The global industrial tubes market is expected to witness significant growth owing to its requirements in a broad range of structural applications and processing conditions across various industries. In addition, these high strength steel tubes with excellent resilience value offer superior load-bearing capacity for engineering applications is expected to propel growth over the projected period.
Industry participants are utilizing a broad spectrum of materials including carbon steel and other steel alloys for manufacturing steel tubes for building machine structure and their components. Products such as electric welded resistant carbon steel tubes are used in automotive structural purposes. Moreover, excellent strength and low-temperature properties offered by steel tubes provide high utility in marine structures. Thus, rising global shipbuilding activities including yacht and cruise ships are expected to bolster the overall demand for industrial tubes.
Industrial tubes are broadly used in process utilities for applications including coiled tubing and pipe tracing systems. Rising energy loss concerns in various industries especially located in colder areas are affecting the operational efficiencies of the manufacturing facilities. Thus, it is expected to promote the application of a heat tracing system in plants, thereby providing an impetus to the growth of the industrial tubes market over the forecast period.
The application of seamless steel coiled tubing in hydraulics and instrumentation system effectively reduces the leakage concerns. It reduces the number of joints and also offers convenient installation especially in vertical installation applications. In addition, coiled tubing enhances the overall integrity of the system thereby reducing the leakage risks and also minimizing the maintenance cost.
Steel tubes dominate the industrial tubes market owing to superior mechanical characteristics, geometric tolerance, and weldability offered by the product. Thus, steel industrial tubes offer high utility in a lightweight, high load-bearing capacity structures with contained overall weight are required. Advancement in materials for the manufacturing of industrial tubes especially for the offshore jacket structures coupled with rising global offshore exploration activities is expected to provide an impetus to the growth of the industrial tubes market.
The industrial tubes market is segmented based on two manufacturing types including seamless tubes and welded tubes. Seamless tube types are to remain dominant in the market in the future on account of high penetration in oil & gas applications such as riser pipes, OCTG, subsea flow lines, heat exchanger tubes, and instrumentation tubes. In addition, the rising consumption of seamless tubes chemical industry is expected to bolster the market growth over the forecast period.
Commercially, the industrial tubes are majorly used for application segments including heat exchanger tubes, mechanical tubes, structural tubes, hydraulic & instrumentation tubes. In addition, industrial tubes are used for manufacturing precision tubes, capillary tubes, and boiler tubes. Shell and tube heat exchanger comprises of several tubes installed inside a cylindrical shell. Major oil and gas production companies across the globe are preparing themselves for the future crash in crude oil prices considering the current fluctuations. The aforementioned trend will promote the installation of efficient heat exchangers to positively impact the profitability of the oil firm, as heating and cooling remain the most expensive part of oil and gas production.
The industry is witnessing commercialization of AI-based heat exchanger control and monitoring system that focused on heat recovery and optimum utilization of latent and sensible from flue gas leading to a positive outlook for clean coal power. Thus, it is expected to drive the demand for heat exchangers in coal power plants. Moreover, the emerging trend of implementing robotics and intelligent automation systems to develop smart factors is also expected to provide traction to the AI integrated heat exchanger systems thereby positively influencing the demand for industrial tubes across the manufacturing sector.
Industrial tubes find applications in a wide range of end-use industries including oil & gas, automotive, mechanical & engineering, construction, and chemical industry. Industrial tubes also find a broad range of structural and processing applications in the automotive industry owing to superior strength to weight ratio offered by the product. The demand for lighter component solutions is a key driver in the automotive industry. Tube hydroforming is gauged as one of the potential enabling technologies to manufacturing lightweight components
The demand for industrial tubes is expected to witness the fastest growth in the Asia Pacific owing to the burgeoning manufacturing sector coupled with rapid construction industry growth. Emerging economies such as India are witnessing substantial growth in the commercial infrastructure segment owing to a rise in public investment. In addition, the region is also witnessing a notable expansion in automotive production capacity owing to a robust demand outlook. The cumulative effect of all the aforementioned trends is expected to promote the demand for industrial tubes in the Asia Pacific in the near future.
The industrial tubes manufacturing industry experiences a high competitive rivalry owing to the presence of a large set of manufacturers including global giants as well as small and medium enterprises. However, the industry exhibits a vast product portfolio to cater to a broad spectrum of applications in various industries. Thus, a notable number of players in the market cater to only specific end-use industries with a limited product line. Some of the key players in the global industrial tubes market include Nippon Steel & Sumitomo Metal Corporation (NSSMC) (Japan), Vallourec S.A. (France), Sandvik AB (Sweden), Tenaris (Luxembourg), and Tata Steel (India).
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