According to the latest report by IMARC Group, titled “Steel Tubes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global steel tubes market to grow at a CAGR of around 5% during 2021-2026. 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.
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Breakup by End Use Industry:
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Key highlights of the Report:
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