ltd., Heavy Metals & Tubes Ltd., Ssp Corporation, Divine Tubes Pvt. Ltd, Sanghvi Overseas, Halcor, Eisenbau Krämer Gmbh, and among others. Key players active in the market are involved in collaborative agreements and expansion to bolster the growth of the market.
- India and China are witnessing a tremendous amount of the capacity expansion activities in the chemical and petrochemical sectors. Thus to effectively satisfy the rising demand for industrial tubes from these sectors, major firms are increasingly focusing on expanding their production capacities. For instance, APL Apollo Tubes in 2017, announced its intentions to increase their industrial tubes production capacity to 2000 kilotons by the end of the year.
- To gain the foothold in the rapidly growing Asia Pacific region and especially in India and China, the major global players are taking the route of acquiring the local players. For instance, Spanish firm Tubacex in 2015, announced the acquisition of seamless stainless steel tubes division of Prakash Steelage Ltd.
Process pipe segment is anticipated to grow at a CAGR of 7.98% in 2018-2025
Type segment is divided into process pipes, structural tubes, heat exchanger tubes, mechanical tubes, hydraulic & instrumentation tubes, and others. Due to their extensive use in the chemical, pharmaceutical and petrochemical industries the process pipe segment is projected to grow at the highest CAGR of 7.98% over the forecast period.
Steel segment had a market value of USD 287.51 billion in 2017
Material is segmented into steel and non-steel. Owing to the lack of viable low-cost substitute with similar properties the steel tube segment emerged as the leader in the global industrial tubes market with USD 287.51 billion revenue in 2017.
The seamless segment had a market value of USD 250.87 billion in 2017
Manufacturing process segment is categorized into welded and seamless. Due to their superior properties to withstand pressure, greater strength under loading as well as uniformity of shape the seamless pipes segment led the global industrial pipes segment with USD 250.87 billion revenue in 2017. In the welded process, tubing starts off as a flat strip of metal. The strip is formed into a tube through a series of rollers and the join, also called the seam, is then welded together.
Browse full report with TOC at https://www.fiormarkets.com/report/industrial-tubes-market-by-type-process-pipes-mechanical-385929.html
Oil and gas industry segment had a market value of USD 168.13 billion in 2017
End User industry is segmented into oil & gas, petrochemical, automotive, construction chemical and others. Industrial pipes are widely used in the oil & gas industry for a variety of applications such as process pipes, riser pipes, subsea flowlines, and heat exchanger tubes etc. Thus rise in the offshore oil fields development activities led the oil & gas segment to emerge as the largest end user segment with USD 168.13 billion revenue in 2017.
Region Segment Analysis of the Industrial Tubes Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific region emerged as the largest market for the industrial tubes with a 35.49% share of market revenue in 2017. The rapid expansion of chemical, pharmaceuticals, as well as the petrochemical industry coupled with rising demand for the automobiles within the region, led Asia Pacific to dominate the global industrial tubes market in 2017. Middles East region also accounted for a significant share of the global industrial pipes market, due to its well-developed oil & gas industry. The major consumption of the industrial tubes is from the oil & gas industry applications that includes OCTG, topside process pipes, riser pipes, heat exchanger tubes, or instrumentation tubes.
About the report:
The global industrial tubes market is analysed on the basis of value (USD Billion), volume (Kilotons), consumption (Kilotons), imports (Kilotons) and exports (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
For Instant Purchase: https://www.fiormarkets.com/checkout.html?reportid=385929&type=single
Customization of the Report:
The report can be customized as per client requirements. For further queries, you can contact us on sales@fiormarkets.com or +1-201-465-4211. Our executives will be pleased to understand your requirements and offer you the best-suited reports.
About Fior Markets
Fior Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients’ objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market intelligence research reports including industries like technology, pharmaceutical, consumer goods, food and beverages, chemicals, media, materials and many others. Our Strategic Intelligence capabilities are purposely planned to boost your business extension and elucidate the vigor of diverse industry. We hold distinguished units of highly expert analysts and consultants according to their respective domains. The global market research reports we provide involve both qualitative and quantitative analysis of current market scenario as per the geographical regions segregated and comprehensive performance in different regions with global approach. In addition, our syndicated research reports offer a packaged guide to keep companies abreast of the upcoming major restyle in their domains. Fior Markets facilitates clients with research analysis that are customized to their exact requirements, specifications and challenges, whether it is comprehensive desk research, survey work, composition of multiple methods, in-detailed interviewing or competitive intelligence. Our research experts are experienced in matching the exact personnel and methodology to your business need.
Contact Us
Avinash D
Head of Business Development
Phone: +1-201-465-4211
Email: sales@fiormarkets.com
Web: www.fiormarkets.com
Blog: http://topnewsherald.com
Related Reports
- Global Catalyst Market - https://www.fiormarkets.com/report/catalyst-market-by-material-metal-chemical-zeolites-organometallic-385918.html
- Global Engineered fluids (Fluorinated Fluids) Market - https://www.fiormarkets.com/report/engineered-fluids-fluorinated-fluids-market-by-type-lubricants-385921.html
- Global Exterior Insulation and Finish System (EIFS) Market - https://www.fiormarkets.com/report/exterior-insulation-and-finish-system-eifs-market-by-385922.html
- Global Flexible Elastomeric Foam Market - https://www.fiormarkets.com/report/flexible-elastomeric-foam-market-by-type-natural-rubber-latex-385923.html