Infrastructure growth boosting steel tube demand is driving the Steel Tubes Market
Technavio analyzes that the Steel Tubes Market is expected to grow at a CAGR of 6.69% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 37.78 billion.There are various factors that contribute to the growth of the market. The infrastructure sector's expansion is significantly driving the demand for steel tubes. With numerous infrastructure projects underway in various regions, the need for steel tubes as a key building material is on the rise. Steel tubes offer strength, durability, and versatility, making them an ideal choice for construction applications. Infrastructure development, therefore, serves as a crucial growth factor for the steel tube market.
In the realm of steel tubes, welded variants are a preferred choice due to their adaptability in terms of size, shape, and specifications. This flexibility caters to the unique demands of projects within the oil and gas industry. Welded steel tubes boast superior strength and resilience, enabling them to endure rigorous operating conditions, extreme pressures, and corrosive environments typical of oil and gas applications. Their widespread availability and mass production capabilities cater to the significant market demand from sectors like oil and gas, driven by infrastructure development, maintenance, pipeline expansions, and the energy industry's overall expansion.
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Steel Tubes Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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Seamless Steel Tubes and Welded Steel Tubes are essential in various industries, including the Oil & Gas and Automotive sectors. The former has a smooth interior surface finish and exterior surface options, making it suitable for transporting fluids and gases. Carbon steel, stainless steel, and alloy steel are used to make these tubes, with alloying elements enhancing corrosion resistance and emissions reduction. In high-temperature applications, Steel Casing Pipes are used. The Oil & Gas sector, Manufacturing industries, Construction, Mining, and Energy production rely on these tubes for their durability and ability to withstand harsh conditions. Both Seamless and Welded Steel Tubes have applications in industries that prioritize aesthetics, such as the Automotive sector. Fluids, gases, and high-temperature applications are all served by these tubes, with the former used for oil and gas transportation and the latter for energy production. Weld seams ensure strength and durability, while the choice between Seamless and Welded Steel Tubes depends on specific application requirements.
In the expansive metals and mining market, seamless steel tubes represent a significant segment. Technavio, a leading market research firm, classifies this sector under the broader steel market. The steel market encompasses entities involved in the manufacturing and provision of iron and steel, as well as related products. This market is a crucial component of the larger metals and mining industry, which generates revenue from aluminum, copper, gold, silver, steel, and diverse metals and mining activities, such as nonferrous metal mining, salt and borate mining, phosphate rock mining, and precious metals and minerals extraction, including platinum. The steel market's size is determined by the combined earnings of these entities.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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