New York, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Industrial Tubes Global Market Report 2022" - https://www.reportlinker.com/p06351355/?utm_source=GNW
The global industrial tubes market is expected to grow from $494.31 billion in 2021 to $544.15 billion in 2022 at a compound annual growth rate (CAGR) of 10.1%. The industrial tubes market is expected to grow to $715.36 billion in 2026 at a CAGR of 7.1%.
The industrial tube market consists of sales of industrial tubes by entities (organizations, sole traders, partnerships) that are used for the transportation of solids and fluids.Solids and fluids are transported by industrial pipelines.
Industrial tubes convey water, gas, sewage, and other materials, as well as provide critical services to businesses such as oil and natural gas pipelines, power plants, chemical processing facilities, refineries, steel mills, and paper mills.
The main types of industrial tubs are process pipes, mechanical tubes, heat exchanger tubes, structural tubes, and hydraulic and instrumentation tubes.Process pipes refer to piping systems that carry chemicals under pressure or vacuum.
It is used to define the value of piping systems that are used in chemical processes.The industrial pipes are manufactured through the seamless and welded manufacturing process that uses several materials, such as steel and not steel.
It is employed in oil and gas and petrochemical, automotive, mechanical and engineering, construction, and other end users.
Asia Pacific was the largest region in the industrial tubes market in 2021.Asia Pacific is expected to be the fastest-growing region in 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 and Africa.
The industrial tubes market research report is one of a series of new reports that provides industrial tubs market statistics, including global industrial tubs industry market size, regional shares, competitors with an industrial tubs market share, detailed industrial tubs market segments, market trends and opportunities, and any further data you may need to thrive in the industrial tubs industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The rise in the oil and gas industry is expected to propel the growth of the industrial tubes market going forward.The oil and gas sector focuses on exploration, development, drilling, production, refining, distribution, and transportation of hydrocarbons.
The industrial tubes are designed to transport crude and refined petroleum, as well as fuels such as oil, natural gas, and biofuels, efficiently. For instance, according to the India Brand Equity Foundation, an India-based government export promotion agency, as of September 2021, India’s oil refining capacity stood at 248.9 million metric tonnes per annum (MMTPA). Also, India’s crude oil production in FY22 till January stood at 32.2 MMT. Additionally, according to the U.S. Energy Information Administration, a US-based Federal Statistical System for the energy sector, in April 2022, the crude oil production in the US stood at 348,849 barrels. Therefore, the rise in the oil and gas industry is driving the demand for the industrial tube market.
Product advancement is the key trend gaining popularity in the industrial tube market.Major companies operating in the industrial tubes market are focused on developing technologically advanced products to strengthen their market position.
For instance, in July 2021, NobelClad Europe GmbH, a Germany-based metal composite cladding company, launched DetaPipe, a high-performance clad-metal pipe product, developed for use in corrosive, high-temperature, and high-pressure industrial processing environments.A patented manufacturing process is used to combine corrosion-resistant alloys including zirconium and titanium with less expensive base metals such as carbon steel to create DetaPipe.
Compared to solid titanium or zirconium pipe, the product offers better performance and fracture toughness. DetaPipe is expected to be used in the processing of monoethylene glycol, a critical component of polyester, as well as other critical chemical compounds such as epichlorohydrin (ECH), melamine, and urea.
In December 2021, Sandvik, a Sweden-based engineering company, acquired the GWS tool group for a deal amount of $863 million.Through this acquisition, Sandvik is expected to become a fast-growing provider of made-to-order round tools with significant exposure to the general engineering and aerospace segments.
GWS Tool Group is a US-based manufacturer of industrial tubes.
The countries covered in the industrial tubes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06351355/?utm_source=GNW
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