The global steel tubes market is set to grow at a 5% CAGR from 2021-2026, driven by demand in construction and automotive sectors.
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 refer to long, hollow tubes made using iron alloys with aluminum, manganese, titanium and other elements. They have excellent strength, durability, corrosion resistance, and the ability to withstand high pressure and temperature. Steel tubes are also available in two major types, depending on their production process, namely seamless and welded. Over the years, steel tubes have gained traction as they are widely employed across the construction sector to protect electrical wires and for underground transportation of water and gas due to their versatility, lightweight and efficiency.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Steel Tubes Market Trends:
The global steel tubes market is primarily driven by the escalating product demand from the construction and automotive sectors. These tubes offer high energy absorption capacity, construction safety and resistance against collision shocks. Additionally, the expanding oil and gas industry is providing a positive outlook to the market as steel tubes are widely used for transporting fluids and in the form of conveyor belt rollers and casings for concrete pilings. Furthermore, steel tubing is utilized to carry chromium with the rising shale gas drilling activities. Other factors, including the growing automobile production, increasing product adoption in heating, ventilation and air-conditioning (HVAC) and refrigeration equipment, and rapid infrastructural development, are also anticipated to drive the market further.
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Key Market Segmentation:
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The competitive landscape of the market has also been studied in the report with the detailed profiles of the key players operating in the market.
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The article discusses the global steel tubes market trends, growth, and forecast from 2021 to 2026.
What are the main types of steel tubes? The main types are seamless and welded steel tubes.
How is COVID-19 affecting the market? The report tracks both direct and indirect impacts on the steel tubes market.
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