Iron or Steel Tube Fitting Market

The article provides a detailed analysis of the global market for tube or pipe fittings (of iron or steel), forecasting a positive growth trend in both volume and value from 2022 to 2030. Key insights include consumption patterns, production trends, import and export dynamics, and market performance of major countries like China, the United States, and India. The data highlights significant fluctuations in consumption and production, as well as varying growth rates in different product categories. The average import and export prices for tube or pipe fittings are also analyzed, showing notable differences by product type and by exporting country. Overall, the article offers comprehensive information on the market trends and dynamics driving the global tube or pipe fittings industry.

Market Forecast

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 eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.4% for the period from 2022 to 2030, which is projected to bring the market volume to 7.9M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.4% for the period from 2022 to 2030, which is projected to bring the market value to $49.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Tube or Pipe Fittings (of Iron or Steel)

In 2022, the amount of tube or pipe fittings (of iron or steel) consumed worldwide shrank modestly to 6.5M tons, remaining stable against the previous year. The total consumption volume increased at an average annual rate of +2.1% from 2012 to 2022; 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 6.7M tons in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

The size of the market for tube or pipe fittings (of iron or steel) worldwide was estimated at $34.7B in 2022, almost unchanged from 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). The market value increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market reached the peak level in 2022 and is likely to see steady growth in years to come.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.4M tons), the United States (838K tons) and India (385K tons), together accounting for 40% of global consumption. Indonesia, Brazil, Germany, Russia, Japan, Canada, Turkey, Italy, Mexico and the UK lagged somewhat behind, together comprising a further 29%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Turkey (with a CAGR of +9.5%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($4.1B), the United States ($3.9B) and Turkey ($3.2B) appeared to be the countries with the highest levels of market value in 2022, with a combined 32% share of the global market.

In terms of the main consuming countries, Turkey, with a CAGR of +9.8%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of iron or steel tube fitting per capita consumption in 2022 were Canada (4.8 kg per person), Germany (2.8 kg per person) and Italy (2.7 kg per person).

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +8.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Tube or Pipe Fittings (of Iron or Steel)

In 2022, after two years of growth, there was decline in production of tube or pipe fittings (of iron or steel), when its volume decreased by -3.7% to 6.2M tons. The total output volume increased at an average annual rate of +1.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of 31% against the previous year. Over the period under review, global production hit record highs at 6.5M tons in 2018; however, from 2019 to 2022, production failed to regain momentum.

In value terms, iron or steel tube fitting production dropped to $29.3B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2018 when the production volume increased by 34% against the previous year. As a result, production attained the peak level of $34.7B. From 2019 to 2022, global production growth failed to regain momentum.

Production By Country

China (2.9M tons) remains the largest iron or steel tube fitting producing country worldwide, comprising approx. 46% of total volume. Moreover, iron or steel tube fitting production in China exceeded the figures recorded by the second-largest producer, India (609K tons), fivefold. The third position in this ranking was taken by Italy (299K tons), with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China totaled +1.8%. In the other countries, the average annual rates were as follows: India (+2.4% per year) and Italy (-0.3% per year).

Imports

World Imports of Tube or Pipe Fittings (of Iron or Steel)

In 2022, purchases abroad of tube or pipe fittings (of iron or steel) increased by 12% to 3.9M tons, rising for the second year in a row after two years of decline. Overall, imports showed a relatively flat trend pattern. Global imports peaked at 3.9M tons in 2014; afterwards, it flattened through to 2022.

In value terms, iron or steel tube fitting imports surged to $24B in 2022. The total import value increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, the United States (709K tons), distantly followed by Canada (203K tons) and Germany (194K tons) represented the major importers of tube or pipe fittings (of iron or steel), together mixing up 29% of total imports. Japan (119K tons), Singapore (108K tons), South Korea (105K tons), the United Arab Emirates (101K tons), Italy (96K tons), France (95K tons), Mexico (90K tons), the UK (89K tons), Malaysia (89K tons) and the Netherlands (88K tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to iron or steel tube fitting imports into the United States stood at +1.5%. At the same time, Mexico (+2.4%), the Netherlands (+2.3%) and Canada (+1.1%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing importer imported in the world, with a CAGR of +2.4% from 2012-2022. France, Italy, Germany, Malaysia and the UK experienced a relatively flat trend pattern. By contrast, Japan (-1.0%), Singapore (-1.1%), South Korea (-1.6%) and the United Arab Emirates (-3.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United States increased by +1.8 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest iron or steel tube fitting importing markets worldwide were the United States ($3.3B), Germany ($1.8B) and Canada ($1.1B), together comprising 26% of global imports. Japan, the Netherlands, Mexico, France, the UK, Italy, South Korea, Singapore, the United Arab Emirates and Malaysia lagged somewhat behind, together accounting for a further 25%.

