(MoneyNewsWire.Net, January 28, 2020 ) According to the latest report by IMARC Group, titled “Steel Tubes Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global steel tubes market witnessed positive growth in 2018. Steel tubes are long, hollow tubes, which are made from alloys of iron with carbon, titanium and tungsten, among other elements. Their production process involves raw steel, which is cast into a workable starting form and is further stretched into a seamless tube or sealed into a weld. These tubes are extremely strong and durable, have high resistance to heat and corrosion, and can withstand high pressure. In addition to this, steel tubes are relatively lightweight, efficient and versatile. As a result, they are widely utilized for underground transportation of water and gas as well as across the construction sector to protect electrical wires.
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Global Steel Tubes Market Trends:
The extensive application of steel tubes across various industries around the world is one of the key factors driving the market growth. These tubes are gaining preference in the construction sector owing to their rust-free and corrosion-resistant nature. A significant increase in construction activities on account of continuous infrastructural developments on a global level is further propelling the market growth. Moreover, the booming oil and gas industry is also creating numerous growth opportunities for the steel tubes market. These tubes form an integral part of various industrial operations, such as the transportation of fluids, and in the form of conveyor belt rollers and casings for concrete pilings. Also, they are utilized in the heating, ventilation, and air conditioning (HVAC) and refrigeration equipment, as well as in the automotive sector, which is augmenting the demand for steel tubes across the globe. On account of the aforementioned factors, the market is expected to grow at a CAGR of around 5% during 2019-2024.
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Insights on Market Segmentation:
Breakup by Product Type:
1. Seamless Steel Tubes
2. Welded Steel Tubes
On the basis of the product type, the market has been bifurcated into seamless and welded steel tubes.
Breakup by Material Type:
1. Carbon Steel
2. Stainless Steel
3. Alloy Steel
Based on the material type, the market has been divided into carbon, stainless, alloy and other types of steel.
Breakup by End Use Industry:
1. Oil and Gas
3. Infrastructure and Construction
5. Water Treatment and Sewage
On the basis of the end use industry, the market has been segregated into oil and gas, petrochemicals, infrastructure and construction, automotive, water treatment and sewage, and others.
Breakup by Region:
1. Asia Pacific
3. North America
4. Middle East and Africa
5. Latin America
On the geographical front, the market has been classified as Asia Pacific, Europe, North America, Middle East and Africa, and Latin America.
The competitive landscape of the market has also been studied in the report with the detailed profiles of the key players operating in the market.
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