A new forecast by Fact.MR says the next decade could be fantastic for the steel tube market. They are forecasting steady growth to 2036, driven by some very interesting end uses. Let’s have a closer look here because it could be a significant period for global manufacturers, suppliers, and consumers. Then, if you want to order ERW tube from a leading supplier in the West Midlands, you can trust us.
The forecast
Most notably, the estimate is the steel tubes market could grow by almost $4bn in the next decade, reaching $11.5bn by 2036 (up from $7.6bn). There would be steady annual growth, over 4%, throughout that period.
The forecast also looks at different segments of the steel tube market. It expects carbon steel tubes will remain the most popular type, ahead of stainless steel and alloy steel respectively, buoyed by the cost effectiveness, established supply chains, and wide array of potential applications. Additionally, the estimate is oil and gas will remain the most popular end use, followed by mining, petrochem, construction, and automotive.
Main drivers
One of the most interesting things to look at is how different the end uses are in various countries. The diversity is fantastic, showing how crucial products like ERW tube and seamless are for many industries.
Potentially the biggest driver is the continued investment in natural gas pipelines, particularly in the US. They are adding to their capacity and upgrading old infrastructure. Steel tube is reliable here, especially seamless tubing able to withstand the operating pressures.
In Germany and the UK, the notable driver is also growth in gas, but the focus is on hydrogen. It could be a significant piece of the transition to greener, more sustainable energy sectors in both countries. Critically, there is more support for investments and goals to create regional clusters with hydrogen networks.
ERW tube and other types of steel tubing have been vital for construction for a long time. That is likely to continue for a very long time because there are so many applications, such as foundations, services, and frameworks. Activity in numerous countries, including France, Italy, India, and China, will keep pushing demand for the tubes.
The global shipbuilding market is growing steadily, largely driven by demand for greener vessels, defence, and marine trade. Countries like South Korea and Japan are targeting the industry, pushing for more domestic production. As a result, demands for steel tubing are increasing consistently.
Need to order ERW tube?
As you can see, steel tubing is vital for a massive list of applications in different industries. It’s not that surprising that demand could continue growing over the next decade. In fact, it could quite easily accelerate much faster than the estimate.
If you need to order ERW tube, we’d love to work with you. Union Steel Tubes has established ourselves as one of the best suppliers in the UK over the last two decades. We value quality, short lead times, and great customer service. Additionally, we are confident we can cater for various needs, offering a broad range of tubing, cutting services, various finishes, and more. You can even talk to us about bespoke orders.
So, get in touch today.
