Global Carbon Steel Tubing in Oil and Gas Lift Applications Market will Observe Lucrative Surge by the End 2028

The global Carbon Steel Tubing in Oil & Gas Lift application market is estimated to be valued at US$4,799.5 Mn by the end of 2018 and is expected to reach US$7,029.8 Mn by the end of 2028 while expanding at a CAGR of 3.9% over the forecast period. The global carbon steel tubing in oil & gas lift applications market is anticipated to represent incremental opportunity worth US$ 2,230.3 Mn between 2018 and 2028.

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Increasing number of horizontal wells in U.S coupled with flourishing oil and gas production in Gulf Of Mexico, Alaska, and the other states, will further spur the growth of carbon steel tubing market through 2028. With 1.6% Year-on-Year growth over the period of 2015-2030, natural gas consumption is projected to increased, further driving the shale gas production resulting in growing demand for carbon steel pipes. This growth is projected to present potential opportunities to oil and gas companies looking to expand their onshore activities. Also, high cost and complexities associated with offshore activities would result in service providers switching to onshore activities.

Geographically, North America is projected to dominate the carbon steel tubing landscape considering ongoing developments in hydraulic fracturing market for the production of shall gas.

Increased Oil and Gas Upstream Operations to Boost Carbon Steel Tubing in Lift Applications

This envisages increasing number of horizontal wells to significantly contribute towards deployment of carbon steel tubing in Oil and Gas upstream operations, further presenting potential market opportunities to manufacturers and suppliers of carbon steel tubing. Moreover, oil and gas companies replacing the aged and damaged cast and wrought iron pipes with carbon steel tubing, will drive up the adoption. Another key factor driving the demand for carbon steel tubing is the recovering Oil and Gas industry and efforts to facilitate this recovery process. Increasing shale drilling activities in U.S and Canada will also boost the demand for carbon steel pipes during the forecast period. Moreover, technological advancements in coating products to fight pipe corrosion has also supported the deployment of carbon steel tubing in oil and gas lift applications.

Material Alternatives & Over Production of Chinese Steel Could Negatively Impact Carbon Steel Tubing Market

However, availability of material alternatives such as steel, alloy steel, chromium steel, fiber glass, fiber reinforced plastic, and corrosion resistant alloys could restrict the adoption of carbon steel tubing in oil and gas lift applications. Oil and gas companies change their tubing requirements as per the required application in onshore and offshore coupled with varying temperature conditions. Another key factor anticipated to negatively impact the manufacturing of carbon steel tubing is the skewed supply demand ratio of steel attributable to excessive production and oversupply of Chinese steel. This situation lead to cheap exports and subsequent shutting down of many steel plants, which further resulted in price crash of carbon steel.

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Key Market Participants Carbon Steel Tubing in Oil and Gas Lift Application

The report highlights some of the top companies operating in the carbon steel tubing in oil & gas lift applications market, such as Sandvik AB, ArcelorMittal S.A., Nippon Steel & Sumitomo Metal Corporation, Marcegaglia, Vallourec S.A., Tenaris S.A., Webco Industries Inc., U.S. Steel Tubular Products, JFE Holdings, Inc., SB International, Inc., CONTINENTAL ALLOYS & SERVICES Inc.

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