Cold Drawn Precision Tube Market Grow USD 2,872.1 Mn by 2027

According to a recent market study published by Growth Market Reports, titled, "Europe Cold Drawn Precision Tubes Market by product types, and by countries: Size, Share, Trends and Opportunity Analysis, 2017-2027", the market was valued at USD 2,758.9 Million in 2019 and is expected to grow at a healthy growth rate of 2,872.1 by the year 2027.

The market is driven by factors such as increase in demand for fossil fuels, rising popularity in automotive industry, attractive features of the cold-drawn precision tubes, and high usage of seamless tubes in oil & gas industry. Cold-drawn precision tubes have gained immense popularity in the automotive industry in the past few years.

These tubes are characterized by a smooth, bright, reflective finish produced by cold rolling followed by annealing in a protective atmosphere so as to prevent oxidation and scaling during annealing. Cold drawn precision tube is suitable for gas cylinder, hydraulic cylinder, shock absorber of automobile, motorcycle, and bicycle use. They can also be used in air-conditioning condenser, front fork, and rear fork of motorcycle, mechanical arm, and exhaust pipe. Cold drawn tubing requires precision tolerances, and a superior finish.

Cold drawing increases yield, and tensile strengths for tighter tolerances, and section properties that means less machining, improved straightness, and a smooth surface finish. Moreover, performance of cold-drawn precision tubes tends to be superior as the metal used in these tubes are becoming relatively dense.

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Europe cold drawn precision tubes market has been fragmented based on product types, and by countries. In terms of product types, the Europe cold drawn precision tubes market is categorized as seamless and welded. By countries cold drawn precision tubes market is segmented into Eastern Europe, and Western Europe. Eastern Europe is further classified into Russia, Ukraine, Poland, and Rest of Eastern Europe. Western Europe is further segmented into Germany, France, Spain, Italy, and Rest of Western Europe.

The effect of COVID-19 pandemic situation has led to the closure of several non-essential businesses reducing the demand for industrial goods in the world, which in turn, is affecting several industries worldwide. The COVID-19 pandemic has badly affected the activities across cold drawn precision tubes related processes in Europe, the demand for cold drawn precision tubes largely declined throughout the pandemic.

As the industries using cold drawn precision tubes such as automotive and electronic appliances manufacturing industries also halted, reduced, or completely stopped the production during the lockdown period. The market is expected to gain traction from 2^nd and 3^rd quarter of 2021, as manufacturing plants reopening in the region.

As per Growth Market Reports industry analyst Alok Sahu, “The increasing demand for fossil fuels and rising popularity of cold drawn precision tubes in automotive industry are anticipated to drive the growth of Cold Drawn Precision Tubes Market significantly.

Key Takeaways from the Study

• The automotive industry is anticipated to grow significantly in the coming years. Demand for commercial vehicles is rising from the e-commerce industry. Automotive industry in the US is one of the top exporting sectors. From 2009 to 2018, exports of the US automotive sector rose by ~76% and are estimated to grow further.
• The Europe Cold Drawn Precision Tubes (Carbon Steel) market is moderately fragmented. The pricing of the product along with its quality are major factors to result in a competitive market. Additionally, several significant developments to improve production techniques in the market is expected to maintain a competitive rivalry.
• On the basis of product types, the Europe cold-drawn precision tubes market is segmented into seamless and welded. The seamless segment is projected to hold a substantial share of the market during the forecast period, due to increasing demand for seamless tubes in end-use applications, as they are stronger than welded tubes. Cold-drawn seamless tubes are used in heavy equipment manufacturing such as cranes and garbage trucks. Rising preference of endusers to use seamless tubes, due to corrosion-resistant properties during the forecast period is expected to drive the segment.

Report Scope

Target Audience

• Supply-side: Cold drawn precision tubes manufacturers, and suppliers.
• Demand Side: Automotive industry, electronic appliances industry, oil and gas related industries, energy generation, and others.
• Associations and Industry Bodies: European Standard/ European Norm (EN), American Society for Testing Materials (ASTM), British Standard European Norm (BS EN).