Global Tube or Pipe Fittings (Iron or Steel) Market to Reach $56B by 2035, Driven by 2.6% CAGR - News and Statistics - IndexBox

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IndexBox has just published a new report: World - Tube Or Pipe Fittings (Of Iron Or Steel) - Market Analysis, Forecast, Size, Trends and Insights.

Driven by increasing demand worldwide, the market for tube or pipe fittings of iron or steel is set to experience steady growth over the next decade. With a forecasted CAGR of +2.6% in volume and +2.5% in value, the market is expected to reach new heights by 2035.

Driven by increasing demand for tube or pipe fittings (of iron or steel) worldwide, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.6% for the period from 2024 to 2035, which is projected to bring the market volume to 9.5M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.5% for the period from 2024 to 2035, which is projected to bring the market value to $56B (in nominal wholesale prices) by the end of 2035.

In 2024, approx. 7.2M tons of tube or pipe fittings (of iron or steel) were consumed worldwide; picking up by 3.3% on 2023. The total consumption volume increased at an average annual rate of +2.2% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption hit record highs at 7.9M tons in 2022; however, from 2023 to 2024, consumption remained at a lower figure.

The value of the market for tube or pipe fittings (of iron or steel) worldwide rose significantly to $42.8B in 2024, increasing by 9.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a perceptible increase from 2013 to 2024: its value increased at an average annual rate of +3.2% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -11.5% against 2022 indices. Global consumption peaked at $48.3B in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

The countries with the highest volumes of consumption in 2024 were China (1.3M tons), the United States (789K tons) and India (604K tons), with a combined 38% share of global consumption. Indonesia, Japan, Turkey, Brazil, Italy, Russia and Finland lagged somewhat behind, together accounting for a further 24%.

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Finland (with a CAGR of +26.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest iron or steel tube fitting markets worldwide were Japan ($5.5B), the United States ($5B) and China ($4.2B), with a combined 34% share of the global market. Brazil, India, Italy, Turkey, Finland, Russia and Indonesia lagged somewhat behind, together accounting for a further 27%.

Finland, with a CAGR of +26.3%, recorded the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2024, the highest levels of iron or steel tube fitting per capita consumption was registered in Finland (33 kg per person), followed by Italy (4 kg per person), Turkey (3 kg per person) and the United States (2.3 kg per person), while the world average per capita consumption of iron or steel tube fitting was estimated at 0.9 kg per person.

In Finland, iron or steel tube fitting per capita consumption expanded at an average annual rate of +25.9% over the period from 2013-2024. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Italy (+7.0% per year) and Turkey (+10.7% per year).

Global iron or steel tube fitting production rose rapidly to 7.2M tons in 2024, picking up by 6.3% on 2023. The total output volume increased at an average annual rate of +2.5% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 27%. Global production peaked at 7.6M tons in 2022; however, from 2023 to 2024, production remained at a lower figure.

In value terms, iron or steel tube fitting production rose remarkably to $41.6B in 2024 estimated in export price. In general, the total production indicated notable growth from 2013 to 2024: its value increased at an average annual rate of +3.2% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production decreased by -11.0% against 2022 indices. The pace of growth appeared the most rapid in 2018 with an increase of 33% against the previous year. Over the period under review, global production hit record highs at $46.7B in 2022; however, from 2023 to 2024, production remained at a lower figure.

The country with the largest volume of iron or steel tube fitting production was China (3M tons), comprising approx. 42% of total volume. Moreover, iron or steel tube fitting production in China exceeded the figures recorded by the second-largest producer, India (793K tons), fourfold. Italy (329K tons) ranked third in terms of total production with a 4.6% share.

From 2013 to 2024, the average annual growth rate of volume in China amounted to +1.8%. In the other countries, the average annual rates were as follows: India (+3.9% per year) and Italy (-0.6% per year).

In 2024, supplies from abroad of tube or pipe fittings (of iron or steel) decreased by -5.7% to 3.3M tons, falling for the second year in a row after two years of growth. In general, imports recorded a mild downturn. The most prominent rate of growth was recorded in 2018 with an increase of 6.9%. Over the period under review, global imports attained the maximum at 4M tons in 2014; however, from 2015 to 2024, imports remained at a lower figure.

In value terms, iron or steel tube fitting imports shrank to $21.6B in 2024. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 17%. Over the period under review, global imports hit record highs at $23.6B in 2022; however, from 2023 to 2024, imports stood at a somewhat lower figure.

