The US exports of steel pipe and tubing, oil country goods, depicted a moderately declining trend from 2013 to 2023, moving from 74.0 thousand metric tons in 2013 to 79.02 thousand metric tons in 2023. The steep decline noticed in 2013 was followed by a brief recovery in 2014, but variations from 2015 onwards showed a consistent negative trajectory with slight fluctuations in decline rates, indicating a decaying market.
For the year 2023, the export stood at 79.02 thousand metric tons, showing a slight yet consistent negative trend with a year-on-year decrease of -1.09%. Over the last five years (2019-2023), the compound annual growth rate (CAGR) averaged at -1.11%, continuing the gradual decline observed.
Looking ahead, the trend continues with forecast data indicating a reduction to 74.46 thousand metric tons by 2028. The predicted CAGR for the forecast period (2024-2028) is -0.94%, reflecting a continuous decrease, albeit at a slightly decelerated rate compared to the past decade.
Future Trends to Watch For:
- Potential changes in US energy policies which could impact drilling activities and thus the demand for oil country goods.
- Technological advancements in drilling and piping that may influence production efficiencies and export volumes.
- Global market dynamics, particularly trade relations and economic conditions influencing the import needs of oil-producing countries.
- Substitutes and alternative materials that might start replacing steel pipes and tubing in oil country applications.
