According to a recent market study published by Growth Market Reports, titled, “North America Precision Tubes Market by Product Types, by Sizes, by End-Uses and by country: Size, Share, Trends and Opportunity Analysis, 2017-2027”, the market was valued at US$ 4,225.0 Million in 2019 and is expected to grow at a moderate growth rate of 3.7% by the year 2027. Precision tubes are used in medical equipment and devices, owing to its strength, formability, and exceptional finishes on both the inside and outside diameter of the tube. The usage of precision tubes in these devices is predicted to rise during the forecast period.

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Precision tubes are deployed in several applications such as oil and gas, automotive, HVAC, mechanical engineering, energy, cement, and construction industries. Precision tubes are typically made out of stainless steel, nickel, titanium, aluminum, and various alloys. The production process of precision tubes starts from steel strips. The process of making precision tubes involve many steps such as welding, annealing, treatment of the surface, and threading. Towards the end of the process, the tubes are shaped and cut as per the requirements of the end-users.

Non-destructive examination is conducted to assess the strength of the precision tubes and other tests are carried out to inspect leakages and assess surface roughness. Subsequently, the precision tubes are packaged and shipped. Precision tubes come in various strengths such as formable, high-strength formable, and others as per the need for application. Precision tubes come in various shapes such as square, round, coil, rectangle, u-shaped, and hydraulic honed tubes. The outside diameter of precision tubes play an important part in stability.

The precision tubes market is expected to witness a decline in year-on-year growth for 2020 as compared to for previous year 2019. Interruption in the supply chain of precision tubes across the globe due to the spread of COVID-19, has a moderate negative impact on the product sales. Thus, the import and export of precision tubes has witnessed slight decrease in sales across the world in 2020.

The partial closing of manufacturing units and servicing centers in first and second quadrants of 2020 had a significant impact on the sales of the precision tubes. Moreover, inadequate raw material supply and lack of available workforce for production of precision tubes in the first and second quadrant of 2020 had hampered the market growth in 2020. Demand for precision tubes declined during the pandemic, due to slowdown in demand from various end-uses, majorly automotive and energy industry.

As per Growth Market Reports industry analyst Rajat Verma, “The North America Precision tubes Market is anticipated to witness significant growth during forecast period 2020-2027. Precision tubes are used in shock absorbers, propeller shafts, tie rods, gas spring applications, side impact beam, and stem steering system. Precision tubes are found in the bicycle industry, textile industry, and furniture applications. The key players are engaged in advertising their precision tubes through social media platforms including Instagram, Facebook, and Twitter.”

The Coronavirus disease 2019 (COVID-19) pandemic has highlighted economic disparities in the global demand in the crises of global interdependence and governance challenges. Epidemics are isolated concerns for businesses and prospects for emerging patterns and vulnerabilities. According to the current pandemic situation, strict measures are required for monitoring the situation, which in turn, affect businesses causing unanticipated short and long-term effects.

Consequently, epidemics and pandemics are problems for individual market and an enhancement of existing dynamics and limitations. In the long-term, COVID-19 can serve as another opportunity for manufacturers to reconsider their commitment to the supply chain in regions prone to outbreaks and to reconfigure themselves regionally. In current scenario, COVID-19 is hampering the production process of several manufacturing industries and businesses. Moreover, trade barriers are further reducing the demand-supply of various products and services.

Key Takeaways from the Study

  • The players including AMETEK Inc., ArcelorMittal, G & J Steel & Tubing, Inc., and Hofmann Industries Inc. hold a major market share of North America Precision tubes Market in year 2019.
  • In terms of value, the welded product type segment accounted for substantial share of the market in 2019 and is expected to expand at a substantial CAGR during the forecast period.
  • In terms of value, the thick wall size segment held significant share of the market in 2019, as it is expected to hold a substantial share of the market in the coming years. The growth of the segment is attributed to the increasing adoption of thick walled precision tubes among end-users for drilling, boiler tubes, and in several components of car, tractor, and aircraft.

Report Scope

Report Metric

Details

Market Value in 2019

US$ 4,225.0 Million

Market Growth Rate (from 2020 to 2027)

3.7%

Historical Data

2017, & 2018

Base Year

2019

Forecast Period

2020 - 2027

Units Considered

Value (US$ Million)

Market Segments

by Product Types, by Sizes, by End-Uses and by Country.

Key Companies Profiled

AMETEK Inc., ArcelorMittal, G & J Steel & Tubing, Inc., Hofmann Industries Inc, Infra-Metals Co., LIBERTY Steel Group, Mega Steel & Tube, Morris Coupling Co., Nippon Steel Corporation, SSAB AB, Webco, PTC Alliance, Zekelman, Metal-Matic, Michigan Seamless, Plymouth Tube, Benteler, and Mannesmann among others.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience

  • Supply-side: Manufacturers, raw material suppliers, and distributors
  • Demand Side: Commercial, Industrial, and Healthcare sectors
  • Regulatory Side: Concerned government authorities, and other regulatory bodies.
  • Associations and Industry Bodies: Aerospace Industries Association