The United States represented the major importing country with an import of about 681K tons, which amounted to 20% of total imports. Canada (146K tons), Germany (120K tons), Japan (117K tons), the United Arab Emirates (103K tons), India (98K tons), Saudi Arabia (96K tons), Malaysia (94K tons), Spain (90K tons) and Singapore (89K tons) held a little share of total imports.

From 2013 to 2024, average annual rates of growth with regard to iron or steel tube fitting imports into the United States stood at +1.2%. At the same time, India (+6.8%) and Spain (+5.2%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in the world, with a CAGR of +6.8% from 2013-2024. Malaysia, Japan and Canada experienced a relatively flat trend pattern. By contrast, the United Arab Emirates (-1.5%), Germany (-3.0%), Singapore (-3.8%) and Saudi Arabia (-4.1%) illustrated a downward trend over the same period. The United States (+5.1 p.p.) and India (+1.7 p.p.) significantly strengthened its position in terms of the global imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($3.2B) constitutes the largest market for imported tube or pipe fittings (of iron or steel) worldwide, comprising 15% of global imports. The second position in the ranking was held by Germany ($1.3B), with a 5.8% share of global imports. It was followed by Canada, with a 4.5% share.

From 2013 to 2024, the average annual growth rate of value in the United States stood at +2.7%. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+0.5% per year) and Canada (+0.2% per year).

The imports of the four major types of tube or pipe fittings (of iron or steel), namely tube or pipe flanges, other than stainless steel, iron or steel cast fittings, other than of non-malleable cast iron, tube or pipe fittings of non-stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings and tube or pipe butt welding fittings, other than stainless steel, represented more than two-thirds of total import. Tube or pipe threaded elbows, bends and sleeves, other than stainless steel (259K tons) ranks next in terms of the total imports with a 7.8% share, followed by tube or pipe flanges of stainless steel (6.3%), tube or pipe fittings of non-malleable cast iron (6.3%) and tube or pipe fittings of stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings (6.2%).

From 2013 to 2024, the biggest increases were recorded for tube or pipe fittings of stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings (with a CAGR of +1.3%), while purchases for the other products experienced mixed trends in the imports figures.

In value terms, tube or pipe fittings of non-stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings ($4.6B), tube or pipe fittings of stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings ($3.7B) and iron or steel cast fittings, other than of non-malleable cast iron ($2.5B) were the products with the highest levels of imports in 2024, together comprising 50% of global imports.

Tube or pipe fittings of stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings, with a CAGR of +4.0%, saw the highest growth rate of the value of imports, in terms of the main imported products over the period under review, while purchases for the other products experienced more modest paces of growth.

In 2024, the average import price for tube or pipe fittings (of iron or steel) amounted to $6,501 per ton, reducing by -1.8% against the previous year. Over the last eleven years, it increased at an average annual rate of +1.8%. The growth pace was the most rapid in 2021 an increase of 12%. Global import price peaked at $6,621 per ton in 2023, and then shrank slightly in the following year.

There were significant differences in the average prices amongst the major imported products. In 2024, the product with the highest price was tube or pipe threaded elbows, bends and sleeves of stainless steel ($19,772 per ton), while the price for tube or pipe flanges, other than stainless steel ($3,115 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by tube or pipe fittings of stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings (+2.7%), while the other products experienced more modest paces of growth.

The average import price for tube or pipe fittings (of iron or steel) stood at $6,501 per ton in 2024, dropping by -1.8% against the previous year. Over the last eleven years, it increased at an average annual rate of +1.8%. The pace of growth appeared the most rapid in 2021 an increase of 12%. Global import price peaked at $6,621 per ton in 2023, and then reduced slightly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was Germany ($10,443 per ton), while Malaysia ($2,395 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Germany (+3.7%), while the other global leaders experienced more modest paces of growth.

In 2024, overseas shipments of tube or pipe fittings (of iron or steel) decreased by -0.1% to 3.4M tons, falling for the second consecutive year after two years of growth. Over the period under review, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 54%. The global exports peaked at 3.8M tons in 2018; however, from 2019 to 2024, the exports remained at a lower figure.

In value terms, iron or steel tube fitting exports reduced to $19.7B in 2024. In general, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by 18% against the previous year. Over the period under review, the global exports attained the peak figure at $22.6B in 2022; however, from 2023 to 2024, the exports stood at a somewhat lower figure.

