Seamless Casing, Tubing and Drill Oil or Gas Pipe of Stainless Steel Market

Driven by increasing demand for seamless casing, tubing and drill oil or gas pipes of stainless steel, the global market has seen growth in both volume and value. Production and consumption figures indicate a resilient expansion, with certain fluctuations over the years. Key importing and exporting countries have been identified, along with notable growth rates and trends. The market is expected to continue growing in the immediate term, with prices varying by product type and country of destination.

Market Forecast

Driven by increasing demand for seamless casing, tubing and drill oil or gas pipes of stainless steel worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.9% for the period from 2022 to 2030, which is projected to bring the market volume to 491K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.2% for the period from 2022 to 2030, which is projected to bring the market value to $3.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Seamless Casing, Tubing and Drill Oil or Gas Pipes of Stainless Steel

In 2022, global consumption of seamless casing, tubing and drill oil or gas pipes of stainless steel soared to 424K tons, rising by 15% compared with the year before. Overall, the total consumption indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -7.5% against 2020 indices. As a result, consumption attained the peak volume of 458K tons. From 2021 to 2022, the growth of the global consumption of remained at a somewhat lower figure.

The value of the market for seamless casing, tubing and drill oil or gas pipes of stainless steel worldwide skyrocketed to $2.5B in 2022, with an increase of 26% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption saw a resilient expansion. As a result, consumption attained the peak level of $2.8B. From 2021 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the Netherlands (72K tons), Qatar (49K tons) and Japan (45K tons), together comprising 39% of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of steel, amongst the leading consuming countries, was attained by the Netherlands (with a CAGR of +41.0%), while steel for the other global leaders experienced more modest paces of growth.

In value terms, the largest seamless casing, tubing and drill oil or gas pipe of stainless steel markets worldwide were the Netherlands ($551M), Japan ($313M) and Qatar ($227M), together accounting for 43% of the global market.

Among the main consuming countries, the Netherlands, with a CAGR of +43.2%, recorded the highest growth rate of market size over the period under review, while steel for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of per capita consumption of seamless casing, tubing and drill oil or gas pipes of stainless steel was registered in Qatar (16 kg per 1000 persons), followed by the Netherlands (4.1 kg per 1000 persons), Norway (2.7 kg per 1000 persons) and the United Arab Emirates (2.4 kg per 1000 persons), while the world average per capita consumption of seamless casing, tubing and drill oil or gas pipe of stainless steel was estimated at 0.1 kg per 1000 persons.

In Qatar, per capita consumption of seamless casing, tubing and drill oil or gas pipes of stainless steel increased at an average annual rate of +2.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the Netherlands (+40.4% per year) and Norway (+9.1% per year).

Production

World Production of Seamless Casing, Tubing and Drill Oil or Gas Pipes of Stainless Steel

After two years of growth, production of seamless casing, tubing and drill oil or gas pipes of stainless steel decreased by -5.1% to 403K tons in 2022. In general, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by 33%. Over the period under review, global production of attained the peak volume at 425K tons in 2021, and then contracted in the following year.

In value terms, production of seamless casing, tubing and drill oil or gas pipes of stainless steel expanded sharply to $2.6B in 2022 estimated in export price. Over the period under review, the total production indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -9.2% against 2020 indices. The pace of growth was the most pronounced in 2020 with an increase of 59% against the previous year. As a result, production reached the peak level of $2.9B. From 2021 to 2022, global production of growth remained at a lower figure.

Production By Country

The country with the largest volume of production of seamless casing, tubing and drill oil or gas pipes of stainless steel was Japan (209K tons), accounting for 52% of total volume. Moreover, production of seamless casing, tubing and drill oil or gas pipes of stainless steel in Japan exceeded the figures recorded by the second-largest producer, the Netherlands (81K tons), threefold. The UK (41K tons) ranked third in terms of total production with a 10% share.

From 2012 to 2022, the average annual growth rate of volume in Japan was relatively modest. In the other countries, the average annual rates were as follows: the Netherlands (-13.4% per year) and the UK (-7.8% per year).