The Netherlands, with a CAGR of +4.5%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

The imports of the three 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 and tube or pipe fittings of non-stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings, represented more than half of total import. Tube or pipe butt welding fittings, other than stainless steel (415K tons) held the next position in the ranking, followed by tube or pipe threaded elbows, bends and sleeves, other than stainless steel (294K tons), tube or pipe fittings of non-malleable cast iron (263K tons), tube or pipe flanges of stainless steel (225K tons) and tube or pipe fittings of stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings (219K tons). All these products together took approx. 37% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading imported products, was attained by tube or pipe fittings of stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings (with a CAGR of +2.8%), while imports for the other products experienced more modest paces of growth.

In value terms, the largest types of imported 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 ($5.6B), tube or pipe fittings of stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings ($3.8B) and iron or steel cast fittings, other than of non-malleable cast iron ($3B), with a combined 52% share of global imports.

Among the main imported products, tube or pipe fittings of stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings, with a CAGR of +5.5%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

The average import price for tube or pipe fittings (of iron or steel) stood at $6,186 per ton in 2022, with an increase of 3.7% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The growth pace was the most rapid in 2021 an increase of 8.5%. Global import price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was tube or pipe fittings of stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings ($17,549 per ton), while the price for tube or pipe flanges, other than stainless steel ($3,288 per ton) was amongst the lowest.

From 2012 to 2022, 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 (+2.6%), while the other products experienced more modest paces of growth.

Import Prices By Country

The average import price for tube or pipe fittings (of iron or steel) stood at $6,186 per ton in 2022, with an increase of 3.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The pace of growth was the most pronounced in 2021 when the average import price increased by 8.5%. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Germany ($9,049 per ton), while Malaysia ($3,027 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+3.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Tube or Pipe Fittings (of Iron or Steel)

In 2022, overseas shipments of tube or pipe fittings (of iron or steel) increased by 6.7% to 3.5M tons, rising for the second consecutive year after two years of decline. Overall, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when exports increased by 10% against the previous year. The global exports peaked at 3.8M tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, iron or steel tube fitting exports surged to $22.7B in 2022. The total export value increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. 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 hit record highs in 2022 and are expected to retain growth in the near future.

Exports By Country

China was the major exporting country with an export of about 1.5M tons, which resulted at 42% of total exports. India (298K tons) held an 8.5% share (based on physical terms) of total exports, which put it in second place, followed by Italy (6.7%). South Korea (137K tons), Germany (125K tons), Poland (121K tons), the United States (108K tons), Malaysia (74K tons), Spain (64K tons), the United Arab Emirates (64K tons), the Netherlands (64K tons) and Taiwan (Chinese) (57K tons) followed a long way behind the leaders.

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, the United Arab Emirates (+11.1%), Poland (+10.1%), India (+4.2%), Malaysia (+3.6%) and the Netherlands (+2.6%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in the world, with a CAGR of +11.1% from 2012-2022. Spain experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-1.7%), Germany (-2.2%), Italy (-2.8%), the United States (-4.5%) and South Korea (-5.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of India and Poland increased by +3.1 and +2.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($5.8B) remains the largest iron or steel tube fitting supplier worldwide, comprising 26% of global exports. The second position in the ranking was held by Italy ($2B), with an 8.8% share of global exports. It was followed by the United States, with an 8.6% share.

In China, iron or steel tube fitting exports expanded at an average annual rate of +3.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Italy (-0.9% per year) and the United States (-0.2% per year).

Exports By Type

The exports of the five major types of tube or pipe fittings (of iron or steel), namely tube or pipe flanges, other than stainless steel, tube or pipe fittings of non-stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings, iron or steel cast fittings, other than of non-malleable cast iron, tube or pipe butt welding fittings, other than stainless steel and tube or pipe fittings of non-malleable cast iron, represented more than two-thirds of total export. Tube or pipe threaded elbows, bends and sleeves, other than stainless steel (229K tons) took a 6.5% share (based on physical terms) of total exports, which put it in second place, followed by tube or pipe flanges of stainless steel (5.5%).

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exported products, was attained by tube or pipe fittings of stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings (with a CAGR of +3.7%), while the other products experienced more modest paces of growth.

In value terms, tube or pipe fittings of non-stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings ($5B), tube or pipe fittings of stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings ($3.4B) and tube or pipe flanges, other than stainless steel ($2.5B) appeared to be the products with the highest levels of exports in 2022, together accounting for 48% of global exports.

Tube or pipe fittings of stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings, with a CAGR of +5.1%, recorded the highest growth rate of the value of exports, among the main exported products over the period under review, while shipments for the other products experienced more modest paces of growth.

Export Prices By Type

The average export price for tube or pipe fittings (of iron or steel) stood at $6,471 per ton in 2022, picking up by 8.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2021 an increase of 11% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is likely to continue growth in the immediate term.

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 ($27,466 per ton), while the average price for exports of tube or pipe fittings of non-malleable cast iron ($2,997 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by tube or pipe threaded elbows, bends and sleeves of stainless steel (+3.4%), while the other products experienced more modest paces of growth.

Export Prices By Country

In 2022, the average export price for tube or pipe fittings (of iron or steel) amounted to $6,471 per ton, growing by 8.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The pace of growth appeared the most rapid in 2021 an increase of 11% against the previous year. The global export price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($18,188 per ton), while Malaysia ($2,597 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+4.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform