Oil country
tubular goods, or OCTG, are seamless or welded rolled products employed in
drilling, equipment, and operating wells for oil and gas production. They
comprise drill pipe, casing, and tubing manufactured using high-strength corrosion-resistant
steel alloys or carbon. The drill pipes rotate the drill bit and circulate
drilling fluid. In contrast, casing pipes line the borehole to avoid
groundwater contamination, provide stability, and prevent the wellbore from
collapsing while drilling. On the other hand, tubing transports pumped oils and
gases to the surface. As a result, OCTG products are widely utilized to
facilitate safe and efficient oil and gas transportation.
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Report
Metric |
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Historical:
2016-2021 |
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Base Year:
2021 |
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Forecast
Year: 2022-2027 |
According to the latest report by IMARC Group, titled "Global Oil Country Tubular Goods Market Size, Share, Industry Trends, Growth, Opportunity and Forecast 2022-2027", The
global oil country tubular goods (OCTG) market reached a value of US$ 21.11
Billion in 2021. Looking forward, IMARC Group expects the market to reach a
value of US$ 31.85 Billion by 2027 exhibiting a CAGR of 6.70% during 2022-2027.
Oil Country Tubular Goods (OCTG) Market Trends and Drivers:
The global
oil country tubular goods market is primarily driven by the expanding oil and
gas industry and the rising exploration and production (E&P) activities.
Additionally, there has been widespread product adoption in drilling operations
due to the shifting focus toward developing deep-water and offshore reserves.
Along with
this, the growing usage of OCTG to explore onshore oil fields and develop
various chemical products and fuels has augmented the product demand.
Furthermore, the increasing utilization of horizontal drilling and hydraulic
fracturing technology to release long-held shale reserves has accelerated the
adoption of OCTG products.
Other
factors, including the surging popularity of premium grade OCTG, favorable
government initiatives, escalating demand for energy resources, and
technological advancements, are also anticipated to catalyze the market growth
in the coming years.
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Note: We are
regularly tracking the direct effect of COVID-19 on the market, along with the
indirect influence of associated industries. These observations will be
integrated into the report.
Global Oil Country
Tubular Goods (OCTG) Market 2022-2027 Analysis and Segmentation:
Competitive
Landscape:
The
competitive landscape of the market has been studied in the report with the
detailed profiles of the key players operating in the market.
ArcelorMittal
S.A., EVRAZ plc, Iljin Steel Co. Ltd. (ILJIN Group), JFE Steel Corporation,
Nippon Steel Corporation, NOV Inc., Oil Country Tubular Limited, Sumitomo
Corporation, Tenaris S.A. (Techint), TMK Group, United States Steel Corporation
and Vallourec S.A.
The report has segmented the market on the basis of region, product,
manufacturing process, grade and application.
Breakup by Product:
· Well
Casing
· Product
Tubing
· Drill
Pipe
· Others
Breakup by
Manufacturing Process:
· Electric
Resistance Welded (ERW)
· Seamless
Breakup by Grade:
· API
Grade
· Premium
Grade
Breakup by Application:
· Onshore
· Offshore
Breakup by
Region:
- North America: (United States,
Canada)
- Asia Pacific: (China,
Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United
Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico,
Others)
- Middle East and Africa
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latest primary and secondary data (2022-2027) with Cost Module, Business
Strategy, Distribution Channel, etc. Click request free sample report,
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Key
highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success
Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the
Competitive Landscape
If you need
specific information that is not currently within the scope of the report, we
can provide it to you as a part of the customization.
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