The report “Industrial Tubes Market by Type (Process Pipes, Mechanical, Heat Exchanger, Structural), Material (Steel, Non-steel), Manufacturing (Seamless, Welded), End-use (Oil & Gas and Petrochemical, Automotive, Chemical), and Region – Global Forecast to 2023″, The industrial tubes market is projected to grow from USD 478.0 billion in 2018 to USD 632.6 billion by 2023, at a CAGR of 5.8% during the forecast period.
The growth of the industrial tubes market can be attributed to the increased demand for steel tubes in the oil & gas and petrochemical industry. In addition, the expansion activities in the chemical and petrochemical industries of APAC are expected to drive the industrial tubes market.
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[133 Pages Report] The industrial tubes market size is estimated at USD 478.0 billion in 2018 and is projected to reach USD 632.6 billion by 2023, at a CAGR of 5.8%. Growth in the global petrochemical and chemical industry is the major driver for the industrial tubes market. In addition, the growing energy & power segment is also driving the demand for industrial tubes.
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Industrial tubes possess unique properties such as strength, malleability, durability, metallurgical stability, formability, thermal stability, rigidity, and chemical & corrosion resistance, which enable them to be used in different forms and end-use industries. These properties are thus expected to drive the demand for industrial tubes during the forecast period.
The key players in the industrial tubes market include, Nippon Steel & Sumitomo Metal Corporation (Japan), Vallourec (France), Sandvik (Sweden), Tata Steel (India), Tubacex (Spain), AK Tube LLC (US), Benteler (Germany), US Steel (US), and Tenaris (Luxembourg). The industrial tubes market report analyzes the key growth strategies adopted by the leading market players, between 2015 and 2018, which include expansion, new product launch, merger & acquisition, and supply contracts.
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Nippon Steel & Sumitomo Metal Corporation is among the key players in the industrial tubes market, which has adopted both organic and inorganic strategies, such as expansion and merger & acquisition. Nippon Steel & Sumitomo Metal Corporation, which was formed with the merger of Nippon Steel Corporation and Sumitomo Metal Industries, Ltd in 2012, offers industrial tubes through steelmaking & steel fabrication business segment along with various other steel products such as steel plate, sheets, bars & rods, railway & automotive machinery parts, and titanium products. The company has a strong product portfolio of tubes for various industries such as oil & gas, automotive & transportation, power, construction, and industrial machinery. It is one of the leading industrial tube manufacturing companies, globally. It has a strong presence across 12 countries in APAC, Europe, North America, the Middle East & Africa, and South America.
Vallourec SA is one of the leading manufacturers of industrial tubes. Seamless tubes, which is a part of the company’s business segment, accounted for 98.2% of the company’s total revenue, in 2017. The company offers a wide range of seamless industrial tubes of various materials. It offers industrial steel tubes for automotive, marine & aerospace, construction, energy & power, oil & gas and refineries, food & beverages, chemical & petrochemical, and mechanical engineering industries. In the past four years, the company has mainly focused on new product development strategy to exceed in the industrial tubes market. The company has operations in more than 20 countries in APAC, North America, South America, Europe, and the Middle East & Africa. It has 50 production units and 6 R&D centers across the globe.