During the recovery of oil and gas from a reservoir, pipes and tube products are used during the various phases in the production process. Usually, these products fall in three categories:
- Drilling pipes
- Casings (used for lining a wellbore), and
- Tubing (production or delivery tubes used for transporting oil and gas to the surface)
Combined, these products are called oil and gas tubular goods. These oil and gas tubular goods, also called oil country tubular goods, are used alternately in various steps of oil and gas recovery in both onshore and offshore reservoirs. With oil and gas recovery reaching even deeper underground and underwater, the oil and gas industry demands tubular goods that can handle the most rugged, complex, and remote environments.The material used in tubular goods also needs to exhibit a high level resistance against corrosion along with properties such as excellent tensile strength, circumferential stress resistance, and axial tension resistance.
Dwindling Oil and Gas Prices Drain Complementary Markets; Tubular Goods Market Suffers too
The global oil and gas market is currently treading along a rough patch owing to supply glut and record low prices. While major oil and gas producers are wrapping many multi-million dollar exploration projects to survive the tough situation and cut-costs for favorable future finances, the development of many industries closely connected to the global oil and gas industry is questionable, at least until the stirring depression in the market settles. Point in case is the global market for oil and gas tubular goods.However, as large market players are still pursuing exploration and production activities, albeit at a modest pace, the demand for tubular goods is not likely to diminish very drastically anytime in the near future.
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North America is expected to be a strong demand driver for the global tubular goods market owing to the vast number of new oil and gas exploration projects running in the region. The demand for tubular goods in Latin America and the Middle East is expected to display steady growth over the future years. The ongoing economic crisis in Europe present uncertain growth prospects for the global oil and gas tubular goods market.
Due to the nature of the business, manufacturing of oil and gas tubular goods requires technical expertise in the field of special equipment manufacturing, high-end technological resources, and skilled labor. The continuous supply of a variety of raw materials also decides the overall development of the global oil and gas tubular goods market. Asia Pacific has many factors essential for the smooth operation of the tubular goods industry: the region is the hub of the global steel industry, has abundant supply of essential raw materials, has technical expertise, and features cheap labor costs. Owing to all these factors, the global oil and gas tubular goods market is projected to expand at a significant pace in the region over the next few years. Chinese manufacturers, especially, are expected to enter the market and acquire significant market shares over the future years.
Global Oil and Gas Tubular Goods Market: Key Players
Some of the key businesses operating in the global oil and gas tubular goods market include Nippon Steel & Sumitomo Metal Corporation, Tenaris S.A., Kelly Pipe Co. LLC, TMK Group, SPIE Oil & Gas Services, Vallourec S.A., MRC Global Inc., Benteler International AG, U. S. Steel Tubular Products, Centric Pipe, LLC, Hunting Energy Services, Energex Tube, Argus Machine Co. Ltd., and Sandvik AB.
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