Global Industrial Tube Market Assessment, Opportunities and Forecast, 2030

Global industrial tube market size was valued at USD 572.4 billion in 2022, which is expected to grow to USD 940.2 billion in 2030, with a CAGR of 6.4% during the forecast period between 2023 and 2030. The expansion of the energy sector, particularly in the oil and gas industry, generates a significant demand for tubes across various applications for various end users, such as pipelines, refineries, and petrochemical plants. Concurrently, within the manufacturing industry, industrial tubes play an indispensable role as a fundamental component within the machinery, equipment, and manufacturing process, thus significantly propelling the overarching growth of the market.

Parallelly, innovation in the automotive industry is expected to drive the demand for tubes due to its diverse application in exhaust systems, fuel transport, chassis components, and heat exchangers, effectively reinforcing the industrial tubes industry’s persistent growth trajectory. Furthermore, the flourishing expansion of renewable energy sources amplifies the imperative for tubes, particularly in the construction of support structures, which helps in the effective distribution of energy harnessed from various sources such as wind and solar installations.

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Expanding Oil and Gas Sector

The expansion of the oil and gas sector, encompassing activities like exploration, drilling, and transportation, significantly propels the demand for industrial tubes utilized in vital applications such as pipelines, refineries, and petrochemical plants. This expansion concurrently drives the growth of the global industrial tube market by integrating tubes as essential components within diverse manufacturing processes, industrial applications, machinery, equipment, and manufacturing lines, thus fostering growth across the market.

For instance, constructing the Vista Pacifico Liquefied Natural Gas (LNG) Plant is a substantial USD 2 billion endeavor to establish an LNG export terminal in Topolobampo, Mexico’s Municipality of Ahome. This project is on track to become operational by the conclusion of 2025. Similarly, the Alexandroupolis ILNG terminal, with an investment of USD 436 million, entails the creation of an offshore LNG terminal off the coast of Alexandroupolis, Greece, with anticipated completion in Q1, 2024. Consequently, these expansive initiatives within the oil and gas sector are expected to drive the demand for the global industrial tubes market.

Increasing Renewable Energy Projects

The expansion of renewable energy sources, exemplified by wind and solar power, generates a substantial demand for tubes that play a pivotal role in supporting the infrastructure of these sustainable energy projects. Specifically, these tubes find indispensable application in key components such as wind turbine towers, which require robust support structures to harness wind energy effectively, and solar panel supports, essential for optimizing the positioning and efficiency of solar panels in converting sunlight into energy. As the renewable energy sector continues its upward trajectory, the demand for industrial tubes remains a vital driver within the industrial market.

For instance, in 2022, Amazon substantially boosted its renewable energy capacity, augmenting it by 8.3 gigawatts (GW) through implementing 133 new projects spanning 11 nations. This elevated Amazon’s cumulative portfolio to exceed 20 GW, a capacity equivalent to powering around 5.3 million households in the United States. These accomplishments are attributed to a network of 401 renewable energy projects dispersed across 22 countries, underscoring the pivotal role of renewable energy expansion as a significant driver for the global industrial tube market.

Impact of COVID-19

The COVID-19 pandemic disrupted global supply chains, including those involved in producing and distributing industrial tubes and their raw materials. The supply chain for industrial tubes faced challenges due to factory closures and transportation limitations. Lockdown measures and economic slowdowns reduced demand across various sectors, including construction, automotive, and aerospace, weakening the need for the industrial tubes. Moreover, the oil and gas sector encountered unparalleled challenges due to a significant drop in oil prices resulting from a decreased global market and a price war among major oil-producing nations. This scenario led to project cancellations and reductions in spending, further impacting the demand for tubes utilized within this sector.

Impact of Russia-Ukraine War

The ongoing conflict between Russia and Ukraine has impacted the energy sector, specifically the natural gas and oil supply. Given that energy projects are significant users of industrial tubes, the shifts in the energy market resulting from the conflict indirectly affect the demand for tubes. The import bans of Russian crude oil by the United States and Western European countries have shifted oil and gas trade routes. The United States increased its production capacities to meet Europe’s demand and Russia started to sell its crude oil to China. This new scenario led to increased demand for industrial tubes as the construction of pipelines took place to align with the new trade routes.

Global Industrial Tubes Market: Report Scope

“Industrial Tubes Market Assessment, Opportunities and Forecast, 2016-2030F” is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative & quantitative assessment of the current state of the industrial tubes market globally, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, COVID-19 and Russia-Ukraine war impact, opportunities, and forecast between 2023 and 2030. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business model, competitive intelligence, etc.

Click here for full report- https://www.marketsandata.com/industry-reports/industrial-tube-market

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