Steel Tubes Market by Technology (Seamless, ERW, and SAW), Application (Oil & Gas, Chemicals and petrochemicals, Automotive & transportation, Mechanical engineering, Power plant, Construction, and Others), Distribution Channel (Offline Stores and Online Stores) and Geography –Global Forecast up to 2026
Steel Tubes Market is anticipated to grow at the rate of 6.3% CAGR by 2026. Steel tubes are tough, strong, and resistible metal tubes available in several shapes, such as square, rectangular, and round. The manufacturing process of these structures includes alloys of iron with several other materials such as carbon, tungsten, manganese, aluminum, and titanium. Steel tubes have a higher manufacturing tolerance, which supports enhancing their manufacturability and quality. The growth in property sales, houses, and construction expenditures has increased due to industrialization and population growth. Governments of several developing nations emphasize infrastructural developments, thereby resulting in the surge in demand for steel tubes. This is acting as fuel in the development of the steel tubes market. The characteristics such as corrosion-resistant, rust-free, and high reliability are the key properties and features of steel tubes, which are key factors boosting the market's growth. However, the availability of low-cost alternatives for steel tubes is impeding market growth.
Steel Tubes Market based on Technology
Steel Tubes Market based on Application
- Oil & gas
- Chemicals and petrochemicals
- Automotive & transportation
- Mechanical engineering
- Power plant
Steel Tubes Market based on Distribution Channel
- Offline Stores
- Online Stores (E-Commerce)
Steel Tubes Market based on Geography
- North America
- Asia Pacific
- Rest of the World
As per the product, the market is bifurcated into welded and seamless. The welded steel tubes segment will continue its domination in the steel tubes market. The welded steel tubes include wide varieties of pipes and tubes, such as line precision pipes, Hamilton poles, electric poles, tubular poles API pipes, and lightweight galvanized pipes for sprinkler irrigation. The swift growth in construction activities worldwide will augment the demand for welded steel tubes in the forecast period.
The oil & gas segment is assessed to lead the market and accounted for the highest revenue share based on application. The segment will maintain its dominant position over the forecast years due to the various oil & gas sector products, ranging from Oil production tubes to transportation process piping for refining crude oil into petroleum products.
Based on distribution channels, the market is divided into offline stores and online stores. Online Stores had the highest market share in the market, and it is estimated to grow at the highest CAGR. This distribution channel's high growth rate is due to the inclination of consumers towards offline to online stores. Also, nowadays, consumers are using traditional offline stores as they want to experience the touch and sense of the product before purchasing it, as they have to be sure that the product fulfills their requirements.
Based on the geography, the Asia Pacific region is appeared to be the leading region in the market. This is due to the increasing product consumption in the region. China, Japan, South Korea, Southeast Asia, and India are the key product consumers in the region due to the huge manufacturing, petroleum, and petrochemical sectors.
Steel tubes find a wide range of applications due to their outstanding operational features, such as strength and durability. The oil & gas industry is likely to have substantial growth across the globe with the rising energy requirements, and this is likely to remain one of the key drivers for the growth of the steel tubes market. Additionally, industrial infrastructures are undergoing developments, projected to enhance the demand for steel tubes worldwide. Thereby, quickly expanding industrial sectors worldwide is anticipated to boost demand for steel tubes in the upcoming years.
Key players present in the market are Borusan Mannesmann Boru Sanayi ve Ticaret A.S., American SpiralWeld Pipe Company, LLC, Arcelor Mittal, Ansteel, Liaoyang Steel Tube Co., Ltd, NSSMC, JFE Steel, Nucor Corporation, Shagang Group, Jindal SAW Ltd., Bao Pipes and Tubes, Gerdau, POSCO, Tata Steel and Hebei Iron and steel.
Therefore, steel pipes are likely to have various applications due to their durability. Oil, water, and gas applications are key applications where these tubes are mainly used owing to their outstanding features.
- A complete overview of the global Steel Pipes Market is provided in the report.
- This report also throws light on key markets such as North America, Europe, Asia-Pacific, and the rest of the world.
- Description and analysis of Market potential by technology, application, and distribution channel.
- Influence evaluation of key drivers and restraints and dynamics of the market and current trends in the enterprise.