DUBAI, United Arab Emirates, Jan. 21, 2022 (GLOBE NEWSWIRE) — The world carbon steel pipes in oil and gas extraction application market is estimated at approximately US$5.57 billion in 2022. With the growing demand for oil and gas across the globe, the overall market is expected to grow at a steady rate 3.9% CAGR between 2022 and 2028, exceeding a valuation of US$7 billion by 2028.
| Attribute | Details |
| Estimated size of the Carbon Steel Pipes in Oil and Gas Lifting Applications market in 2022 | US$5.57 billion |
| Carbon Steel Pipes in Oil & Gas Extraction Applications CAGR Based on Market Value (2022-2028) | 3.9% |
| Carbon Steel Pipe Blasting in Oil & Gas Extraction Applications Industrial Energy Management System Market Size in 2028 | US$7 billion |
In a recently published analysis, Future Market Insights (FMI) has studied various market dynamics including key drivers, trends and growth scenario of the Global Carbon Steel Tubes Market, with emphasis on major Carbon Steel Pipe Lifting Applications in Oil & Gas Industry over the forecast period 2018-2028. Market projections reveal that revenue from sales of carbon steel tubes for lifting applications in the oil and gas industry will reach a valuation of US$7 billion by the end of 2028, from an estimated US$4 US$799.5 billion by the end of 2018, expanding at a moderate level. CAGR of 3.9% through 2028.
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IMF predicts that increased drilling activity to supplement the recovery in crude oil prices will boost sales of carbon steel tubing for a wide range of applications in the oil and gas industry.
Rising number of horizontal wells in the United States coupled with booming oil and gas production in the Gulf of Mexico, Alaska and other states will further drive the growth of the carbon steel pipe market up to ‘ in 2028. With a growth of 1.6% year-on-year During the period 2015-2030, natural gas consumption is expected to increase, which will further stimulate shale gas production and lead to a increasing demand for carbon steel pipes. This growth should present potential opportunities for oil and gas companies looking to expand their onshore business. Furthermore, the high costs and complexities associated with offshore activities would lead service providers to turn to onshore activities.
Geographically, North America is expected to dominate the carbon steel pipe landscape given the ongoing developments in the hydraulic fracturing market for shale gas production.
Increase in upstream oil and gas operations to boost carbon steel tubing in lifting applications
FMI plans to increase the number of horizontal wells to significantly contribute to the deployment of carbon steel tubing in upstream oil and gas operations, thereby providing potential market opportunities for steel tubing manufacturers and suppliers in the carbon. Additionally, oil and gas companies replacing aged and damaged cast iron and wrought iron pipe with carbon steel tubing will increase adoption. Another key factor driving the demand for carbon steel tubes is the recovery of the oil and gas industry and efforts to facilitate this recovery process.
Rising shale drilling activities in the United States and Canada will also boost the demand for carbon steel pipes during the forecast period. Additionally, technological advancements in coating products to combat pipe corrosion have also supported the deployment of carbon steel tubing in oil and gas extraction applications.
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Material alternatives and overproduction of Chinese steel could negatively impact the carbon steel pipe market
However, the availability of material alternatives such as steel, alloy steel, chrome steel, fiberglass, fibre-reinforced plastic and corrosion-resistant alloys could restrict the adoption of steel tubing. carbon steel in oil and gas extraction applications. Oil and gas companies vary their tubing requirements based on the required application on land and offshore, coupled with varying temperature conditions.
Another key factor that is expected to negatively impact carbon steel tube manufacturing is the skewed ratio of steel supply and demand attributable to excessive production and oversupply of Chinese steel. This situation led to cheap exports and the closure of many steel mills, which led to a drop in carbon steel prices.
NPD and matchups will remain key futures market strategies in the moderately concentrated carbon steel pipe market
IMF expects moderate concentration and stiff competition in the global carbon steel pipe market in oil and gas extraction applications, given the presence of dominant Chinese and Asian players. In addition, the high initial set-up costs constitute a barrier to the entry of new players into the market. In terms of overall market strategies, the development of robust and innovative tubes coupled with strategic partnerships and tie-ups with end-use companies and distributors will fit the grand scheme of things.
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About Future Market Insights Oil & Gas Division
With a repository of over 500 energy, mining, oil and gas industry reports, a team of analysts led by experts from Future Market Insights has constantly monitored and assessed the changing dynamics of the industry. The team leads a number of complex projects related to changing fuel market trends, the ongoing transformation of the energy industry and the technological impact on the mining sector. Following a futuristic direction, the team offers in-depth information and consulting services; Contact us to find out how we can help you meet your business intelligence needs.
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