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 lifting applications carbon steel tubes in the oil and gas industry over the forecast period 2022-2028.
The Global carbon steel tubes 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.
|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|
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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 exhaust 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 steel supply and demand ratio 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.
Key Segments Covered
By outside diameter
- Internally coated
By end use
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia-Pacific (APAC)
- Middle East and Africa (MEA)
NPD and matchups will remain key futures market strategies in the moderately concentrated carbon steel pipe market
IMF forecasts 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, high initial setup costs are a barrier to new market entry. 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 into the grand scheme of things.
Key Players of Carbon Steel Pipes in Oil and Gas Extraction Application Market
The report highlights some of the major companies operating in the carbon steel tubes market in oil and gas extraction applications such as Sandvik AB, ArcelorMittal SA, Nippon Steel & Sumitomo Metal Corporation, Marcegaglia, Vallourec SA , Tenaris SA, Webco Industries Inc., US Steel Tubular Products, JFE Holdings, Inc., SB International, Inc., CONTINENTAL ALLOYS & SERVICES Inc.
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