The Global Carbon Steel Tubing in Oil and Gas Lift Applications Market size is set to reach US$ 5798.6 million in 2023. Overall sales of carbon steel tubing in oil and gas lift applications are likely to surge at 3.3% CAGR, taking the forecasted market valuation to US$ 7992.6 million by the end of 2033.
Carbon steel tubing’s use in lift applications is expected to rise as oil and gas production increases in the upstream sector.
Carbon steel tubing is expected to be increasingly used in oil and gas upstream operations, according to FMI, which could open new sales channels for carbon steel tubing producers and distributors. The oil and gas industry will also contribute to the rise in carbon steel tubing use by replacing old and corroded cast and wrought iron pipes. The oil and gas industry’s revival, and the efforts made to aid its revival, are also driving demand for carbon steel tubing.
Demand for carbon steel pipes is expected to rise during the forecast period due to rising shale drilling activities in the United States and Canada. Carbon steel tubing has been used in oil and gas lift applications because of technological advancements in coating products to combat pipe corrosion.
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Possible Harm to the Carbon Steel Tubing Industry from Substitute Materials and Chinese Steel Overproduction
Carbon steel tubing is commonly used in oil and gas lift applications; however, its widespread use may be impeded by the availability of viable substitutes made from materials like steel, alloy steel, chromium steel, fiberglass, fiber-reinforced plastic, and corrosion-resistant alloys. Companies in the oil and gas industry have varying tubing needs depending on the type of work being done onshore or offshore and the ambient temperature.
China’s excessive production and oversupply of steel is a major factor that is expected to harm the manufacturing of carbon steel tubing. As a result of this situation, carbon steel prices crashed, and many steel mills were forced to close.
Key Takeaways
- Advanced drilling techniques and equipment that use carbon steel tubing are necessary for the transition to unconventional sources of oil and gas like shale gas and tight oil.
- The increasing need for high-performance, long-lasting carbon steel tubing is a direct result of the current emphasis on economy and economy of means.
- There is a growing demand for high-quality carbon steel tubing that can withstand adverse conditions and corrosion due to safety and environmental concerns.
- Technology advancements like hydraulic fracturing and horizontal drilling have increased the need for customized carbon steel tubing.
- There is a growing demand for cutting-edge drilling methods and tools, such as carbon steel tubing, in the developing economies of Asia, the Pacific Rim, and Latin America.
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Competitive Landscape
There are a large number of manufacturers and service providers competing with one another for market share in carbon steel tubing in oil and gas lift applications market. This creates a highly competitive landscape.
Larger companies that are trying to increase their carbon steel tubing in oil and gas lift applications market share face competition from both these well-established firms and the many smaller manufacturers and service providers that operate in the market. Companies need to keep putting money into R&D, embracing new technologies, and giving customers what they want if they want to survive in today’s carbon steel tubing in the oil and gas lift applications market.
Key Segments
By Outer Diameter:
- 60 to 120 mm
- 121 to 250 mm
By Coating:
- Internally Coated
- Externally Coated
By End Use:
- Onshore
- Offshore
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APECJ
- China
- Japan
- Middle East and Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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