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The steel tubes market size is estimated to grow by USD 37.78 billion at a compound annual growth rate (CAGR) of 6.69% between 2023 and 2028. The growth of the market depends on several factors such as infrastructure growth boosting steel tube demand although its progress is hindered by the growing preference for carbon fibers in automotive applications. Furthermore, there is a notable upward trend in the robust demand for seamless steel tubes.
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The welded segment is estimated to witness significant growth during the forecast period. Welded segment offer flexibility in terms of size, shape, and specifications, allowing for customization to meet specific project requirements. This versatility makes them highly sought after in various applications within the oil and gas industry.
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The welded segment was the largest and was valued at USD 49.98 billion in 2018. Welded steel tubes exhibit high strength and durability, making them suitable for withstanding harsh operating conditions, high pressure, and corrosive environments, which are prevalent in oil and gas operations. The need for welded tubes in various sectors continues to be driven by ongoing infrastructure developments, maintenance, pipeline expansions, and the overall growth of the energy industry. This sustained demand is expected to persist as the industry evolves and adapts to changing market demands and technological advancements, which will have a positive impact on the growth of the market during the forecast period.
Based on end-user, the market has been segmented into oil and gas, water and sewage, infrastructure and construction, automotive, and engineering. The oil and gas?segment will account for the largest share of this segment.?
APAC is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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APAC, known for its rapid industrialization and infrastructure development, indeed drives a high demand tubes across various sectors, including oil and gas, construction, automotive, and manufacturing. APAC countries are investing heavily in infrastructure projects, including energy pipelines, transportation networks, and construction. Rapid urbanization in countries such as China, India, and Southeast Asian nations has led to increased construction activities, boosting the demand in building structures, residential complexes, and commercial spaces.
In addition, with growing energy needs, particularly in emerging economies, there is a consistent requirement for pipelines and infrastructure in the oil and gas sector, contributing significantly to the demand. The demand is expected to continue its upward trajectory, driven by ongoing industrialization, urban development, and infrastructure projects in the region during the forecast period.
Infrastructure growth boosting steel tube demand is notably driving the market growth. The construction industry is one of the major consumers of steel tubes. Steel tubes are strong and lightweight, which makes them suitable for use in the construction of buildings and other infrastructures. Steel tubes are used in construction for structural support, frameworks, and building components. They are integral in constructing buildings, bridges, and other infrastructure due to their load-bearing capacity and resilience. In transportation, steel tubes are used for building bridges, tunnels, railings, and supporting structures for roads and highways.
Moreover, many new global infrastructural developments, such as the construction of smart cities, tech parks, shopping malls, high-rise buildings, highways, and other public infrastructures, such as hospitals, auditoriums, and schools, contribute largely to the global construction industry. The demand for high-strength and cost-effective construction materials is increasing in the modern construction industry, which, in turn, is expected to drive the growth of the market during the forecast period.
Robust demand for seamless steel tubes is one of the emerging market trends. Seamless tubes offer superior quality and performance compared with those of welded tubes. Their homogeneous structure and absence of weld seams make them stronger, more reliable, and better suited for high-pressure applications. Industries such as oil and gas, petrochemicals, and power generation often require seamless tubes due to their ability to withstand extreme temperatures, high pressures, and corrosive environments without compromising integrity. Seamless tubes are manufactured with precision, ensuring consistent dimensions, smooth surfaces, and higher tolerances, making them ideal for critical engineering and mechanical applications.
However, the consistent demand across industries is attributed to their exceptional performance, reliability, and suitability for critical applications where safety, durability, and structural integrity are paramount. High demand will boost the growth of the market during the forecast period.
Growing preference for carbon fibres in automotive applications is a significant challenge hindering the market growth. The demand for fuel-efficient vehicles is rising mainly due to volatile fuel prices. Steel is widely used in automotive applications due to its superior mechanical strength and corrosion resistance. However, one of the challenges for steel is its high weight and cost. The use of steel in automotive vehicles increases their overall weight and reduces their fuel efficiency. Owing to the increasing prices of petroleum and gas, automotive manufacturers worldwide are looking for solutions that can help reduce the weight of automobiles and enhance fuel efficiency.
Additionally, the demand for carbon fibre composites is increasing in the automotive industry, especially in the premium cars segment. Regulations regarding fuel efficiency and emissions levels are driving the automotive industry to reduce the weight of vehicles, thus creating challenges in the global steel tube vendors which, in turn, will negatively impact the growth of the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Ansteel Group Corp. Ltd.- The company offers steel tube products such as Pipeline steel which includes petroleum pipe construction.
The market growth analysis report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market growth and forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
The Global Steel Tubes Market witnesses robust growth, driven by demand from petrochemical plants and infrastructure projects worldwide. Essar Group, particularly in Odisha, India, plays a significant role in steel production, catering to giants like Exxon Mobil and Chevron Corporation, especially in regions like the Permian basin. Projects like the Nigeria-Morocco Gas Pipeline Project (NMGP), endorsed by the Economic Community of West African States (ECOWAS), bolster demand in West Africa, benefiting the seamless, electric resistance welded (ERW), submerged arc welded (SAW), and spiral types (SSAW) segments. Indian Oil Corporation (IOCL) contributes to the market from facilities in Mundra, Gujarat, and Panipat, Haryana, utilizing both longitudinal (LSAW) and spiral (SSAW) types to meet diverse industry requirements.
Steel Tubes Market Scope |
|
Market Report Coverage |
Details |
Page number |
163 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.69% |
Market Growth 2024-2028 |
USD 37.78 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.1 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 40% |
Key countries |
US, China, India, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
American cast iron pipe co., Ansteel Group Corp. Ltd., ArcelorMittal SA, Baosteel Group Corp., EVRAZ Plc, Gerdau SA, Hebei Metal Trading CO. LTD., Hyundai Steel Co., Jiangsu Shagang International Trade Co. Ltd., JFE Holdings Inc., Jindal SAW Ltd., Nippon Steel Corp., Nucor Corp., PAO TMK, POSCO holdings Inc., Rama Steel Tubes Ltd., Steel Authority of India Ltd., Tata Steel Ltd., thyssenkrupp AG, and US Steel Tubular Products Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our market forecasting report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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