At 4.9% CAGR, the Asia Pacific Vacuum Insulated Tubing Market is Projected to be Worth US$ 5.83 Million by 2030, says Business Market Insights

According to Business Market Insights research, the Asia Pacific vacuum insulated tubing market was valued at US$ 4.18 million in 2023 and is expected to reach US$ 5.83 million by 2030, registering a CAGR of 4.9% from 2023 to 2030. Growing adoption of efficient oil extraction technique is among the critical factors attributed to the Asia Pacific vacuum insulated tubing market expansion.        

The crude oil extraction process includes three phases—primary, secondary, and tertiary (enhanced) recovery. As most of the oil has already been recovered from several oil fields, producers are focusing on several tertiary or EOR techniques that help extract 30 to 60%, or more, of the reservoir's original oil in place. In recent years, thermal recovery EOR techniques have been gaining traction commercially. In October 2021, LUKOIL and Gazprom Neft announced a collaboration agreement to implement oil recovery enhancement projects. The company used advanced polymers to boost recoverable reserves up to 70% while unlocking additional barrels of Murban crude. Thus, the oil & gas industry is witnessing a trend of growing adoption of efficient oil extraction techniques, which is expected to support the growth of the Asia Pacific vacuum insulated tube market in the coming years.

On the contrary, high cost of implementation of EOR and transition toward clean energy hampers the Asia Pacific vacuum insulated tubing market.    

Based on application, the Asia Pacific vacuum insulated tubing market is segmented into onshore and offshore. The onshore segment held 69.7% share of Asia Pacific vacuum insulated tubing market in 2023, amassing US$ 2.91 million. It is projected to garner US$ 3.96 million by 2030 to expand at 4.5% CAGR during 2023–2030.

Based on country, the Asia Pacific vacuum insulated tubing market has been categorized into Australia, China, India, Indonesia, Malaysia, and Rest of Asia Pacific. Our regional analysis states that China captured 42.6% share of Asia Pacific vacuum insulated tubing market in 2023. It was assessed at US$ 1.78 million in 2023 and is likely to hit US$ 2.51 million by 2030, exhibiting a CAGR of 5.0% during 2023–2030.

Key players operating in the Asia Pacific vacuum insulated tubing market are Andmir Group, Exceed Oilfield Equipment, Imex Canada Inc, ITP Interpipe, Dongying Lake Petroleum Technology Co Ltd (Lake Petro), Tenergy Equipment & Technology Co., Ltd., Nakasawa Resources, Shengji Group, and Vallourec SA, among others.

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