Carbon Steel Tubing In Oil & Gas Lift Application Market to Create an Incremental Opportunity Worth US$ 2.2 Bn by 2028
The global carbon steel tubing in oil & gas lift application market - which was valued at US$4.7 Bn at the end of 2018 - is forecasted to behold notable growth in its market value by the end of the forecast period (2019 to 2028). The research study by XploreMR attributes the growth of the market to revamp of the oil and gas industry post the oil crisis and carbon steel tubings are mostly used in lift applications that are used in the oil and gas industry to lift from the oil wells.
Furthermore, oil & gas sector is focusing on quick recovery from the slowdown caused because of the crisis and is hence scaling up their production and extraction processes. This is expected to boost the growth of carbon steel tubing in oil and gas lift applications through the assessment period. On this premise, the global carbon steel tubing in oil and gas lift applications will reach a global valuation of US$ 7 Bn by the end of 2028, progressing at a CAGR of 3.9% through the forecast period.
Need for Timely Replacement of Tubes Ensures Continual Adoption
As tubes act as a medium for liquids and gaseous materials to pass over long distances, it is likely that they deteriorate after prolonged usage. Moreover, when left unchecked, damages in aged pipelines can lead to leakages, causing loss of materials and increasing pollution in the surroundings. Replacing such damaged tubes is mandatory and the replacement rates have surged in the recent past. According to a report by the American Gas Association, gas distribution companies in the U.S. are annually replacing their older worn-out tubes with new high strength plastic tubes at the rate of around 40,000 kilometers. This bestows a tremendous growth opportunity to the carbon steel tubing in oil & gas lift application market, driving the demand steady on a higher side.
Recovery of Oil & Gas Industry Promises Healthy Growth
The market had witnessed a steep spike in revenue during the early 2010s, peaking in terms of production rate during 2014-15, only to behold a plummet in the next few years. The oil and gas operators have halted the oil and gas drilling operations and investments due to the fall of low crude oil prices. However, the oil & gas industry has been on a road to recovery since 2017 and is directly responsible for the growth of the carbon steel tuning market.
On the regional front, the carbon steel tubing applications market is highly reliant on fuel production. The production of shale gas is highly concentrated in the U.S., Canada, China, and Argentina, which remain the largest producers globally. For decades, these countries have been producing either shale gas or crude oil from tight oil, it is expected that the production activities will contribute to the growth of the carbon steel tubing in the oil and gas lift application market.
North America Accounts for 2/5th of Global Value
Among the regions, the U.S. carbon steel tubing in oil and gas lift application market currently accounts for 77% of market share in the North American market. On the global front, North America holds more than 2/5th of global market share, and will remain at the forefront of global market growth through the forecast period. Likewise, Canada is expected to represent an incremental opportunity of US$ 270.9 Mn during the assessment period.
Competitive Landscape of Carbon Steel Tubing In Oil & Gas Lift Application Market
Some of the major market players studied in the report include 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. Market players are focusing on mergers and acquisitions to enhance their market presence.
XploreMR offers a 10-year forecast for the Carbon Steel Tubing in Oil & Gas Lift Application between 2018 and 2028. In terms of value, the market is expected to register a CAGR of 3.9% during the forecast period (2018–2028). The main objective of the report is to offer insights on the advancements in the Global carbon steel tubing in oil & gas lift application. The study provides a detailed market analysis of the dynamics that are expected to influence the current environment and future status of the carbon steel tubing in oil & gas lift application over the forecast period. The primary objective of this report is to offer updates on trends, drivers, restraints, value forecast and opportunities for manufacturers operating in the carbon steel tubing in oil & gas lift application.
A section of the report discusses how the overall competition in the market is steadily increasing. It discusses various factors that are shaping internal as well as external competition in the market. The sales of carbon steel tubing in oil & gas lift application is expected to grow at a rapid pace in near future. Moreover, the rapid growth of the oil and gas industry, economic recovery and rising demand for carbon steel tubing in oil & gas lift application is expected to aid the growth of the carbon steel tubing in oil & gas lift application market.
The report provides detailed market share analysis of the carbon steel tubing in oil & gas lift application on the basis of key manufacturers. It also provides he market outlook for 2018–2028 and sets the forecast within the context of the report.
Key Segments Covered
By Outer Diameter
- 60-120 mm
- 121-250 mm
- Internally Coated
- Externally Coated
By End Use
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
A detailed analysis has been provided for every segment in terms of market size for carbon steel tubing in oil & gas lift application.
Carbon steel tubing in oil and gas lift application: Research Methodology
For Carbon steel tubing in oil and gas lift application data analysis, we have considered 2017 as the base year, with market numbers estimated for 2018 and forecast made for 2018–2028. The report considers the market size of the Carbon steel tubing in oil and gas lift application at a global level and splits & evaluates the market at a regional level. The forecast assesses the total revenue (US$ Mn) of the global carbon steel tubing in oil and gas lift application. In order to provide an accurate forecast, we started by sizing up the current market, which forms the basis of how the global carbon steel tubing in oil and gas lift application is expected to develop in the future. The critical market data, including the base number and segment splits, was devised through in-depth secondary research. This data was then triangulated on the basis of different verticals, considering both supply side and demand side drivers and other dynamics operating in various regional carbon steel tubing in oil and gas lift applications, along with primary interviews of carbon steel tubing in oil and gas lift application manufacturers, distributors & suppliers and industry experts. The forecast presented in the report evaluates the actual market size (US$ Mn) in 2017 with regard to carbon steel tubing in oil and gas lift application and the expected market value in the global carbon steel tubing in oil and gas lift application over the forecast period.
We have also analyzed the different segments of the global carbon steel tubing in oil and gas lift application in terms of basis point share (BPS) to understand an individual segment’s relative contribution to market growth. This detailed level of information is important for identifying the various key trends governing the global carbon steel tubing in oil and gas lift application. The report also analyses the global carbon steel tubing in oil and gas lift application based on the absolute dollar opportunity. This is usually overlooked while estimating the market forecast; however, from a business development perspective, it is essential to identify absolute dollar opportunity as it is crucial to identify potential resources in the carbon steel tubing in oil and gas lift application. Moreover, XploreMR has developed a market attractiveness index to understand the key segments in terms of their performance and growth in the global carbon steel tubing in oil and gas lift application. The market attractiveness index would help clients to identify real market opportunities in the global Carbon steel tubing in oil and gas lift application.
Carbon Steel Tubing in Oil and Gas Lift Applications Market: North America Anticipated to Witness Significant Increase in Demand over the Forecast Period: Global Industry Analysis 2013–2017 and Opportunity Assessment 2018–2028Buy Now
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