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Steel tubes market to touch USD 122.19 billion by 2035.
Market to grow at a CAGR of 2.1%, led by infrastructure and energy sectors.
Asia Pacific will dominate global demand, followed by North America and Europe.
The global steel tubes market is forecasted to reach a valuation of USD 122.19 billion by 2035, according to a recent industry report. The market is expected to expand at a steady CAGR of 2.1% from 2023 to 2035, driven by growing applications in construction, infrastructure, energy, automotive, and engineering sectors.
Industry experts highlight that increasing demand for high-strength, corrosion-resistant, and lightweight tubing solutions is shaping market dynamics. The infrastructure boom in emerging economies like India, China, Brazil, and Southeast Asia is likely to remain a significant growth engine in the coming years.
Further, the push towards renewable energy infrastructure and the transition to green buildings and smart cities will fuel demand for structural and mechanical steel tubes. However, market players face challenges like fluctuating raw material costs and global trade uncertainties.
The report also notes a rising trend in technological advancements such as precision tubing and alloy-based steel tubes, which are enhancing performance and durability in critical applications, especially in oil & gas and automotive industries.
North America, Asia Pacific, and Europe will be the dominant markets, with Asia Pacific accounting for the largest market share by 2035.
Also Read : Indian Steel Industry Faces $116/Tonne Carbon Cost Hike by 2034 Under EU Norms Odisha to attract over ₹1 lakh crore in steel sector investments by 2031.
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