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Coiled Tubing Market

Coiled Tubing Market: Information by Service (Drilling, Well Intervention and Production), Operation (Circulation, Pumping), and Region — Forecast till 2030

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Market Snapshot

market snapshot
Base Year:
Study Period:
4.32 %
Fastest Growing Market:
Middle East and Africa
Largest Market:
North America

The global coiled tubing market was valued at USD 1.712 billion in 2021. It is projected to reach USD 2.51 billion by 2030, growing at a CAGR of 4.32% during the forecast period (2022–2030). Long metal pipes called "coiled tubing" were first made for working on producing (live) wells. Coiled tubing's applications have expanded beyond traditional cleaning and acid stimulation applications. It is increasingly used in projects such as coiled tubing drilling, hydraulic fracturing, subsea, deeper wells, pipeline construction, etc. This expansion can be attributed to technological advancements that have increased the use of coiled tubing in ineffective intervention, drilling, and completion applications. Coiled tubing is a term used to describe an extended metal pipe supplied spooled on a sizable reel in the oil and gas industry. The main benefit of coiled tubing is the ability to pump chemicals out of the coil. It has also been economically employed for open drilling, milling, and workover operations.

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Market Dynamics

Global Coiled Tubing Market Drivers

Global Economic Growth to Underpin Oil Demand

The United States and OPEC are expected to increase their investment in exploration and production activities to meet the rising demand for oil and gas, creating a lucrative market for the energy and power sector. Due to the low cost of domestic feedstock and the United States' expanding market share in new energy sources, tubing services will become more and more in demand. Over conventional drilling and workover techniques, coiled tubing has several advantages. The market is expected to be driven by quick mobilization and rig-up, a more negligible environmental impact.

Growing Demand for Well Intervention Operations

The market is expanding due to rising production, exploration activities, and unconventional resource development. The primary objectives of well interventions are to maintain or boost production, extend the useful lives of the wells, and address serious issues with the wells. The upstream oil and gas sector is also improving its operational procedures and increasing production. These elements collectively are driving the market's demand.

Global Coiled Tubing Market Restraint

Volatility in Crude Oil Prices and High Maintenance Cost

The price of crude oil is sensitive to shifts in policy, fluctuations in demand and supply, and changes in the global market environment. Crude oil prices have been impacted due to the growing consciousness about the need to protect the environment in both developing and developed economies. The maintenance cost involved in providing services involving coiled tubing is relatively high. As a result, the market's growth is hampered by the unpredictability of crude oil prices and by the high costs of maintenance.

Segmental Analysis of the Global Coiled Tubing Market

The global coiled tubing market is segmented by services, operation, and application.

Based on services, the market is divided into well intervention and production, drilling, and others.

Intervention and production are dominating the global coiled tubing market. Coiled tubing is preferable to conventional tubing when performing an intervention on a well because the latter needs to be screwed together. Since the first option can be installed immediately during production without stopping the oil flow, a workover rig is unnecessary. Key players in the oil and gas industry are encouraged to incorporate coiled tubing into their operations due to the growing preference for the product in advanced operations for enhanced oil recovery and hydraulic and acid fracturing.

Based on operations, the market is categorized into circulation, pumping, logging, perforation, and others.

The circulation segment is anticipated to have the highest CAGR during the forecast period. This operation is used when a hydrostatic head's weight prevents formulation fluid flow, and injecting nitrogen to move fluid out of the well is the best treatment. This operation uses the product to distribute fluids to a specific area of the well to perform chemical washes or cement perforations. Furthermore, using coiled tubing to deploy a challenging pump can reduce deployment costs by removing multiple units from the deployment site.

Based on application, the market is bifurcated into onshore and offshore.

The onshore segment is the most dominant in the global coiled tubing market. It is more cost-effective and feasible to produce oil and gas from onshore wells than offshore wells and is anticipated to maintain its dominance during the forecast period. In addition, the increased utilization of fracturing and shale is anticipated to drive segment growth further.

Regional Analysis of the Global Coiled Tubing Market

The global coiled tubing market is segmented into North America, Europe, Asia-Pacific, and LAMEA.

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North America is a significant shareholder in the market and is fueled by the shale gas industry's growing importance. Due to technological advancements to increase efficiency, the region is seeing an increase in the use of coiled tubing. Since the GCC countries produce a significant amount of oil, the Middle East and Africa will probably continue to account for a sizeable market share during the forecast period. Additionally, it is anticipated that ongoing and new African projects will further support market expansion during the forecast period.

Competitive Analysis of the Global Coiled Tubing Market

  • John Lawrie Group
  • Sandvik AB
  • Forum Energy Technologies, Inc.
  • Gautam Tube Corporation
  • HandyTube
  • National Oilwell Varco
  • Stewart & Stevenson
  • T&H Lemont
  • Tenaris
  • Trident Steel Corporation

Recent Developments

  • June 2022- John Lawrie Metals expanded its decommissioning facility at Montrose Port. John Lawrie Metals Ltd, the leading metal recycling and processing company in the north and northeast of Scotland, has announced the expansion of its dedicated decommissioning facility at Montrose Port.
  • June 2022- Sandvik acquired PCD tools manufacturer Frezite. Sandvik has signed an agreement to acquire 100% of the equity interests of the Portugal-based company Frezigest, SGPS ("Frezite"). Frezite primarily consists of made-to-order polycrystalline diamond (PCD) tools for metal and wood applications, with exposure to the automotive, general engineering, and aerospace segments.
  • March 2022- ArcelorMittal acquired the metal recycling business John Lawrie Metals Ltd. ArcelorMittal, the leading steel company, has acquired the Scottish metal recycling business John Lawrie Metals Ltd. as part of the company's strategy of increasing the use of scrap steel to lower CO2 emissions from steelmaking.

Global Coiled Tubing Market: Segmentation

By Service 

  • Well Intervention and Production
  • Drilling
  • Others

By Operation 

  • Circulation
  • Pumping
  • Logging
  • Perforation

By Applications

  • Onshore
  • Offshore

By Regions

  • North America
  • Europe
  • Asia-Pacific
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