Steel Tubes Market: Competitive Landscape
In order to improve the finishing and other qualitative features of their steel tubes, an American steel production company – Nucor Corporation recently purchased a minority equity position in the parent of Trion Coatings to benefit from its environmentally friendly chrome plating technology. By incorporating the chrome plating technology, the company aims to improve the finishing of steel products, including steel tubes, without harming the environment.
A Japanese manufacturer in the steel tubes market – Nippon Steel & Sumitomo Metal Corporation (NSSMC) recently announced that it has agreed to integrate and reorganize its steel pipe & steel tube business with other Japanese manufacturers such as Nisshin Steel Co., Ltd., Nippon Steel & Sumikin Stainless Steel Pipe Co., Ltd. (NSSP), Nisshin Stainless Steel Tubing Co., Ltd., and Nippon Steel & Sumikin Pipe Co., Ltd. (NSPC).
Arcelor Mittal, a Luxemburg-based steel company, recently announced that it has completed the acquisition of Ilva S.p.A. (‘Ilva’), Italian steelworks company to add to its quality assets and expand its presence in the European steel tubes market.
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Steel Tubes Market Dynamics
Rapidly Expanding Steel Industry Provides an Impetus to the Steel Tubes Market Growth
According to the Organization for Economic Co-operation and Development (OECD), the global steel industry has recovered fast since 2015 as steel consumption and production across the world. The world crude steel production increased by 5.2% in 2017, which reflects in the availability of raw materials in the steel tubes market. Incremental growth prospects of the world steel market is expected to augur well for the growth of the steel tubes market in the upcoming years.
Incremental Growth of the End-user Industries Trigger Demand for Steel Tubes
Steel tubes find copious applications in a wide range of industrial verticals owing to its extraordinary operational features, such as strength and longevity. The oil & gas industry is likely to witness substantial growth across the world with the increasing energy needs, and this is likely to remain one of the primary drivers for the growth of the steel tubes market. Furthermore, industrial infrastructures are undergoing developments, which is expected to boost demand for steel tubes across the world. Thereby, rapidly expanding industrial sectors worldwide is expected to boost demand for steel tubes in the upcoming years.
Oligopolistic Competition in the Steel Tubes Market Creates a Barrier to Entry for Small Market Players
The extraordinarily lucrative growth opportunities in the steel tubes market have attracted a mounting number of players to enter the market. However, the tier I manufacturers in the steel tubes market have established a stronger presence across the globe, thereby, holding a large revenue share in the steel tubes market. In addition, a majority of leading players are also adopting inorganic growth strategies to move up in the competition in the steel tubes market, which further creates challenges for smaller players to gain a competitive edge in the market.
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Availability of Cheaper Alternatives to Steel May Impede the Steel Tubes Market Growth
Despite the increased use of steel tubes in residential as well as industrial sectors, end-users are constantly looking for cheaper and more efficient alternatives for steel tubes. Growing availability of iron and plastic is leading to the emergence of iron and plastic tubes in the end-user industries, which are much cheaper than steel tubes. Furthermore, modern designs and characteristics of plastic tubes provide more efficiency in several end-use applications. This may lead to replacing steel tubes with plastic or iron tubes, thereby impeding growth of the steel tubes market in the upcoming years.
Steel tubes and steel pipes are among the most commonly used components in a wide range of industrial sectors, such as construction, mining, oil & gas, and manufacturing industries. Steel tubes are used in various industrial processes, such as carrying high temperature fluids and gases, which is triggering its demand. Steel tube manufacturers are adopting advanced processes to improve performance characteristics of steel tubes and preventing them from oxidation and rusting.
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Steel Tubes Market - Notable Developments & Key Players by 2027
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