Steel Tubes Market: Snapshot
Steel tubes form an essential segment of steel industry whose demand is underpinned by a plethora of applications, particularly in oil and gas industry world over. These tubes have extensive usage in the oil and gas exploration activities. The substantially rising number of oil explorations in unconventional regions such as in deepwater and ultra-deepwater formations in various parts of the globe is bolstering the demand for steel tubes in the industry. In this regard, the usage of electric-resistance welded (ERW) steel pipes and seamless steel pipes by upstream oil firms is fueling the market growth. The demand for steel tubes is staggering in the construction sector as well. The rising uptake of galvanized steel tubes in various infrastructure building activities is a notable factor accentuating the market. The growing popularity of stainless steel pipes has opened another lucrative avenue for market players. The giant strides being experienced by the construction industry is a notable factor accentuating the demand for various types of steel tubes. Recent advances made in welded steel tubes have also boosted the market. The fluctuation in commodity prices may not be so favorable for the overall market expansion but has benefitted vertically integrated companies.
Steel tubes market is fragmented with few players across the globe. Strong completion can be witnessed in the market where these key players are competing with each other for tightening their hold over the market. There is a potential challenge for small players in the market owing to increasing competition from big players as well as on going acquisitions and mergers as these mergers and acquisitions are creating greater opportunities for global manufacturers. There is a low possibility of entrance for new players in the market due to the oligopoly established by these global players.
Global Market for Steel Tubes - Drivers
Increasing industrialization accompanied by rising population is a significant reason behind tremendous growth in house sales, property sales and expenditures related to construction activities. Another reason for rising demand of steel tubes is growing initiatives by government. The governments of several emerging economies are concentrating on infrastructural development and this factor is fueling the growth of the market for steel tubes. Characteristics and properties of tubes made of steel are important aspects that are driving the growth of the global market. High level reliability, corrosion resistance and rust free properties are some of the characteristics of steel tubes. In addition, affordable pricing of steel tubes have spurred their use in constructional activities and projects, for instance, construction of commercial and residential buildings across the globe. This swelling usage and cost effectiveness of steel tubes in several applications as against conventional tubes and pipes is expected to further expand steel tubes market and reveal new potential opportunities. Due to the growing demand for steel tubes, key players in the market are also exploring for innovative and new business opportunities which is creating positive impact on the market.
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Global Market for Steel Tubes - Regional Overview
Asia Pacific (APAC) is expected to lead the steel tubes market closely trailed by North America. The market is also spreading rapidly in Europe. In terms of revenue share, North America has captured second position in the market, with the United States acting as the most vital contributor of growth in the entire region. In Asia Pacific Region, Japan and China are key the key growth propellers. This can be attributed to the remarkable expansion of market for steel tubes in Asia Pacific region due to significant investments by government in various projects in emerging economies. All these factors are boosting the market for steel tubes in Asia Pacific region.
Global Market for Steel Tubes - Key Player
Nucor, Borusan Mannesmann Boru Sanayi ve Ticaret A.S., JFE steel, NSSMC, Arcelor Mittal, Gerdau, Jindal SAW Ltd., POSCO, Bao Pipes and Tubes, are some of the players operating in the steel tubes market. Other significant players functioning in the global market for steel tubes are Tata Steel, American SpiralWeld Pipe Company, LLC, Shagang Group, Liaoyang Steel Tube Co., Ltd, United States Steel (USSC), Hebei Iron and steel, Ansteel, and AK Pipes and Tubes.
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