Industrial Tubes Market Worth $632.6 Billion by 2023 - Exclusive Report by MarketsandMarkets

CHICAGO, Feb. 15, 2019 /PRNewswire/ -- According to the new research 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", published by MarketsandMarkets, 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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Increasing consumption of steel tubes in end-use industries

In the Industrial Tubes Market, the demand for tubes, mainly steel tubes, is projected to be driven by the performance of the end-use industries such as oil & gas and petrochemical, construction, and automotive. The oil & gas industry is the dominant end user of steel tubes, and therefore, the growth in oil & gas production is the major driving factor for the Industrial Tubes Market. According to BP Statistics, the Middle East countries, the US, and Russia are expected to account for 69% of the oil production in 2040, a significant increase from 60% in 2016. The oil & gas sector is very important for seamless tube demand as approximately 50% of all seamless tubes & pipes are used for oil & gas applications including oil country tubular goods (OCTG), topside process pipes, riser pipes, subsea flowlines, and heat exchanger tubes or instrumentation tubes among others. This has increased the consumption of steel tubes in the oil & gas and petrochemical and chemical industries.