Steel tubes are the niche segment application of iron and steel that is anti-corrosion and rust free. The global steel tubes market can be segmented into application, end-products, and geography.
In terms of application, the steel tubes market can be segmented into building & construction, automotive, consumer durables, high voltage electrical equipment, platforms, stairs, handrails, pipe fittings, and engineering among others. In terms of end-products, the steel tubes market can be segmented into bolts, nuts, pipes and tubes, main frames, and cable support systems among others. Moreover, in terms of geography, the market can be segmented into Asia Pacific (APAC), Europe, North America, Middle East & Africa (MEA), and South America.
Rise in industrialization along with increase in population have led to the rise in sales of property, houses and construction expenditures. Governments of various developing nations are focusing on infrastructural developments, which, in turn, have led to the increase in demand for steel tubes. This is acting as a driver in the expansion of the steel tubes market.
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Properties and characteristics of steel tubes are major factors that are fuelling the expansion of the market. These characteristics include corrosion resistant, rust free and high reliability. Steel tubes are inexpensive, and hence, are preferred in various constructional purposes such as residential and commercial buildings. Cost effectiveness and increased usage of steel tubes in various industry-based applications in comparison to conventional pipes and tubes are further contributing to the expansion of the steel tubes market. This trend is persuading manufacturers to explore new business opportunities in the steel tubes market.
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This, in turn, is propelling the expansion of the market globally. Increasing awareness and popularity of steel tubes in the building & construction industry are key factors that are boosting the expansion of the market. Furthermore, reduced or low maintenance cost of steel tubes is an important factor playing a vital role in the expansion of the steel tubes market. . The engineering industry is a rapidly expanding end-user industry segment where steel tubes have found numerous applications. Increase in demand for steel tubes in the emerging markets of Asia Pacific along with various technological needs are acting as opportunities for the steel tubes market.
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Latest Steel Tubes in place of conventional pipes and tubes is also driving the expansion of the steel tubes market. These factors are playing a vital role and are simultaneously affecting and contributing to the expansion of the steel tubes market significantly. The steel tubes market is expanding significantly as there is considerable expansion in the construction and engineering sectors and large-scale industries globally. This, in turn, is increasing the demand for steel tubes in the market. Manufacturers are consistently focusing on product development in the emerging markets as there are opportunities to expand and increase their market share globally.
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Asia Pacific is a prominent market for steel tubes followed by North America. Europe is a rapidly expanding market for steel tubes. North America is the second largest market, and in terms of market share, the U.S.is the leading contributor in the region. China and Japan are among the leading contributors in Asia Pacific. The major reason behind this considerable expansion of the steel tubes market in the region is the significant investments in construction and infrastructural projects by governments of developing nations. This, in turn, has fuelled the demand for steel tubes in the market in the developing nations of Asia Pacific.
The global steel tubes market is fragmented with many established players. Major players in the market are primarily from Malaysia, Japan, Thailand, China, U.S., and Europe. Key players in the market include Borusan Mannesmann Boru Sanayi ve Ticaret A.S., JFE steel, Arcelor Mittal, Jindal SAW Ltd., Bao Pipes and Tubes, Gerdau, NSSMC, POSCO, and Nucor. Other prominent vendors in the market are American SpiralWeld Pipe Company, LLC , Liaoyang Steel Tube Co., Ltd. , Hebei Iron and steel, AK Pipes and Tubes, Ansteel, United States Steel(USSC), Shagang Group, and Tata Steel.