Stainless Tube Market Size, Share, Growth, and Industry Analysis by Type (Welded, and Seamless) By Application (Oil and Gas, Food Industry, Automotive, Power Industry, Chemical Industry, Construction, and Water Treatment), Regional Insights, and Forecast To 2031

Updated On: 20 November 2023

Stainless Tube Market Report Overview

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The global stainless tube market size was USD 36470 million in 2022 and market is projected to touch USD 54670 million by 2031 at CAGR 4.6% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the stainless tube market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

Stainless steel tubing is a versatile material that is commonly used in structural applications. Stainless steel tubing sizes and varieties vary greatly depending on the application requirements and are widely used in a variety of industrial sectors. It is an exceptional material for both builders and manufacturers, with properties such as corrosion resistance, strength, and low maintenance. The structural applications of stainless steel tubing necessitate precise sizing based on the OD (Outside Diameter) and WT (Weight) (Wall Thickness). The type of tubing, whether hypodermic, fractional, metric, or square, is determined by the application.

The diameters and variations of stainless tubing vary greatly depending on the application requirements and are widely used in a variety of industrial sectors. Extrusion is used to create the tubing, which is drawn from a solid stainless steel billet and extruded into a hollow form. The billets are heated before being formed into oblong circular moulds and hollowed in a piercing mill.  These type of tube are made using iron alloys with various other elements such as carbon, tungsten, manganese, aluminium, and titanium. Steel tube are classified into two types based on their manufacturing process: seamless and welded. Steel tubes have a higher manufacturing tolerance, which contributes to their improved manufacturability and quality.

COVID-19 Impact: Halt on Machinery and Equipment to Hamper Market 

In the stainless tube industry, the COVID-19 pandemic has hampered the supply chain and hindered extraction and processing. Global economic activity and steel consumption have been affected by the COVID-19 pandemic. There is a major impact of the oil & gas industry on the market. During the pandemic, the oil industry was adversely affected by the oil price war and COVID-19. As a result of the failure of the production cut deal, the oil price war began. The travel bans and industrial slowdowns related to COVID-19 reduced demand for chemical and refined products. Thus, oil and gas companies cut their operating and capital spending, which affected seamless steel pipe demand. Apart from this, several steel factories were shut down as a result of the COVID-19 pandemic, which had a negative impact on steel production and supply. Prices of raw materials have also been impacted by reduced supply.

Latest Trends

"Increasing Fondness of Stainless Tubes to Drive the Market"

It is important to consider the qualities and traits of these tubes to fuel stainless tube market growth. Some of these qualities include corrosion resistance and high reliability. The affordability of these tubes makes them a popular choice for different construction tasks, including home and business construction.

Stainless Tube Market Segmentations

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• By Type

The market is classified into welded, and seamless based on type. The welded segment will lead the stainless tube market share throughout the forecast period.

• By Application

The market is classified into oil and gas, food industry, automotive, power industry, chemical industry, construction, and water treatment on the basis of application. The oil and gas segment will lead the stainless tube market share throughout the forecast period.

Driving Factors

"High Demand of Stainless Tubes in Oil and Gas Sector to Drive the Market"

Markets for stainless tubes are segmented by end-use into oil & gas, mining, petrochemicals, construction, automotive, and others. There is forecast to be a significant increase in steel tube demand in the oil & gas industries. Oil and gas companies prefer these types tubes for the transportation of fluids, conveyor belt rollers, bearing shells, and concrete piling casings. Steel tubing has become more widely used for transporting chromium as shale gas extraction has increased. Furthermore, they are used to construct heat exchangers, compressors, and steam pipelines in HVAC and refrigeration equipment.

"Usage of Stainless Tubes in Automotive Industry to Drive the Market "

The melting point of tubular steel is typically between 1400 and 1540 degrees Celsius, making them a popular choice for the automotive industry. Steel tubes can be found in combustion pipes, radiators, chassis, shock absorbers, even in the vehicle's body and frame. The benefits of steel tubes include their ability to withstand high temperatures as well as their added safety.

Restraining Factors

"High Cost of Stainless Tube to Restrain the Market Growth"

Comparatively higher cost of seamless stainless tubes is a major factor restraining the market growth, since seamless stainless tubes are a type of stainless tubes. Even though the quality of the same product is more, the higher cost is a major hindering factor.

Stainless Tube Market Regional Insights

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"Europe to Lead the Market Share Owing to Rising Product Usage"

Because of the significant increase in steel production in these regions, Europe is likely to offer promising growth opportunities for stakeholders in the market. North America plays a significant role in driving the stainless tube market. The market is expanding because of the growing pipeline network, an increase in energy and infrastructure projects, rising demand for these tubes in the automotive industry, improved capacity for installing new power plants, and a booming oil and gas sector.

The demand for steel tubes in the region is anticipated to increase because of recent advancements in the end-use industrial sectors of growing Asia Pacific nations. Additionally, the favorable regulatory environment is encouraging significant expenditures by producers in the Asia Pacific region's steel tubes industry. Chinese consumers' expanding lifestyles and considerable disposable income are advantageous for businesses. The increase in lifestyle is driving up demand for modern architecture and interior design, which drives up demand for steel tubes.

Key Industry Players

"Leading Players Adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolios and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the stainless tube market.

List of Market Players Profiled

• ThyssenKrupp (Europe)
• Tenaris (Europe)
• Pohang Iron & Steel (POSCO) (Korea)
• Baosteel (China)
• Centravis (Europe)
• Tubacex (Spain)
• ArcelorMittal (Europe)
• Nippon Steel & Sumitomo Metal (NSSMC) (Japan)
• Outokumpu (Finland)
• Tianjin Pipe (Group) Corporation (China)
• Zhejiang JIULI Hi-tech Metals (China)
• TISCO (India)
• Sandvik (Sweden)
• Tata Steel (India)
• Butting (Europe)
• Tsingshan (China)
• JFE (Japan)
• AK Steel (U.S.)

REPORT COVERAGE

In the report, factors affecting the market from both demand and supply are evaluated and market dynamics during the forecast period are also forecasted. Also included in the report is a comprehensive PEST analysis of countries, which assesses the governmental, financial, and shared factors influencing their markets. Apart from all of these, the report also provides drivers, restraints, opportunities, and future trends.