North America Seamless Heat Exchanger Tubing Market Heating Up Gradually
Seamless heat exchanger tubes are essential components of a heat exchanger that makes it possible to transfer thermal energy from one medium to another by providing a larger ratio of heat transfer area to volume and weight. Apart from this, other characteristics of these tubes like chemical composition, helps in gauging their mechanical properties, such as tensile strength, proof strength, thermal conductivity, and elongation. Looking at their simple designs and the advantages that they offer, the market for seamless heat exchanger tubes in North America has shown a decent growth over the years, and is expected to continue showing an upward trend in the near future as well.
Drivers and Opportunities
The major factors influencing the growth of seamless heat exchanger tubing market in North America are:
- Growing technology
- Rising demand for seamless heat exchanger tubes from various end-user industries
- Growth of end-user industries
Moreover, rising demand of new grade materials that are used in manufacturing of heat exchanger tubes from different end-user industries is also expected to fuel the market growth even further. The petrochemicals and oil & gas segment is expected to further grow due to the increasing number of activities regarding exploration of crude and shale gas in this region.
Growing at a CAGR of 6.0% between 2015 and 2020, the North American seamless heat exchanger tubing market was valued at $752.5 Million in 2014 and is projected to hit $1.07 Billion by the end of 2020. Among countries, the U.S. was the biggest market in 2014.
Based on its end-users, the chemicals segment emerged as the leading market in 2014, accounting for 28.7% of the market share, whereas petrochemicals and oil & gas segments are expected to show further growth over the projected period. Among its types, the austenitic steels segment was the largest in 2014, accounting for 31.0% of the total market share. The austenitic steels segment is estimated to reach $337.8 Million by 2020, growing at a CAGR of 6.3% during the forecast period.
The major players operating in the North American market for seamless heat exchanger tubing comprise Sandvik AB, VALLOUREC, JFD Tube & Coil Products, Inc., Webco Industries, Inc., Fine Tubes Ltd., OSTP, TUBACEX S.A., Penn Stainless, Langley Alloys Ltd., National Specialty Alloys, Inc., and PM International Suppliers, among others.
The North American seamless heat exchanger tubing market has been analyzed and forecasted on the basis of following segmentation:
• Type: Austenitic Steel Tubes, Duplex Steel Tubes, Copper Alloy Tubes, Ni-Alloy Tubes
• End-User: Chemicals, Petrochemicals, Oil & Gas, HVAC & Refrigeration, Food & Beverage, Power Generation
• Geography: U.S., Canada, Mexico.