Imports

World Imports of Seamless Casing, Tubing and Drill Oil or Gas Pipes of Stainless Steel

In 2022, global imports of seamless casing, tubing and drill oil or gas pipes of stainless steel soared to 286K tons, growing by 26% against the previous year. The total import volume increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 when imports increased by 31% against the previous year. Over the period under review, global imports of hit record highs at 302K tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, imports of seamless casing, tubing and drill oil or gas pipes of stainless steel soared to $1.7B in 2022. Overall, total imports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +108.4% against 2016 indices. The growth pace was the most rapid in 2018 with an increase of 34% against the previous year. Over the period under review, global imports of hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports By Country

In 2022, Qatar (49K tons), distantly followed by the United Arab Emirates (25K tons), Saudi Arabia (25K tons), the United States (22K tons), Indonesia (22K tons), Norway (16K tons) and Iraq (14K tons) were the main importers of seamless casing, tubing and drill oil or gas pipes of stainless steel, together achieving 61% of total imports. The following importers - China (12K tons), Singapore (11K tons), Algeria (10K tons), the UK (6.6K tons), Australia (5.7K tons) and Russia (5.6K tons) - together made up 18% of total imports.

From 2012 to 2022, the biggest increases were recorded for Algeria (with a CAGR of +26.1%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Qatar ($227M), the United Arab Emirates ($162M) and the United States ($149M) appeared to be the countries with the highest levels of imports in 2022, together accounting for 31% of global imports. Algeria, Saudi Arabia, Iraq, Indonesia, Norway, China, Singapore, the UK, Australia and Russia lagged somewhat behind, together comprising a further 46%.

In terms of the main importing countries, Algeria, with a CAGR of +33.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Steel, stainless; seamless, casing and tubing, of a kind used in drilling for oil or gas represented the largest imported product with an import of about 250K tons, which amounted to 88% of total imports. It was distantly followed by steel, stainless; seamless, drill pipe, of a kind used in drilling for oil or gas (36K tons), achieving a 12% share of total imports.

Steel, stainless; seamless, casing and tubing, of a kind used in drilling for oil or gas was also the fastest-growing in terms of imports, with a CAGR of +5.6% from 2012 to 2022. steel, stainless; seamless, drill pipe, of a kind used in drilling for oil or gas (-9.4%) illustrated a downward trend over the same period. Steel, stainless; seamless, casing and tubing, of a kind used in drilling for oil or gas (+27 p.p.) significantly strengthened its position in terms of the global imports, while steel, stainless; seamless, drill pipe, of a kind used in drilling for oil or gas saw its share reduced by -27.4% from 2012 to 2022, respectively.

In value terms, steel, stainless; seamless, casing and tubing, of a kind used in drilling for oil or gas ($1.6B) constitutes the largest type of seamless casing, tubing and drill oil or gas pipes of stainless steel imported worldwide, comprising 92% of global imports. The second position in the ranking was held by steel, stainless; seamless, drill pipe, of a kind used in drilling for oil or gas ($146M), with an 8.5% share of global imports.

For steel, stainless; seamless, casing and tubing, of a kind used in drilling for oil or gas, imports increased at an average annual rate of +6.2% over the period from 2012-2022.

Import Prices By Type

In 2022, the average import price for seamless casing, tubing and drill oil or gas pipes of stainless steel amounted to $5,978 per ton, approximately mirroring the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2018 an increase of 36%. Global import price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by the product type; the product with the highest price was steel, stainless; seamless, casing and tubing, of a kind used in drilling for oil or gas ($6,304 per ton), while the price for steel, stainless; seamless, drill pipe, of a kind used in drilling for oil or gas stood at $4,093 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by steel, stainless; seamless, drill pipe, of a kind used in drilling for oil or gas (+2.3%).

Import Prices By Country

In 2022, the average import price for seamless casing, tubing and drill oil or gas pipes of stainless steel amounted to $5,978 per ton, standing approx. at the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2018 an increase of 36% against the previous year. Global import price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Algeria ($12,989 per ton), while Indonesia ($4,023 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+8.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Seamless Casing, Tubing and Drill Oil or Gas Pipes of Stainless Steel

In 2022, the amount of seamless casing, tubing and drill oil or gas pipes of stainless steel exported worldwide declined to 266K tons, which is down by -6.6% against 2021 figures. In general, exports saw a noticeable shrinkage. The pace of growth was the most pronounced in 2019 with an increase of 17%. Over the period under review, the global exports of hit record highs at 337K tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, exports of seamless casing, tubing and drill oil or gas pipes of stainless steel surged to $1.9B in 2022. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 38% against the previous year. The global exports peaked at $1.9B in 2020; afterwards, it flattened through to 2022.

