ID: MRFR/E&P/0524-HCR | February 2021 | Region: Global | 120 pages
According to the latest research report, by 2026, the OCTG market size is expected to be worth USD 24.07 billion, with a CAGR of 5.95 percent. The components utilized in the production of oil and gas from a well are known as OCTG (Oil Country Tubular Goods). The appropriate application of OTCG can assist decrease the likelihood of any mishap, danger, or risk, lowering the company's manufacturing costs. Casing, drill pipe, and tubing are examples. The oil and gas sector requires a lot of money. To avoid any loss of money, machinery, or resources, it is necessary to maintain the balance in crude oil and gas output. The worldwide OCTG market value is driven by this. The worldwide OCTG market is extremely profitable. Reservoir contracts are improving in order to stay in the market, and technology advancements and creative tools may be able to assist the industry is evolving. It is fueled by increased oil and gas production, exponential expansion in shale gas reserves, and growing operator investment in the upstream sector.
Due to increased drilling and production operations, the worldwide oil country tubular products market is expected to develop rapidly over the projected period. Increasing demand for high-end pipes, as well as the introduction of technologically sophisticated pipes. Appropriate OCTG selection during drilling activities saves money and reduces the risk of generating risks. Improvements in efficiency and developments in well-drilling technology to enhance the recoverability of oil and gas resources are also critical to market growth. A significant trend in the Oil Country Tubular Goods market is an increase in rig count, which is being accompanied by an increase in the number of wells drilled. In addition, the further deployment of hydraulic fracturing technology and horizontal drilling is expected to considerably boost industry growth.
This report contains all the information on the global OCTG market outlook and its strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global OCTG market forecast to 2022 is also included in the report.
According to the OCTG market study, major players in this market are boosting their R&D spending in order to provide customers with novel products and services. Companies want to enhance their position in the oil country tubular products market over the forecast period through these efforts.
Major Key Players
Covid 19 Analysis
The unexpected breakout of COVID-19 is predicted to create a significant disruption in the global economy, resulting in a decrease in oil and gas exploration and production, negatively impacting the growth of the OCTG market in the early stages of the forecasted period.
Due to increased drilling and production operations, the worldwide oil country tubular products market is expected to develop rapidly over the projected period. Increasing demand for high-end pipes, as well as the introduction of technologically sophisticated pipes. Appropriate OCTG selection during drilling activities saves money and reduces the risk of generating risks. Improvements in efficiency and developments in well-drilling technology to enhance the recoverability of oil and gas resources are also critical to OCTG’s market growth.
As demand for sophisticated Oil Country Tubular Goods products grows in new areas of unconventional resources, firms may have an opportunity to engage in innovative product development to differentiate themselves from their competition. The extensive expansion of oil and gas resources in the area, both onshore and offshore, is expected to create significant commercial opportunities for firms working in the OCTG sector throughout the projection period.
Increased import duties in the United States are likely to limit market expansion.
The market expansion is nevertheless confronted with challenges such as the depletion of oil and gas reserves, unpredictable crude oil prices, environmental concerns, and international political and economic instability.
Cumulative Growth Analysis
Economic growth is the primary priority of every growing country, and an increase in production activities will result in the supply of natural resources. This will increase production and exploration operations in the oil and gas industry, resulting in the expansion of the worldwide OCTG market. China is also boosting its drilling and manufacturing efforts to help the economy. As drilling activities pick up, there will be an increase in the production of drilling-related instruments, particularly for service providers.
Due to various mechanical qualities such as tensile strength and pressure handling capabilities in offshore drilling, seamless pipe will dominate the market in the manufacturing segment. The components utilized in the production of oil and gas from a well are known as OCTG (Oil Country Tubular Goods). The appropriate application of OTCG may assist decrease the likelihood of any incident, danger, or risk, eventually saving the company's production costs. Casing, drill pipe, tubing, and other components are included.
The oil and gas sector requires a lot of money. As a result, it is necessary to maintain the balance in crude oil and gas production in order to avoid any loss of money, machinery, or resources. This is what propels the worldwide OCTG market. The worldwide OCTG market is extremely profitable. Reservoir contracts are improving in order to stay in the market, while technology advancements and creative tools may assist the industry’s progress. It is being driven by an increase in oil and gas production operations, an exponential rise in shale gas reserves, and growing operator investment in the upstream sector.
Value Chain Analysis
According to the reports, the global OCTG market is divided into four main categories. The segments are tube, box, and drill pipes based on the kind. Tubing is the inner wall of the well to transfer the fluid from below upwards. Cases safeguard the groundwater layer, the pollution of groundwater by mud or fracking fluid, and finally. Drill pipes are long-lasting steel pipes that lead to drill bits via force. The segments are sold or seamless on the basis of the product. The categories are premium and API based on grades which are the grades of steel pipes that require ductility, temperature, and thermal compatibility based on their characteristics. Finally, North America, Europe, Asia Pacific, the Middle East, and Latin America segment the OTCG worldwide market.
The market is segmented on the basis of type, make grade, and region. The global OCTG market trends are expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into tubing, casing, and drill pipe.
Based on the propulsion types, the market is segmented into premium and API.
According to the reports, on the basis of region, the global OCTG market is divided into North America, Europe, Asia Pacific, the middle east & Africa, and Latin America. Due to the extreme increase in offshore operations, the OCTG industry is projected to expand further. Furthermore, the oil sector is attempting to boost its rig count in regions such as North America and the Asia Pacific, which will eventually assist expedite the good output. The OCTG market share is expected to be worth USD 24.07 billion by 2026, with a 5.95 percent CAGR. Regionally, North America has been the fastest-growing market over the previous decade and is expected to continue to expand. Countries like the United States and China are also vying to boost the manufacturing and OCTG markets. In particular, the number of Baker Hughes-operated rigs in the United States has grown by 135 since last year. Within the Asia Pacific, Australia's rig count has grown by 15, boosting Asia Pacific's rig count by 12%.
North America led all regions in 2018, and the Asia Pacific area will dominate over the projection period. Some probable causes for this rise include the correct application of technology, lateral drilling operations, decreased time consumption in well-pipe installation, and the operator's technical ability to drill a well as quickly and efficiently as feasible. OCTG is projected to be widely employed in unconventional deposits such as coal bed methane.
The following report comprises of –
o Well Casing
o Production Tubing
o Drill Pipe
o North America
o Latin America
O the Asia Pacific
O the Middle East and Africa
|Market Size||USD 24.07 Billion (2026)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||type, make, g grade|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Nippon Steel & Sumitomo Metal Co. (Japan), Vallourec (France), Tenaris(Europe), National Oilwell Varco (U.S.), TMK (U.S.), Steel Tubular Products Inc(NA)., ILJIN STEEL CO (S. Korea), Continental Alloys (Malaysia), Anhui Tianda Oil Pipe Company(China)|
|Key Market Opportunities||Economic development|
|Key Market Drivers||Requirement of maintaining the balance in production of crude oil and gas to avoid any loss of money, machinery and resources|
Frequently Asked Questions (FAQ) :
The estimated valuation of the market is USD 24.07 Billion in the forecast period.
North America is the highest-earning region for the market’s growth.
Technological developments, innovative tools, and production of crude oil and gas at a high level are the factors driving the OCTG market.
Acceleration of the production in wells as well as the rise in the oil industry to impact the Asia Pacific region to contribute to the market’s share.
Type, make, and grade are the segments of the OCTG market.