Global Industrial Tubes Market is Expected to Increase around US$ XX Mn by 2025, Due to Increased Growth in the Global Petrochemical and Chemical Industry
The Global Industrial Tubes Market is anticipated to reach about US$ XX Mn by 2025, and anticipated to expand at a CAGR over seven years of forecast period 2019-2025” owing to increased growth in the global petrochemical and chemical industry.
Precision Business Insights (PBI) in its report titled “Global Industrial Tubes Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2014-2018 and Forecast 2019-2025” assesses the market performance over seven years forecast period from 2019 to 2025. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.
The global industrial tubes market size was accounted for US$ XX Mn in 2018 and anticipated to account for US$ XX Mn by 2025. Growth in the global petrochemical and chemical industry is the major factor responsible for the industrial tubes market. In addition, the power segment and growing energy is also driving the demand for industrial tubes. However rising prices of the industrial tubes will hinder the growth of industrial tubes market.
Global industrial tubes market segmented on the basis of type, material, manufacturing type and end user.
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Steel Tubes Segment Expected to Dominate the Market
Based on material the global industrial tubes market is segmented into steel and non-steel. Steel is expected to dominate the market because of its high strength, high durability, excellent chemical and corrosion resistance, and many other properties due to which it has a high consumption rate. It is widely used in the manufacturing of industrial tubes which has a wide application in the oil & gas and petrochemical, energy & power, oil, automotive, and many other industries. The steel segment is expected to account for the highest growth rate during the forecast period due to the rapidly growing end-use industries in emerging countries such as China and India.
Oil & Gas and Petrochemical Industry Segment Will Dominate the Revenue Share.
Based on end-user type, the market is segmented into oil & gas and petrochemical, automotive, chemical. The oil & gas industry is the dominant end user of steel and non-steel tubes, and therefore the growth in oil & gas production is the major driving factor for the industrial tubes market.
Asia Pacific, Accounts for Major Revenue Share for Global Industrial Tubes Market
Precision Business Insights (PBI), global industrial tubes market report analyses the market in different regions of North America, Europe, Asia Pacific, Latin America and Middle East and Africa. According to regional analysis, Asia Pacific accounted for major revenue share due to increased consumption of the chemical products. China and India has the highest populations among Asia Pacific. There is increased expansion of capacity in the petrochemical and chemical industry among the countries such as China and India due to increased consumption of the chemical products. North America growth is followed by Asia Pacific due to the economic growth. The growth in the construction industry will have a favorable impact on the growth of the North America industrial tubes market.
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Strategic Agreement Play Vital Role in Global Industrial Tubes Market
Market strategies such as collaboration play an important role in the development of the market. For instance, in November 2017, Vallourec S.A. received a contract to supply 16,000 tons of OCTG tubular solution to China National Offshore Oil Corporation (CNOOC), in Shenzhen, Shanghai, Tianjin, and Zhanjiang in China.
Key players in the market include Nippon Steel & Sumitomo Metal Corporation, Vallourec S.A., Sandvik AB, Tenaris, Tata Steel, Tubacex, United States Steel Corporation, Benteler, Aperam, AK Tube LLC
o Process Pipes
o Heat Exchanger
o Non Steel
By End Users
o Oil & Gas and Petrochemical
o North America
Rest of Europe
Rest of Asia Pacific
o Latin America
Rest of Latin America
o Middle East and Africa
Gulf Cooperation Council Countries(GCC)
Rest of MEA
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