Exports By Country

Japan prevails in steel structure, finishing at 164K tons, which was approx. 62% of total exports in 2022. It was distantly followed by Indonesia (16K tons), making up a 6.2% share of total exports. Argentina (11K tons), Brazil (10K tons), Singapore (10K tons), the Netherlands (9.1K tons), France (6.5K tons), Germany (5.3K tons) and China (4.1K tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to seamless casing, tubing and drill oil or gas pipe of stainless steel exports from Japan stood at -2.1%. At the same time, the Netherlands (+38.5%), Brazil (+38.3%), France (+30.7%), Indonesia (+21.0%), China (+9.1%) and Argentina (+8.1%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing exporter exported in the world, with a CAGR of +38.5% from 2012-2022. By contrast, Germany (-4.0%) and Singapore (-8.0%) illustrated a downward trend over the same period. Indonesia (+5.5 p.p.), Brazil (+3.8 p.p.), the Netherlands (+3.3 p.p.), Argentina (+2.6 p.p.), France (+2.3 p.p.) and Japan (+1.6 p.p.) significantly strengthened its position in terms of the global exports, while Singapore saw its share reduced by -3.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($1.2B) remains the largest seamless casing, tubing and drill oil or gas pipe of stainless steel supplier worldwide, comprising 65% of global exports. The second position in the ranking was held by Indonesia ($114M), with a 6.1% share of global exports. It was followed by Singapore, with a 3.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Japan stood at -1.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (+31.4% per year) and Singapore (+2.8% per year).

Exports By Type

Steel, stainless; seamless, casing and tubing, of a kind used in drilling for oil or gas prevails in steel structure, recording 249K tons, which was approx. 92% of total exports in 2022. It was distantly followed by steel, stainless; seamless, drill pipe, of a kind used in drilling for oil or gas (23K tons), constituting an 8.5% share of total exports.

Steel, stainless; seamless, casing and tubing, of a kind used in drilling for oil or gas experienced a relatively flat trend pattern with regard to volume of exports. steel, stainless; seamless, drill pipe, of a kind used in drilling for oil or gas (-8.0%) illustrated a downward trend over the same period. While the share of steel, stainless; seamless, casing and tubing, of a kind used in drilling for oil or gas (+7.9 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of steel, stainless; seamless, drill pipe, of a kind used in drilling for oil or gas (-7.9 p.p.) displayed negative dynamics.

In value terms, steel, stainless; seamless, casing and tubing, of a kind used in drilling for oil or gas ($1.8B) remains the largest type of seamless casing, tubing and drill oil or gas pipes of stainless steel supplied worldwide, comprising 97% of global exports. The second position in the ranking was taken by steel, stainless; seamless, drill pipe, of a kind used in drilling for oil or gas ($62M), with a 3.4% share of global exports.

For steel, stainless; seamless, casing and tubing, of a kind used in drilling for oil or gas, exports increased at an average annual rate of +1.2% over the period from 2012-2022.

Export Prices By Type

In 2022, the average export price for seamless casing, tubing and drill oil or gas pipes of stainless steel amounted to $7,058 per ton, jumping by 37% against the previous year. Over the last decade, it increased at an average annual rate of +2.9%. The global export price peaked at $7,321 per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was steel, stainless; seamless, casing and tubing, of a kind used in drilling for oil or gas ($7,132 per ton), while the average price for exports of steel, stainless; seamless, drill pipe, of a kind used in drilling for oil or gas totaled $2,700 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by steel, stainless; seamless, casing and tubing, of a kind used in drilling for oil or gas (+2.1%).

Export Prices By Country

In 2022, the average export price for seamless casing, tubing and drill oil or gas pipes of stainless steel amounted to $7,058 per ton, jumping by 37% against the previous year. Over the last decade, it increased at an average annual rate of +2.9%. The global export price peaked at $7,321 per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was France ($7,770 per ton), while the Netherlands ($1,867 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+11.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform