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The Global Pipe And Tubing Tools Market size is estimated to grow by USD 577.4 million and the size of the market is forecast to increase at a CAGR of 3.37% between 2022 and 2027. The growth of the market depends on several factors, including the rise in construction activities, increased adoption of horizontal drilling in oil and gas extraction, and the expansion of crude oil and natural gas pipelines.
This report extensively covers market segmentation by type (piping equipment and tubing equipment), end-user (oil and gas, water and wastewater, infrastructure and construction, and others), and geography (North America, APAC, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The reports categorize the global pipe and tubing tools market as a part of the global industrial machinery market. The parent, the global industrial machinery market, covers companies engaged in manufacturing industrial machinery and components covering presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. The global industrial machinery market is expected to grow at a moderate pace. Technavio calculates the global industrial machinery market size based on combined revenue generated by manufacturers of machinery and components used in the industrial environment. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The rise in construction activities is notably driving the market growth, although factors such as sluggish steel demand and a decline in steel capacity utilization may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Pipe and Tubing Tools Market Driver
The rise in construction activities is notably driving the pipe and tubing tools market growth. Construction activities are gaining pace in both developed and developing countries across the world. For example, in India, government initiatives such as the Smart Cities Mission, Make in India, and Housing for All programs are triggering construction activities in the country. Under the Smart Cities Mission, many cities are planned to be completed by 2022. These cities include capitals and major cities of states.
In developed regions such as the US and Europe, construction activities are gaining momentum, especially in the residential sector. Construction outlook in about 19 major countries of Europe shows bright prospects, with the Irish construction market likely to exhibit major growth in upcoming years. Similarly, in the US, the residential sector is expected to grow at a steady rate over the forecast period. As a result of these factors, the demand for tools used in the manufacturing and forming of pipes and tubing is increasing. Thus, the rise in construction activities will drive the growth of the global pipe and tubing tools market during the forecast period.
Key Pipe and Tubing Tools Market Trend
The increasing online sales of pipe and tubing tools is the primary trend driving the pipe and tubing tools market. The rapid penetration of the internet and increasing consumer preference for online shopping are encouraging market vendors to expand their presence online. Vendors are entering the e-commerce space through attractive websites and a wide range of products that cater to customer needs. With the rise in e-retailing, some vendors are focusing on making their business omnipresent worldwide. This ensures that their products are available to diverse customers across regions, even without being physically present in the country.
Companies such as Amazon, Tolexo, Home Depot, and Snap-On are allowing customers to choose hand tools from a variety of products online and buy according to their needs. The online availability of pipe and tubing tools is not only making it convenient for customers but also save their time by providing quick delivery options. This trend will foster the growth of the global pipe and tubing tools market during the forecast period.
Key Pipe and Tubing Tools Market Challenge
Sluggish steel demand and a decline in steel capacity utilization are the major challenges impeding market growth. The steel industry has been witnessing sluggish growth over recent years. This can be attributed to the poor global economic environment, which has resulted in low consumption of steel across various sectors. Although some developed countries are recovering and witnessing positive growth, the market in China, the largest steel producer in the world, is experiencing slow growth because the country is moving to a consumption-based economy from an investment-led economy.
In addition, the excessive production capacity of steel manufacturers has resulted in reduced profit margins. Steel manufacturers are investing in capacity expansion at a rapid pace because of the availability of relatively attractive interest rates for new investments, low production costs, and an open international market. The Chinese government is now making efforts to restructure the steel industry by increasing its efficiency and shutting down some of the excess capacity. However, these efforts have been ineffective and are becoming hurdles to the growth of steel manufacturers. All these factors are negatively impacting the global pipe and tubing tools market growth.
Key Pipe and Tubing Tools Market Customer Landscape
The 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Pipe and Tubing Tools Market Customer Landscape
Vendors 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.
AXXAIR - The company offers pipe and tubing tools that are used to tighten and loosen nuts and fittings on pipework.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
Technavio has segmented the pipe and tubing tools market based on the type of piping equipment and tubing equipment. The market share growth by the piping equipment segment will be significant during the forecast period. Piping equipment includes valves, flanges, and actuators. The flange is a component of pipeline equipment that is used to interconnect pipes, valves, pumps, and other pieces of equipment. It is one of the essential pieces of equipment. Flanges make cleaning, inspection, and modification easier. Actuators are responsible for the movement and control of any mechanism or system, such as opening a valve. The application of valves ranges from regulating the flow of oil upstream to safeguarding the machinery by regulating the flow of oil and gas in the midstream and during the downstream refining of crude oil.
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The piping equipment segment showed a gradual increase in the market share of USD 1,594.58 million in 2017 and continued to grow by 2021. Piping equipment such as flange is one of the essential pieces of equipment. Flanges are extensively used in applications such as cleaning, inspection, and modification. Similarly, actuators find many applications in hazardous or explosive environments in the oil and gas industry and are responsible for regulated movement.
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North America is projected to contribute 34% of the market growth by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America is the major market for pipe and tubing tools. This can be attributed to factors such as high crude oil and natural gas exploration and production (E&P) activities, expansion of crude oil and natural gas pipelines, and new refining capacity additions in the region. Major multinational companies in the US are relocating their manufacturing plants from developing regions such as APAC to neighbouring countries, such as Canada and Mexico. This shift in the manufacturing units is attracting investments, which is propelling the demand for pipe and tubing tools and fostering the growth of the regional market.
In 2021, with the introduction of vaccines, the number of COVID-19 cases declined in North America, which led to the lifting of restrictions, propelling the resumption of operations of several delayed oil and gas pipeline projects. It also helped restore operations across manufacturing facilities of other end-user industries. Thus, with an increase in oil and gas production and resumption of operations across end-user industries, the regional demand for pipelines is expected to rebound during the forecast period, driving further the growth of the pipe and tubing tools market in North America.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by type, end-user, and region.
Pipe and Tubing Tools Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.37% |
Market growth 2023-2027 |
USD 577.4 million |
Market structure |
Fragmented |
YoY growth (%) |
2.9 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
North America at 34% |
Key countries |
US, Canada, China, Japan, Germany, and Russia |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AXXAIR, DWT GmbH, Emerson Electric Co., ESCO Tool Co., G.B.C. Industrial Tools Spa, JF Tools India, KRAIS Tube Expanders, Madison Industries, MAXCLAW TOOLS Co. Ltd., Parker Hannifin Corp., PHI, Reed Manufacturing Co., Snap on Inc., Stanley Black and Decker Inc., Subzero Tube Tools Pvt. Ltd., Swagelok Co., Techtronic Industries Co. Ltd., Thomas C. Wilson LLC., Illinois Tool Works Inc., and The Lincoln Electric Co. |
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, and market condition analysis for the forecast period. |
Customization purview |
If our 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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