The structural steel tube market is growing due to rise in
construction activities, increase in infrastructure investments,
and rise in demand for durable, versatile building materials.
Advances in manufacturing technology and sustainable practices
further drive the market growth, positioning structural steel tubes
as a critical component in modern construction and engineering
projects.
WILMINGTON, Del., Aug. 1, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Structural
Steel Tube Market By Type (Hot-Rolled Steel and
Cold-Rolled Steel), Material (Stainless Steel Tube, Carbon Steel
Tube, Alloy Steel Tube, and Others), Sales Type (Direct,
Distribution), and Application (Industrial Machinery, Medical,
Aerospace and Defense, Transportation, Construction, Automotive,
Energy, and Others): Global Opportunity Analysis and Industry
Forecast, 2024-2033". According to the report, "the structural
steel tube market" was valued at $105.3
billion in 2023, and is estimated to reach $167.5 billion by 2033, growing at a CAGR of 4.8%
from 2024 to 2033.
Prime determinants of structural steel tube market
growth
The global structural steel tube market is experiencing growth
due to infrastructure development and technological advancements.
However, fluctuations in raw material prices and environmental
regulations hinder the market growth. Moreover, rise in demand for
steel tubes from emerging markets, and global awareness towards
sustainability provide opportunities for expanding the structural
steel tube market.
Download Sample Pages of Research Overview:
https://www.alliedmarketresearch.com/request-sample/A157660
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–203
|
Base Year
|
2023
|
Market Size in
2023
|
$105.3
million
|
Market Size in
2033
|
$167.5
billion
|
CAGR
|
4.8 %
|
No. of Pages in
Report
|
375
|
Segments
Covered
|
Type, Material, Sales
Type, Application, and Region
|
Drivers
|
Infrastructure
development
Technological
advancements
|
Opportunity
|
Rise in demand for
steel tubes from emerging markets
Global awareness
towards sustainability
|
Restraint
|
Fluctuating raw
material price
Environment
guidelines
|
The hot-rolled steel segment is expected to dominate during
the forecast period.
The hot-rolled steel type segment dominated the structural steel
tube market in 2023, due to its superior mechanical properties,
cost-effectiveness, and versatility in various industries.
Hot-rolled steel tubes are manufactured by rolling steel at high
temperatures, which makes the steel easier to shape and form,
resulting in stronger and more durable products. This process also
allows the production of larger sizes and varied shapes, catering
to diverse construction and industrial applications.
Hot-rolled steel tubes are preferred in construction projects
for their robustness, that are essential for structural integrity
in buildings, bridges, and other infrastructure. Additionally, they
offer better weldability and machinability, simplifying fabrication
and reducing labor costs. The lower production costs of hot-rolled
steel compared to cold-rolled alternatives make it a more
economical choice for large-scale projects. These factors
collectively drive the dominance of hot-rolled steel tubes in the
structural steel tube market, meeting the high demand for reliable
and affordable building materials.
Procure Complete Report (291 Pages PDF with Insights, Charts,
Tables, and Figures) @
https://www.alliedmarketresearch.com/checkout-final/structural-steel-tube-market
The carbon steel tube segment is expected to dominate during
the forecast period.
The carbon steel tube material segment dominated the structural
steel tube market in 2023, due to its superior mechanical
properties, cost-effectiveness, and wide availability. Carbon steel
tubes offer high tensile strength, durability, and resistance to
wear and tear, making them ideal for demanding construction and
engineering applications. In addition, carbon steel is more
affordable compared to other materials like stainless steel or
aluminum, providing a cost-efficient solution for large-scale
projects. Its versatility allows for easy fabrication and welding,
further enhancing its appeal in various industries such as
construction, automotive, and manufacturing. Moreover, advancements
in carbon steel production techniques have improved its quality and
performance, reinforcing its dominance in the market. The
combination of these factors such as strength, affordability,
versatility, and technological advancements ensures that carbon
steel tubes remain the preferred choice for structural
applications, driving their significant market share.
The distribution segment is expected to dominate during the
forecast period.
The distribution segment dominated the structural steel tube
market in 2023, due to its extensive network, which ensures wide
market coverage and accessibility. Distributors often have
established relationships with numerous buyers, including small and
medium-sized enterprises, enabling efficient supply chain
management and timely delivery of products. Their ability to offer
various products from multiple manufacturers also provides
customers with a broader selection, enhancing their purchasing
convenience.