China dominates exports structure, reaching 1.7M tons, which was near 51% of total exports in 2024. India (287K tons) held the second position in the ranking, followed by Italy (167K tons). All these countries together took approx. 14% share of total exports. The United States (97K tons), Germany (82K tons), Spain (70K tons), South Korea (67K tons), Malaysia (61K tons), Taiwan (Chinese) (59K tons) and Thailand (58K tons) took a relatively small share of total exports.

China experienced a relatively flat trend pattern with regard to volume of exports of tube or pipe fittings (of iron or steel). At the same time, India (+2.9%) and Malaysia (+1.8%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in the world, with a CAGR of +2.9% from 2013-2024. Thailand and Spain experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-1.5%), the United States (-4.9%), Germany (-5.6%), Italy (-5.8%) and South Korea (-9.3%) illustrated a downward trend over the same period. From 2013 to 2024, the share of China and India increased by +9.3 and +2.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($4.4B) remains the largest iron or steel tube fitting supplier worldwide, comprising 22% of global exports. The second position in the ranking was held by the United States ($2B), with a 10% share of global exports. It was followed by Italy, with a 9.4% share.

In China, iron or steel tube fitting exports remained relatively stable over the period from 2013-2024. The remaining exporting countries recorded the following average annual rates of exports growth: the United States (-0.4% per year) and Italy (-2.0% per year).

The products with the highest levels of iron or steel tube fitting exports in 2024 were tube or pipe flanges, other than stainless steel (801K tons), tube or pipe fittings of non-stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings (555K tons), tube or pipe butt welding fittings, other than stainless steel (471K tons), tube or pipe fittings of non-malleable cast iron (432K tons) and iron or steel cast fittings, other than of non-malleable cast iron (420K tons), together accounting for 80% of total export. Tube or pipe threaded elbows, bends and sleeves, other than stainless steel (208K tons) held the next position in the ranking, followed by tube or pipe flanges of stainless steel (194K tons) and tube or pipe fittings of stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings (152K tons). All these products together took near 17% share of total exports.

From 2013 to 2024, the biggest increases were recorded for tube or pipe fittings of stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings (with a CAGR of +2.2%), while shipments for the other products experienced more modest paces of growth.

In value terms, the largest types of exported tube or pipe fittings (of iron or steel) were tube or pipe fittings of non-stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings ($4.3B), tube or pipe fittings of stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings ($3.3B) and tube or pipe flanges, other than stainless steel ($2.2B), together comprising 50% of global exports.

In terms of the main exported products, tube or pipe fittings of stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings, with a CAGR of +3.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other products experienced more modest paces of growth.

In 2024, the average export price for tube or pipe fittings (of iron or steel) amounted to $5,895 per ton, waning by -9.5% against the previous year. Over the period under review, the export price, however, recorded a mild expansion. The pace of growth was the most pronounced in 2016 when the average export price increased by 33% against the previous year. As a result, the export price attained the peak level of $6,653 per ton. From 2017 to 2024, the average export prices remained at a lower figure.

Prices varied noticeably by the product type; the product with the highest price was tube or pipe threaded elbows, bends and sleeves of stainless steel ($27,300 per ton), while the average price for exports of tube or pipe fittings of non-malleable cast iron ($2,665 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by tube or pipe threaded elbows, bends and sleeves of stainless steel (+3.0%), while the other products experienced more modest paces of growth.

The average export price for tube or pipe fittings (of iron or steel) stood at $5,895 per ton in 2024, falling by -9.5% against the previous year. Overall, the export price, however, recorded a modest expansion. The growth pace was the most rapid in 2016 when the average export price increased by 33%. As a result, the export price reached the peak level of $6,653 per ton. From 2017 to 2024, the average export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($20,477 per ton), while Malaysia ($2,537 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by South Korea (+5.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the global market for iron or steel tube fitting. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:

+ the largest producing countries

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

Making Data-Driven Decisions to Grow Your Business

A Quick Overview of Market Performance

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Finding New Products to Diversify Your Business

Choosing the Best Countries to Establish Your Sustainable Supply Chain

Choosing the Best Countries to Boost Your Exports

The Latest Trends and Insights into The Industry

The Largest Importers on The Market and How They Succeed

The Largest Exporters on The Market and How They Succeed

The Largest Producers on The Market and Their Profiles

The Largest Markets And Their Profiles