Electrically Welded Tubes Market Size, Share, Growth, and Industry Analysis By Type (Round Tubes and Shaped Tubes), By Application (Architecture Industry, Machinery & Equipment, Oil & Gas Industry, Chemical Industry, and Others), Regional Insights, and Forecast To 2032

Updated On: 22 April 2024

Electrically Welded Tubes Market Report Overview

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The global Electrically Welded Tubes Market size was USD 43990 million in 2022 and is expected to reach USD 51020 million by 2028, exhibiting a CAGR of 2.5% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with the Electrically Welded Tubes Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels.

A type of metal hardware used in building for safety, convenience, and decoration is called electrically welded tubes. Building products manufacture and sustain a building rather than building any part of it. Typically, these devices are in charge of holding up furniture pieces like doors, windows, and cupboards. To fasten, strengthen, and/or facilitate part movement, small, basic pieces are utilized in this category.

Fasteners like nails, bolts, and screws are among the first varieties of tubes. To make builders' hardware, materials including cold rolled steel, stainless steel 304, aluminum, zinc, copper, and others are frequently utilised. China, Mexico, India, and several regions of the United States are dominated by electrically welded tubes market growth. The physical, mechanical parts of a product or application are referred to as hardware in an industrial setting.

COVID-19 Impact: Pandemic Affected the Market Growth Negatively owing to Restrictions Imposed

The COVID-19 outbreak resulted in temporary company closures, supply chain interruptions, and manufacturing delays, which slowed the development of telecom infrastructure and had a detrimental impact on the sales and marketing activities of rugged phone manufacturers that were in the market for such products. The consequences were severe, especially for new and small- to medium-sized firms in this sector. However, businesses did undertake a significant amount of reorganization to solve the challenges in the supply chain and enhance cooperation with partners and suppliers to decrease the adverse market impact.

Latest Trends

"Increase in Infrastructure to be a trendsetter in the Industry"

Better infrastructure facilities for hospitals, educational institutions, megamarts, and other development projects are springing up all over the place as a result of the rapid population growth that is impacting the demand for infrastructure facilities internationally. By spending a lot of money on building hospitals, government buildings, and educational facilities, the government also contributes significantly to infrastructure development. Hardware parts for electrically welded tubes, which are used extensively in the building industry, are in high demand worldwide. The electrically welded tubes market shares and revenue is expanding primarily due to the rising need for infrastructure development projects.

Electrically Welded Tubes Market Segmentation

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• By Type Analysis

By Type, the market is fragmented into Round Tubes and Shaped Tubes amongst which Round Tubes is the leading segment.

• By Application Analysis

By Application, the market is bifurcated into Architecture Industry, Machinery & Equipment, Oil & Gas Industry, Chemical Industry, and Others amongst which the leading segment is Architecture Industry.

Driving Factors

"Investments in Product Innovation to Ampily Market Growth"

Companies from all across the world are making considerable investments in new product development. They are heavily invested in the R&D process to produce unique, enhanced items that will meet consumer demand while competing with rival brands and products. Many different electrically welded tube materials for use in kitchen and bedroom cabinets, among other places, have been introduced by businesses. Additionally, businesses released a high-security security system for offices and residences that includes alarms and smartphone control. One of the main factors propelling the growth of the electrically welded tubes market is the explosion in technological advancements.

"Advancements in Residential and Commercial Sectors to Boost Market Growth"

Due to people's changing lifestyles and increased disposable money, which has encouraged them to spend more on the aesthetics of their homes and places of business, renovation activities in the residential and commercial sectors have grown significantly in recent years. All interior designers create and carefully match accessories with the decor of rooms using electrically welded tubes as their primary material. Electrically welded tubes are essential for remodeling houses and commercial buildings because they enhance the interior design. The market for electrically welded tubes is expanding significantly due in large part to the rising number of restoration projects in both the residential and commercial sectors.

Restraining Factor

"Security Concerns Among Residents to Pose Major Market Restraint"

As crime rates climb, people's worries about the safety of their homes and businesses are growing. In order to increase the security of people's homes and workplaces, important players have developed a variety of hardware and electronic locks. Customers are now able to choose from a variety of sophisticated security systems to bolster the safety of their residences and places of business. Security pins and fingerprints made of extremely durable and indestructible material, as well as smart and electronic locks that can be opened using smartphones, are popular choices. The growing use of high-tech security systems is one of the main factors driving the growth of the global market for electrically welded tubes.

Electrically Welded Tubes Market Regional Insights

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"Asia Pacific held the Biggest Market Share Owing to The Rising Construction Industry"

The largest market share was in Asia Pacific. Two critical factors that will affect its performance are the growth of the chemical industry and the expansion of industrialisation. The future development of the Asia Pacific region will be significantly influenced by nations like Japan, China, and India. China has undergone major industrialization recently, which has had a big impact on market performance. In the future, the market for electrically welded tubes will probably develop significantly as a result of it.

Key Industry Players

"Market Players to Employ Tactics In Order to Amplify Market Position"

Key market players in the builder hardware market share are entering into strategic partnerships and collaborations to expand their product portfolios, enhance their market presence, and cater to a broader customer base. Companies are focusing on continuous product innovation to meet evolving customer demands. Customization options, such as design, fixtures, and materials, provide a competitive advantage in the market. Market players are expanding their geographical presence through acquisitions, mergers, and establishing manufacturing facilities in new regions. This enables them to cater to the increasing demand for prefabricated bathroom pods across different markets.

List of Market Players Profiled

• Youfa Steel Pipe Group (China)
• Tenaris (Luxembourg)
• Zekelman Industries (U.S.)
• Vallourec (France)
• China Baowu Steel Group (China)

Report Coverage

The report's devoted part informs about the impact of COVID-19 and its succeeding variant outbreaks on demand, supply, price, vendor uptake, and recommendations for long-term outcomes. The updated study contains insights, analyses, projections, and predictions for the market, considering the COVID-19 impact. The research profiles a report with extensive studies describing the firms in the market affecting the forecasting period. Detailed studies also offer a comprehensive analysis by inspecting factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.