The Precision valves market was valued at USD 4,225.0 Mn in 2019 and is projected to reach USD 5,165.1 Mn by 2027, expanding at a CAGR of 3.7% during the forecast period. 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.
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 energy sector, particularly gas production in the US and Canada, has wide consumption in domestic markets. In the recent years, gas from the US is being increasingly exported to different countries. This is anticipated to enhance the demand for precision tubes. Proposed infrastructure expenditure in the US, if approved, is predicted to boost the momentum.
Shale gas exploration and production is anticipated to rise steadily during the forecast period inducing the market growth. The amount of investments in the energy sector reflect the market growth of precision tubes, owing to high employment of precision tubes in the energy sector.
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. Healthcare is a major industry in the US. Significant growth of the healthcare industry is anticipated during the forecast period in North America.
The COVID-19 has expedited the growth of health-related solutions. Usage of cardiac stent implants, heart valves, surgical implants, cardiac rhythm management, and neuromodulation device therapies is increasing, owing to the prevalence of heart problems in the region. This, in turn, is anticipated to propel the market.
The cost of raw materials remains a top concern among precision tubes manufacturers. Volatility in the price of raw materials such as that of steel remains a challenge to the manufacturers of precision tubes. Changes in trade policies, geopolitical factors, and imbalance in demand and supply affect the price and the supply & demand for raw materials such as steel used in manufacture of precision tubes. Fluctuating raw material prices affect cash flows and earnings of companies. This, in turn, is anticipated to hamper the North America precision tubes market growth during the forecast period.
Technological innovations help reduce waste levels and downtime, improve responsiveness to customer demands, result into fast turnaround times, and enhance product design and quality, while streamlining relationships with suppliers and customers. Manufacturers are opting for extensive substitution of manual measurements through automated measuring devices and new technologies such as Premium Quality Finishing (PQF). This is likely to create opportunities for the North America precision tubes market.
Based on product types, the North America precision tubes market is segmented into seamless and welded. The seamless segment held a significant share of the market in 2019, due to high strength, durability, and ability to withstand high pressure offered by this type of tubes. The welded segment is anticipated to expand at a high CAGR during the forecast period owing to its benefits such as low cost and fast lead times as compared to seamless tubes, which is expected to drive the segment.
In terms of sizes, the market is divided into thin wall and thick wall. The thin wall segment is projected to expand at a considerable CAGR during the forecast period, owing to increasing demand for thin wall tubes for various applications including aerospace and nuclear power generation. The thick wall segment is held a major share of the market in 2019, due to increasing adoption of thick-walled precision tubes among end-users for drilling, boiler tubes, and in several components of car, tractor, and aircraft.
On the basis of end-uses, the North America precision tubes market is classified as automotive, HVAC & refrigeration, energy, mechanical engineering, and others. The automotive segment accounted for a significant share of the market in 2019, owing to rising demand for two wheelers, three wheelers, personal cars, commercial vehicles, and heavy vehicles.
