Carbon Steel Tubing in Oil and Gas Lift Applications Market

Carbon Steel Tubing in Oil and Gas Lift Applications Market Size (2024-2032):

The size of the global carbon steel tubing in oil and gas lift applications market was worth USD 6.02 billion in 2023. The global market is anticipated to grow at a CAGR of 3.9% from 2024 to 2032 and be worth USD 8.49 billion by 2032 from USD 6.25 billion in 2024.

Current Scenario of the Global Carbon Steel Tubing in Oil and Gas Lift Applications Market

In the oil and gas business, the lift is used to extract oil from wells by increasing reservoir pressure and causing oil to rise to the surface. Because carbon steel tubes aid in lifting the oil to the top, artificial lifts are utilized in these circumstances. Without compromising the quality of the oil, the carbon steel tubing enables a quick and easy loft application.

Some of the reasons propelling the global market for carbon steel tubing in oil and gas lift applications include rising investments in oil and gas recovery activities, soaring fuel demand across various sectors, and rising usage of carbon steel tubing in lifting applications.

Due to its many benefits, including better mechanical performance, corrosion resistance, and great operating efficiency, carbon steel tubing has become a common method of lifting fluids and gases throughout the oil and gas industry. Without compromising the quality of the intended goods, carbon steel tubing aids in bringing oil and gas to the surface. It makes sure that the lift application in oil and gas reservoirs runs smoothly.

MARKET GROWTH

Governments are investing more in oil and gas operations as global energy consumption rises. As a result, there is a greater need for improved drilling and artificial lifting tools such as carbon steel tubing.

MARKET DRIVERS

The tube is the main conduit that carries oil from the well's bottom to the surface. Additionally, it separates the necessary substance from another well-presented residue.

The oil and gas firms wanted their end products to be pure, but conventional tubing fell short in many respects. As a result, businesses are switching to modern, affordable carbon steel tubing. These tubes can be reused several times and have a longer lifespan. Based on these benefits, the global market for carbon steel tubes in oil and gas lift applications is expected to increase significantly between 2024 and 2032.

Demand for carbon steel tubes, which are practical for oil and gas extraction and easy to install, has grown as a result of the expansion of horizontal drilling. The need for carbon steel tubes for lift applications in the oil and gas industry has increased because of their high mechanical performance, high corrosion resistance, high operating convenience, and high safety. The oil and gas firms' top priority are to maintain the final product's quality and purity. Oil and gas firms consider carbon steel tubes to be the greatest option to conventional tubing because the mixing of other residues present in the well causes it to fail to preserve it.

MARKET RESTRAINTS

Carbon steel tubes are the material of choice for businesses Due to an increase in horizontal drilling and the necessity for strong and long-lasting tube systems.

The global market for carbon steel tubing in oil and gas lift applications is anticipated to grow substantially between 2024 and 2032. However, two major issues that could restrict market growth are the brittleness of carbon steel tubes and the availability of substitutes. Participants in the target market are anticipated to experience new revenue opportunities over the projected period as a result of technological advancements made by well-known firms in manufacturing higher-quality carbon steel tubing solutions.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Carbon Steel Tubing in Oil and Gas Lift Applications Market Analysis By Outer Diameter:

The carbon steel tube used in oil and gas lift operations is divided into two groups based on outer diameter: 60-120 mm and 121-250 mm. Sales of carbon steel tubes with a diameter of 60 to 120 mm are being driven by an increase in the extraction or lifting of oil and gas from reserves. For complex, deep oil and gas reservoirs, this particular form of carbon steel tubing is appropriate.

Carbon Steel Tubing in Oil and Gas Lift Applications Market Analysis By Coating:

The market for carbon steel tubes used in oil and gas lift applications will continue to be dominated by the section of steel that has been externally coated. Due to its many advantages, externally coated tubing is being used more frequently for lifting purposes in the oil and gas industry. Due to its two-layer coating, it offers good long-term corrosion protection. Because of the coating's ability to survive adverse environmental conditions, the pipe doesn't deteriorate.

Carbon Steel Tubing in Oil and Gas Lift Applications Market Analysis By End-Use:

The onshore segment will hold a commanding 95% of the market in 2023. Sales of carbon steel tubes are primarily driven by an increase in onshore oil and gas drilling projects. Onshore oil and gas recovery is less expensive and complex than offshore recovery. As a result, onshore reservoir oil and gas extraction is receiving increased attention. However, as onshore reserves are used up, attention is gradually shifting to offshore drilling. Many offshore projects are being started in places like the Middle East and Africa.

REGIONAL ANALYSIS

The market for carbon steel tubes in oil and gas lift applications is anticipated to grow rapidly in the United States, rising at a CAGR of 4.8% between 2024 and 2032. The region's growth is fueled by an increase in horizontal wells, oil and gas exploration operations, the presence of major market participants, and rising energy demand. The world's largest consumer of oil is the United States. In 2023, the world's daily oil consumption was approximately 18.12 million barrels (b/d). Additionally, the United States has over 90,000 production wells. The market for American carbon steel tubes used in oil and gas lift applications has grown quickly as a result of technological advancements in drilling and production. The market is expanding as a result of increasing government assistance.

China is currently one of the countries with the quickest growth rates in the world. A new wave of expansion in the oil and gas industry has been sparked by rapid industrialization and technological improvement. The nation as a whole is experiencing extremely rapid growth in energy consumption. The government is employing a number of strategies to meet rising energy demand, including creating incentives for domestic oil and gas producers and exploring new reserves. Between 2024 and 2032, the market for Indian carbon steel tubes used in oil and gas lift applications is projected to expand at a CAGR of 3.3%. Some of the drivers boosting the market in the nation are rising industrialization, escalating energy demand, and increasing government spending to seek more reservoirs.

KEY PLAYERS IN THE GLOBAL CARBON STEEL TUBING IN OIL AND GAS LIFT APPLICATIONS MARKET

Companies playing a prominent role in the global carbon steel tubing in oil and gas lift applications market include Sandvik, ArcelorMittal, Nippon Steel, Vallourec, Tenaris, Webco Industries, U.S. Steel Tubular Products, JFE Holdings, SB International, Continental Alloys Services Inc., and Others.

RECENT HAPPENINGS IN THE GLOBAL CARBON STEEL TUBING IN OIL AND GAS LIFT APPLICATIONS MARKET

• Akkurate, a pioneer in comprehensive battery management and provider of remote battery diagnostic- and prognostic platforms, was situated in Finland and was bought by Sandvik. The business will be listed under Load and Haul, a department of Sandvik Mining and Rock Solutions.
• Owing to reduced apparent demand, leading European steelmaker ArcelorMittal is idling a 1.2 million t/yrs. blast furnace at its Dunkirk plant in France.

DETAILED SEGMENTATION OF THE GLOBAL CARBON STEEL TUBING IN OIL AND GAS LIFT APPLICATIONS MARKET IS INCLUDED IN THIS REPORT

This research report on the global carbon steel tubing in oil and gas lift applications market has been segmented and sub-segmented based on outer diameter, coating, end-use, and region.

By Outer Diameter

• 60-120mm
• 121-250mm

By Coating

• Externally Coated
• Internally Coated

By End-Use

• Onshore
• Offshore

By Region

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa