Servizi
Welded Steel Tubes Market Size is Projected to reach US$ 274.25 billion by 2031 | CAGR 5.6%
Asia Pacific accounted for the largest market share in 2023, owing to the increasing demand for welded steel tubes in the growing construction sector. The Asia Pacific construction sector was valued at US$ 4.4 trillion in 2023, representing 46% of the global construction sector output. The construction sector in Asia Pacific is driven by the increasing private and public sector investments in infrastructure developments. Due to their high load-bearing capacity, welded steel tubes are widely used in building frameworks, including columns, beams, and trusses. Welded steel tubes are used in the construction of bridges, road barriers, and other infrastructure, resisting stress and environmental factors. Further, according to the Asian Development Bank (ADB), the infrastructure development sector investment in Asia Pacific will reach US$ 1.7 trillion per year by 2030.
The North America welded steel tubes market is segmented into the US, Canada , and Mexico . In terms of revenue, in 2023, the US held the largest share of the market. Construction is one of the exponentially growing industries in North America . Government bodies in the US, Canada , and Mexico are investing substantially in developing residential and non-residential infrastructures, including housing units, airports, hospitals, hotels, office buildings, and universities. According to an Associated Builders and Contractors analysis of data by the US Census Bureau, national total construction spending increased by 4.6% in September 2024 on a year-on-year basis compared to September 2023 . With the burgeoning number of infrastructural projects, the demand for welded steel pipes used in engineering fields, such as building structures, steel frames, and supports, is also growing. Europe's welded steel tube market is growing at a moderate pace owing to the increasing investment in the construction sector with government initiatives and funding. In the European Union, under the Cohesion Policy, the construction sector investments are likely to reach almost US$ 80.54 billion during 2021–2027. These investments are targeted to improve energy efficiency and construction sector growth. The construction sector was responsible for 9% of the European Union's GDP in 2023. According to the European Commission, the total investment in the construction sector reached US$ 1,760.54 billion in 2023 and is growing at a rapid pace.
Countries such as Brazil , Argentina , and Chile are making significant investments in infrastructure projects, including roads, bridges, and urban development. The oil and gas sector, particularly in countries such as Brazil , Peru , and Chile , also plays a vital role in fueling welded steel tube market growth. Governments of countries in South America are investing heavily in infrastructure projects to enhance transportation networks, including roads, railways, bridges, and ports. Large-scale public projects also include energy production (especially renewable energy) and water treatment facilities, which drive the demand for welded steel tubes.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Ankit Mathur
ankit.mathur@theinsightpartners.com
: +1-646-491-9876
https://www.theinsightpartners.com/pr/welded-steel-tubes-market
Logo: https://mma.prnewswire.com/media/2520492/The_Insight_Partners_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/welded-steel-tubes-market-size-is-projected-to-reach-us-274-25-billion-by-2031--cagr-5-6-302481211.html