The global coiled tubing market size was estimated at USD 1.93 billion in 2024 and is projected to reach USD 2.79 billion by 2033, growing at a CAGR of 3.9% from 2025 to 2033. Rising global energy demand continues to be a major driver of this growth. According to the U.S. Energy Information Administration (EIA), global liquid fuel consumption is expected to reach 103.5 million barrels per day by the end of 2025, compared to 100.4 million barrels per day in 2023. This steady increase indicates the need for higher production levels and improved recovery techniques.

The surge in energy demand is prompting upstream oil and gas companies to increase investments in enhanced oil recovery (EOR) techniques and explore unconventional resources such as shale formations. In this environment, coiled tubing serves as a fast, efficient, and cost-effective solution for various well intervention and workover operations. It is particularly valuable in maintaining and enhancing production in horizontal and multistage fracked wells, which are prevalent in regions such as North America.

Technological advancements in coiled tubing equipment have also been instrumental in broadening its application range. Developments such as larger diameter coiled tubing, improved mechanical strength, and the use of corrosion-resistant materials have enabled operators to conduct interventions at greater depths and withstand higher pressures. For example, the U.S. Department of Energy (DOE), through its Office of Fossil Energy and Carbon Management, has supported research and development initiatives aimed at improving downhole tools and enhancing real-time data acquisition systems. These innovations significantly improve the precision, safety, and efficiency of coiled tubing operations.

Such advancements are particularly crucial in unconventional resource plays like the Permian Basin, where rapid decision-making, operational accuracy, and optimized well performance are essential to sustaining production levels. As a result, coiled tubing continues to play a vital role in modern oilfield operations, supporting both traditional and unconventional hydrocarbon development strategies.

Key Market Trends & Insights:

• North America dominated the global coiled tubing market, capturing the largest market revenue share of 28.1%. This leadership is driven by the region’s strong oilfield service infrastructure, extensive unconventional resource development, and continuous investments in well intervention technologies. The presence of major shale basins further strengthens demand for efficient workover solutions such as coiled tubing.

• Within the region, the coiled tubing market in the U.S. is expanding steadily. This growth is supported by increasing activity in prominent shale plays and the ongoing development of mature oilfields, where regular well maintenance and intervention are essential to sustain production levels.

• By services, the well intervention & production segment is anticipated to register the fastest CAGR of 3.9% from 2025 to 2033. This is attributed to the need for continuous wellbore cleaning, stimulation, and maintenance operations, especially as wells age and operators work to optimize output.

• By operations, logging accounted for the largest market revenue share of over 20.6% in 2024. Logging operations remain crucial for gathering real-time downhole data, evaluating reservoir conditions, and making informed production decisions, which increases demand for coiled tubing-based logging tools.

• By application, the offshore segment is anticipated to register the fastest CAGR of 4.4% from 2025 to 2033. Growing offshore exploration and redevelopment activities, combined with the need for efficient intervention in deepwater and subsea wells, are driving strong adoption of coiled tubing technologies in offshore environments.

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Market Size & Forecast:

• 2024 Market Size: USD 1.93 Billion

• 2033 Projected Market Size: USD 2.79 Billion

• CAGR (2025-2033): 3.9%

• North America: Largest market in 2024

Key Companies & Market Share Insights:

Some of the key players operating in the coiled tubing market include Tenaris, Sandvik AB, and others. These companies play a crucial role in shaping the competitive landscape through advanced product offerings, strong global presence, and continuous technological innovation.

Tenaris is recognized as a leading global supplier of steel pipes and related services for the oil and gas sector, maintaining a strong footprint across North America, South America, and Asia-Pacific. The company provides an extensive range of high-performance products designed for demanding downhole applications such as workovers, drilling, logging, perforating, and stimulation. Tenaris was the first to pioneer API certification in this field, reinforcing its leadership in quality and reliability. Additionally, the company continues to advance its capabilities through proprietary technologies like BlueCoil, which is engineered to offer significantly higher fatigue resistance and longer string life compared to conventional coiled tubing solutions.

Sandvik AB, a well-established global engineering company headquartered in Sweden, is widely known for its expertise in producing high-quality materials, tools, and industrial solutions for sectors including mining, construction, and manufacturing. With a long operational history and international presence, Sandvik has built a reputation for advanced metal cutting, tooling, and drilling technologies. In the oil and gas industry, the company manufactures long-length, seamless stainless steel and nickel alloy tubes, which play a vital role in coiled tubing applications. These tubes are specifically engineered to withstand high pressures and resist corrosion, making them ideal for critical operations such as well intervention, chemical injection, and control lines.

Key Players

• AMETEK Inc.

• AMARDEEP STEEL

• Baker Hughes

• HandyTube LLC.

• NOV

• Oshwin Overseas

• Sandvik AB

• SLB

• Tenaris

• Webco Industries

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Conclusion:

The coiled tubing market is set for steady growth as oil and gas operators increasingly rely on efficient well intervention, maintenance, and production enhancement solutions. Demand continues to rise across mature fields, shale developments, and challenging offshore environments. Advancements in tubing durability, fatigue resistance, and downhole tools are expanding operational capabilities and improving cost efficiency. The market also benefits from the need for faster, safer, and more flexible intervention methods compared to conventional techniques. With ongoing technological improvements and growing applications in both onshore and offshore operations, the coiled tubing market is expected to experience sustained, long-term expansion.