Page 15 - ITAtube Journal 1 2024

Market information
Figure 17: Global planned and announced hydrogen pipeline projects (2022-2030)
Source: Rystad Energy.com
a large quantity of pipelines is planned or announced to be built in the coming years up to 2027. A new market for hydrogen pipelines is upcoming (Figure 17). Par- ticularly the US and Europe expect major growth in this segment. This development offers pipeline manufacturers of large-di- ameter pipes > 406 mm OD opportunities for interesting future business.
The automotive market, accounts for around 15% of the global tube and pipe market. With most car manufacturers and many of their suppliers now reporting that their production capacity is either no longer constrained by semiconductor shortages, overall car sales figures are rising - with global deliveries expected to reach 85.5 million units by the end of the year. As the macroeconomic outlook for the automo- tive industry deteriorates, a modest return to growth in new car sales of private and commercial vehicles is expected over the next two years. ABI Research forecasts global vehicle sales growth of 3.6% in
2024. Furthermore, car manufacturers can expect sales to exceed the 90 million units’ level again in 2025 (Figure 18). In terms of regional growth in vehicle sales, the fol- lowing chart summarises these findings. According to IHS, the recovery process in the volume markets of Europe and North America anyhow will take longer. Future
ITAtube Journal April 2024
Figure 18: Global vehicle sales volume 2021-2026 (million units) Source: ABI Research (MD-MOBI-108)
growth will primarily take place in Asia, particularly in China. However, China could increasingly become a sales problem for the western automotive industry due to the American decoupling tendencies and the strengthening local car industry in China. However, the tendency to further reduce the weight of vehicles supports the trend towards the use of tubular products. The transition to electromobility can also support the use of tubular components, as the additional weight of the batteries must
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