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)
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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.
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.
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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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