The construction segment dominated the structural steel tube
market in 2023.
The construction segment dominated the structural steel tube
market in 2023, due to the extensive use of these tubes in
various infrastructure projects, including commercial buildings,
residential complexes, and industrial facilities. Structural steel
tubes offer high strength, durability, and flexibility, making them
ideal for withstanding heavy loads and ensuring structural
integrity in construction. In addition, the growing trend of
urbanization and the need for modern infrastructure drive the
demand for structural steel tubes in the construction industry.
However, the medical segment is the fastest-growing due to the
increasing adoption of advanced medical equipment and devices.
Structural steel tubes are essential in manufacturing hospital
beds, surgical instruments, and diagnostic equipment due to their
biocompatibility, corrosion resistance, and ease of sterilization.
The rise in healthcare infrastructure development, coupled with
advancements in medical technology, fuels the rapid growth of
structural steel tubes in the medical sector, catering to the
escalating healthcare demands.
The Asia-pacific segment to
dominate the market by 2033.
Based on region, Asia-Pacific
held the highest market share in 2023. Rapid urbanization and
industrialization in countries like China and India drive significant demand for
construction and infrastructure projects. These nations invest
heavily in building residential, commercial, and industrial
structures, requiring substantial quantities of structural steel
tubes for their strength and durability.
Want to Access the Statistical Data and Graphs, Key Players'
Strategies:
https://www.alliedmarketresearch.com/structural-steel-tube-market/purchase-options
In addition, government initiatives and policies in the region,
aimed at improving infrastructure and boosting economic growth,
further stimulate market demand. The availability of raw materials
and cost-effective manufacturing processes in Asia-Pacific contributes to its leading
position. Moreover, the expansion of the automotive and aerospace
industries in the Asia-Pacific
region fuels the need for structural steel tubes in various
applications. Technological advancements and innovations in steel
production enhance product quality and performance, making the
region a key player in the global structural steel tube market.
Leading Market Players: -
- Arcelor Mittal
- Tata Steel
- JFE Steel Corporation
- Nippon Steel Corporation.
- Posco Holdings Inc.
- Baosteel Group Corporation
- Hyundai Steel
- Nucor Corporation
- Maanshan Iron and Steel Company Limited
- Gerdau S.A.
- Apl Apollo Tubes Ltd.
The report provides a detailed analysis of these key players in
the structural steel tube market. These players have adopted
different strategies such as new product launches, collaborations,
expansion, joint ventures, agreements, and others to increase their
market share and maintain dominant shares in different regions. The
report is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to showcase the competitive scenario.
Similar Reports:
- Special Steel Market: Global Opportunity Analysis and
Industry Forecast, 2021-2033
- Steel Grating Market: Global Opportunity Analysis and
Industry Forecast, 2020-2027
- Carbon Steel Market: Global Opportunity Analysis and
Industry Forecast, 2023-2032
- High Speed Steels Market: Global Opportunity Analysis and
Industry Forecast, 2023-2032
- Steel Powder for 3D printing Market: Global Opportunity
Analysis and Industry Forecast, 2024-2033
About Us
Allied Market Research (AMR) is a full-service market research
and business-consulting wing of Allied Analytics LLP based in
Portland, Oregon. Allied Market
Research provides global enterprises as well as medium and small
businesses with unmatched quality of "Market Research Reports" and
"Business Intelligence Solutions." AMR has a targeted view to
provide business insights and consulting to assist its clients to
make strategic business decisions and achieve sustainable growth in
their respective market domain.
Pawan Kumar, the CEO of Allied
Market Research, is leading the organization toward providing
high-quality data and insights. We are in professional corporate
relations with various companies and this helps us in digging out
market data that helps us generate accurate research data tables
and confirms utmost accuracy in our market forecasting. Each and
every data presented in the reports published by us is extracted
through primary interviews with top officials from leading
companies of domain concerned. Our secondary data procurement
methodology includes deep online and offline research and
discussion with knowledgeable professionals and analysts in the
industry.
Contact:
David
Correa
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog:
https://blog.alliedmarketresearch.com
Blog: https://www.newsguards.com/
Follow Us on | Facebook | LinkedIn | YouTube |
Logo:
https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
View original
content:https://www.prnewswire.co.uk/news-releases/structural-steel-tube-market-to-reach-167-5-billion-globally-by-2033-at-4-8-cagr-allied-market-research-302212464.html