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Description
Umbilical Tubes Market size was expected to reach a value of USD 10,456.6 million by 2028, growing at a CAGR of 11.5% over the forecast period 2022- 2028. The major drivers are drill pipe, casing (lines the wellbore), and tubing (delivery or production tubes that transport the oil and gas to the surface) which boost the market. There are few restraints that affect the growth of the global umbilical tube market, capital investment for the production of seamless OCTG is quite high in contrast hence the small-scale industries cannot participate effectively. Rising demand for premium pipes coupled with the advent of technologically advanced and the oil and gas industry has expanded at a rapid pace owing to the increasing demand for the hydrocarbons almost all sectors of oil country tubular goods are important for drilling had effectively open up the opportunities to the global umbilical tube market. The right selection of the product, depending upon the quality and suitability, is important to prevent damages during exploration activities such as leakages. By the nature of the business, manufacturing of Tubular Goods requires high-end technology, skilled labor and steep learning curves in special equipment manufacturing play a key role in the global umbilical tubes market. Market players have witnessed the strategic collaboration and acquisition to expand product portfolio and strengthen their position in the market to enhance the revenue of the company. In March 2020, the milestone contract is significant for the offshore Brazilian oil and gas industry, which typically uses thermoplastic hose umbilicals. It will consist of over 500 kilometers of Sandvik’s super duplex Sandvik SAF 2507 stainless steel umbilical tubes encapsulated by Prysmian Group. In March 2019, Vallourec has secured a contract from Thailand’s national oil company PTTEP to deliver more than 3,000 tonnes of oil country tubular goods (OCTG) for its Myanmar M9