The automotive segment is anticipated to grow significantly in the coming years. The energy segment is estimated to expand at a significant pace during the forecast period. This growth is attributed to the increasing demand for these tubes from boiler manufacturing OEMs.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Precision Tubes Market Overview
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Precision Tubes Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Precision Tubes Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Precision Tubes Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 North America Precision Tubes Market Size & Forecast, 2017-2027
4.5.1 Precision Tubes Market Size and Y-o-Y Growth
4.5.2 Precision Tubes Market Absolute $ Opportunity
4.6 Manufacturing Process of Precision Tubes
Chapter 5 North America Precision Tubes Market Analysis and Forecast by Product Types
5.1.1 Key Market Trends & Growth Opportunities by Product Types
5.1.2 Basis Point Share (BPS) Analysis by Product Types
5.1.3 Absolute $ Opportunity Assessment by Product Types
5.2 Precision Tubes Market Size Forecast by Product Types
5.3 Market Attractiveness Analysis by Product Types
Chapter 6 North America Precision Tubes Market Analysis and Forecast by Sizes
6.1.1 Key Market Trends & Growth Opportunities by Sizes
6.1.2 Basis Point Share (BPS) Analysis by Sizes
6.1.3 Absolute $ Opportunity Assessment by Sizes
6.2 Precision Tubes Market Size Forecast by Sizes
6.2.1 Thin Wall
6.2.2 Thick Wall
6.3 Market Attractiveness Analysis by Sizes
Chapter 7 North America Precision Tubes Market Analysis and Forecast by End-use
7.1.1 Key Market Trends & Growth Opportunities by End-use
7.1.2 Basis Point Share (BPS) Analysis by End-use
7.1.3 Absolute $ Opportunity Assessment by End-use
7.2 Precision Tubes Market Size Forecast by End-use
7.2.2 HVAC & Refrigeration
7.2.4 Mechanical Engineering
7.3 Market Attractiveness Analysis by End-use
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Precision Tubes Analysis and Forecast
9.2 North America Precision Tubes Market Size Forecast by Country
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Precision Tubes Market Size Forecast by Product Types
9.7 Basis Point Share (BPS) Analysis by Product Types
9.8 Absolute $ Opportunity Assessment by Product Types
9.9 Market Attractiveness Analysis by Product Types
9.10 North America Precision Tubes Market Size Forecast by Sizes
9.10.1 Thin Wall
9.10.2 Thick Wall
9.11 Basis Point Share (BPS) Analysis by Sizes
9.12 Absolute $ Opportunity Assessment by Sizes
9.13 Market Attractiveness Analysis by Sizes
9.14 North America Precision Tubes Market Size Forecast by End-use
9.14.2 HVAC & Refrigeration
9.14.4 Mechanical Engineering
9.15 Basis Point Share (BPS) Analysis by End-use
9.16 Absolute $ Opportunity Assessment by End-use
9.17 Market Attractiveness Analysis by End-use
Chapter 10 Competition Landscape
10.1 Precision Tubes Market: Competitive Dashboard
10.2 North America Precision Tubes Market: Market Share Analysis, 2019
10.3 Company Profiles (Details - Overview, Financials, Developments, Strategy)
10.3.3 G & J STEEL & TUBING, INC.
10.3.4 Hofmann Industries, Inc.
10.3.5 Infra Metals Co.
10.3.6 LIBERTY Steel Group
10.3.7 Mega Steel & Tube, Inc.
10.3.8 MORRIS COUPLING COMPANY
10.3.9 NIPPON STEEL CORPORATION
10.3.10 SSAB AB
10.3.11 Webco Industries, Inc.
10.3.13 Zekelman Industries
10.3.15 Michigan Seamless Tube, LLC
10.3.16 Plymouth Tube Company USA
10.3.17 BENTELER International AG
Some frequently asked quetions about this report!
Major manufacturers include AMETEK.Inc., ArcelorMittal, BENTELER International AG, Metal-Matic, Michigan Seamless Tube, LLC, NIPPON STEEL CORPORATION, Plymouth Tube Company USA, PTCAlliance, SSAB AB, Webco Industries, Inc., and Zekelman Industries among others.
Factors such as Automotive Industry, Product Innovation, Raw Material Prices, Competition Urbanization, Healthcare Industry are analyzed in the final report.
The base year considered for the North America Precision Tubes market report is 2019. The complete analysis period is 2017 to 2027, wherein, 2017 and 2018 are the historic years, and the forecast is provided from 2020 to 2027.
The major end-user industries of North America Precision Tubes are Automotive, HVAC & Refrigeration, Energy sector, and Others.
The market is expected to slightly decrease in growth between 2019 and 2020 owing to the COVID 19 pandemic on the North America Precision Tubes market.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
Increasing Investments in Energy Sector, growing demand from Healthcare Industry, Ability to sustain high temperature, Increasing Demand from General engineering applications are the factors expected to drive the market growth during forecast period.
In addition to market size (in US$ Million), Company Market Share (in % for base year 2019), and quality parameter overview is provided.
According to this Growth Market Reports report, the North America Precision Tubes market is likely to register a CAGR of 3.7% during forecast period 2020-2027, with an anticipated valuation of USD 4,646.0 million by the end of the 2027.
Additional company profiles can be provided on request
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