Oil Country Tubular Goods (OCTG) Market (By Type: Tubing, Casing, Drill Pipe; By Manufacturing Process: Seamless, Welded; By Grade: Premium, API; By Application: Onshore, Offshore) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027

The global oil country tubular goods (OCTG) market size is anticipated to reach around US$ 96,998 Mn by 2027 and is anticipated to grow at a CAGR of around 7% in terms of revenue during the forecast period 2020 – 2027.

Oil country tabular goods (OCTG) are a family of seamless rolling products that consist of tubes, drill pipe and tubing, subject to different application loading conditions. OCTG in the production of oil and gas requires a high pressure due to carbon dioxide and sulfide hydrogen present in the well and corrosively. In recent years, petroleum and gas companies have seen an intensive count of drilling plants that have generated competition worldwide for oilfield services. The fall in the price of oil, lowered demand for petroleum-preserved materials. The stabilization of oil prices has seen strong development on increasing demand of oil country tabular goods (OCTG), led by the rise of shale production and increase in unconventional and horizontal drilling activities.

Market Insights

Increasing oil production and drilling activities are the factors that are projected to grow the global oil country tubular goods market during forecast period. Increased demand for quality pipes associated with the implementation of new technologies. Adequate collection of OCTG during drilling activities leads to reducing operating costs and decreasing risks. Market development also relies on increasing productivity and improvement in the sector of well drilling to increase the production of petroleum and gas supplies. Increasing competition for innovative Oil Country tubular products in emerging unconventional sectors gives companies an opportunity to invest and differentiate themselves from their competitors in new product development.

Report coverage

The market research study on “Oil Country Tubular Goods (OCTG) Market (By Type: Tubing, Casing, Drill Pipe; By Manufacturing Process: Seamless, Welded; By Grade: Premium, API) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global oil country tubular goods (OCTG) market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global oil country tubular goods (OCTG) market are offering type, manufacturing process, grade and major geographic regions. The oil country tubular goods (OCTG) market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.

North America accounts to hold major market share of global oil country tubular goods market due to various numbers of drilling activities in the region. Favorable government policies and spending by some leading players on the market is likely to provide the oil-country tubular goods market with robust production. The U.S. is continuously focused on maximizing oil and gas production to improve the supply-to-demand ratio. In fact, shale revolution is expected to push the demand and the enormous opportunity to access new wealth. It is predicted that Asia Pacific will be one of the world's fastest growing oil-country tubular goods due to various unconventional reserves and exploration activities, contributing to a competition for key players. Further technology development is also playing an important role in growth for the region as it helps to boost productivity and reduce production costs. Latin American countries, including Brazil, Venezuela, and Mexico, are investing heavily in the energy sector and the regions’ growing exploration activities have shown positive results. The established hydrocarbon industry in the UK and massive oil reserves well serving Middle East & Africa markets are the driving factors behind Europe demand.

Key Players

Major players included in this report ArcelorMittal, TMK IPSCO, Nippon Steel & Sumitomo Metal Corporation, Tenaris, TMK, U.S. Steel, SB International, Jindal Group, Kelly Pipe, Sim-Tex, and others.

The global oil country tubular goods (OCTG) market is segmented as below:

Market Segmentation

Oil Country Tubular Goods (OCTG) Market By Type

• Tubing
• Casing
• Drill Pipe

Oil Country Tubular Goods (OCTG) Market By Manufacturing Process

• Seamless
• Welded

Oil Country Tubular Goods (OCTG) Market By Grade

• Premium
• API

Oil Country Tubular Goods (OCTG) Market By Application

• Onshore
• Offshore

Oil Country Tubular Goods (OCTG) Market By Geography

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa