1- Open a new image and mask a square area like this:

2- Choose white as foreground color and black as background color.

Use the the gradient tool, starting in the middle dragging it down to the end of the selection.

3- Let's add some grooves for a more realistic efect:
Make a new layer, zoom in, choose the Pencil tool and draw a 1 pixel-line (use a square brush) over the pipe as shown below (hold the shift-key to make a straight line):

Now apply the Blending Mode "Overlay" for this layer.

Next we make another layer, painting a black line next to the white line on the left side:

Zoom out and look what we've got:

4- Pick the Type tool and write whatever you want, scale and move it around as you like - Choose a position out of the middle of the pipe to have the effect more realistic.

5- Next, apply the Blending Mode "Overlay" for this layer like we did before and see the change - the text looks like being painted on the pipe.
Go to Image- Adjust- Brightness/ Contrast and set Brightness and Contrast to a setting you like... text should be readable but not too "strong".
Ready if you don't want any colour in it!

6- You can change the colour of the pipe by using image- adjust- hue/satursation -check the "colorize" box, the text will change it's colour too.

Make 2 or more grooves - step 3 - to give it more round feeling.