Global Umbilical Tubes Market:
The global umbilical tubes market is expected to be valued at US$ 10,456.5 million in market and growing at a CAGR of 11.4% over the forecast period by 2026.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 restrains which effect the growth of 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 sector oil country tubular goods are important for drilling had effectively open up the opportunities to the global umbilical tube market.
Significant Growth in the Oil Country Tubular Goods Market
It is noticed that the global umbilical tubes market has a significant market growth rate on perspective with the oil country tubular goods markets. The market has been valued around 17.98 million. The Oil Country Tubular Goods comprises of three major products as drill pipe, tubing, and casing. These products are among key equipment used in oil and gas exploration with the significant number of market players supporting the growth of global umbilical tubes 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 global umbilical tubes market.
North America dominates the Market Share in the Global Umbilical Tubes Market
North America contributed major revenue followed by Europe and Asia Pacific. In 2019, North America region accounted huge growth rate and is anticipated to grow with a forecast year owing to rising drilling requirements. For instance, hydraulically fractured wells accounted for around 68% of all the natural gas and oil wells drilled in the U.S. and 83% of the overall linear footage drilled contributing the major revenue share to the global umbilical tubes market by the nature of the business, manufacturing of Tubular Goods requires high end technology, skilled labor and steep learning curves in special equipment manufacturing. Due to ongoing economic crisis, the demand profile of Europe is still uncertain but is likely to recover in coming years.
Key player’s profiles in the global umbilical tubes market include:
- Mannesmann Stainless Tubes
- Fine Tubes
- Salem Tube
- Nippon Steel & Sumitomo Metal
- Meilong Tube
- DM Special Steel
- 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
Global Umbilical Tubes Market Report Description:
Global umbilical tubes market report gives comprehensive outlook on umbilical tubes market across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report on global umbilical tubes market gives historical, current, and future market sizes on the basis of product type, application, and region. This report studies global umbilical tubes market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global umbilical tubes market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global umbilical tubes market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the global market report include suppliers, manufacturers, marketers, policy makers, and service providers engaged in global umbilical tubes market
Key Findings of the Report:
- Global umbilical tubes market expanding at significant CAGR over 2020 to 2026 owing due to significant growth in the oil country tubular goods market
- Based on region, North America accounted for larger market revenue share in 2019 and projected gain market revenue share over the forecast period
- Players focusing on innovation of newer products and collaboration strategies to retain market position in global market.
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2015-2019) and forecast (2020-2026)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
By Product Type
- Super-Duplex Stainless Steel
- Hyper-Duplex Stainless Steel
- Offshore Oil Country Tubular Goods
- Line Pipes and Others
- Rest of Europe
- Australia & New Zealand
- ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
- South Korea
- Rest of Asia-Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- Gulf Cooperation Council (GCC) Countries
- South Africa
- Rest of MEA