OCTG Market Research Report – Forecast to 2032

OCTG Market Research Report Information By Type (Tubing, Casing, and Drill Pipe, Others), Application (Onshore, Offshore), By Make (Seamless and Welded), By Grade (Premium and API), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2032

ID: MRFR/E&P/0524-HCR | 120 Pages | Author: Anshula Mandaokar | March 2024         

OCTG Market Speak to Analyst Request a Free Sample

Global OCTG Market Overview:


The OCTG market size was valued at USD 17.6 billion in 2022. The OCTG industry is projected to grow from USD 18.64 billion in 2023 to USD 29.61 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.95% during the forecast period (2023–2032). Rise in the upstream oil & gas operations and, development of deepwater and offshore reserves in challenging environments, and increasing exploration and production activities are the key market drivers enhancing the market growth.


OCTG Market Overview


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


OCTG Market Trends




  • The exponential possibility of finding conventional and unconventional resources is driving market growth.




Market CAGR for OCTG is being driven by the growing potential in discovering conventional and unconventional reserves. Government and private entities are interested in discovering recent oil well reserves to fulfill future energy demands. A massive chunk of investment by key organizations in unlocking significant oil and gas reserves is set to drive the oil government tubular goods market. Additionally, the shale gas revolution in the U.S. is attracting more investors to invest in analyzing unconventional energy sources. Also, numerous countries are striving hard to facilitate foreign trade on imports of hydrocarbons by realizing conventional and unconventional resources in their territorial boundaries, fueling the OCTG market growth.


Additionally, the economic resurgence in various parts of the globe has expanded energy consumption. Oil and gas is the major source in the overall energy outlook of the globe. Hydrocarbons are broadly utilized in several operations, such as power generation, processing, transportation, and manufacturing. One of the highest OCTG market trends is the exponential acquisitions by oilfield service providers and operators in investigation and production activities to meet the massive demand for oil and gas. A tremendous growth in drilling operations in different parts of the globe and the industry's continuous growth is likely to drive the OCTG market revenue.


The increase in deepwater exploration in remote areas with harsh environments has increased the use of premium quality drilling equipment, resulting in the market's growth. The Middle East is the major offshore deepwater reserve and is anticipated to boost production during the forecast period. The deployment of the entire rig calculations in the US surged from 369 in January 2021 to about 601 in January 2022, detecting a growth of 63% due to the country's growing oil and gas drilling movements. An identical trend was noticed in Canada, which registered an expansion of 39% in drilling rig deployment from 137 in January 2021 to 190 rigs in January 2022. Such systems are anticipated to resume and expand OCTG demand during the forecast period.


OCTG Market Segment Insights:


OCTG Type Insights


The OCTG market segmentation, based on type, includes tubing, casing, and drill pipe. The drill pipe segment dominated the market, accounting for 35% of market revenue (78.48 Billion). In developing economies, category growth is driven by growing investment in onshore drilling procedures to create a significant amount of hydrocarbons. Onshore drilling has been carried out over various decades more easily than its counterpart. However, casing is the fastest-growing category as well casing is a quintessential element in drilling as it assists in avoiding contamination of groundwater and stabilizes uninterrupted drilling operations.


OCTG Make Insights


The OCTG market segmentation, based on make, includes seamless and welded. The seamless category generated the most income (70.4%). The surge in the usage of seamless tubes in the oil & natural gas industry is mostly as it is extruded and drawn from a billet. However, welded is the fastest-growing category as they are easily customized according to operational needs.


OCTG Grade Insights


The OCTG market segmentation, based on grade, includes premium and API. The premium category generated the most income (70.4%). The development and investigation of oil & natural gas fields in offshore regions and the need for high grade transportation tubes, which can resist corrosion, have guaranteed leakproof performance, and sealing integrity of the connections even when subjected to a combination of loads, bending, and high internal pressure. However, API is the fastest-growing category due to increased deepwater exploration in remote areas.


Figure 1: OCTG Market, by Grade, 2022 & 2032 (USD Billion)


OCTG Market, by Grade, 2022 & 2032 (USD Billion)


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


OCTG Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American OCTG market area will dominate this market, owing to enormous drilling activities across the region. Favorable government policies and investments by some of the notable players in this region. Further, the US OCTG market held the largest market share, and the Canada OCTG market was the fastest-growing in the North America region.


Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 2: OCTG Market Share By Region 2022 (USD Billion)


OCTG Market Share By Region 2022 (USD Billion)


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Europe OCTG market accounts for the second-largest market share due to the increasing oil and gas exploration and production operations in the region driving market growth. Further, the German OCTG market held the largest market share, and the UK OCTG market was the fastest-growing market in the European region.


The Asia-Pacific OCTG market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to increasing oil and gas exploration and production operations in the region. Moreover, the China OCTG market held the largest market share, and the India OCTG market was the fastest-growing market in the Asia-Pacific region.


OCTG Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development to expand their product lines, which will help the OCTG market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, higher investments, mergers and acquisitions, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the OCTG industry must offer cost-effective items.


Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the OCTG industry to benefit clients and increase the market sector. Major players in the OCTG market, including National-Oilwell Varco Inc., ILJIN Steel Co., Nippon Steel & Sumitomo Metal Corporation, ArcelorMittal SA, Tenaris SA., and others, are attempting to increase market demand by investing in research and development operations.


Tenaris SA, a subsidiary of The Techint Group, manufactures steel pipe products. It carries out the presentation and marketing of seamless steel and welded steel tubular developments and affiliated services. The firm's portfolio of products includes casing, line pipe, tubing, and mechanical and structural pipes. Tenaris serves oil and gas firms and engineering firms engaged in constructing oil and gas gathering, processing, transportation, and power generation facilities. It operates a worldwide network of steel pipe manufacturing, research, finishing, and service facilities. In November 2020, Tenaris launched its Rig Direct service for OCTG, which permits consumers to purchase and operate their tubular online, with real-time access to prices, inventory, and delivery status.


Vallourec SA (Vallourec) is a manufacturer of tubular solutions. It designs, develops, and produces hot-rolled seamless steel tubes and welded tubes. The company's product portfolio includes seamless tubes and connections; heat exchanger tubes and steam generator tubes; carbon and alloy steel pipes; hydraulic cylinders and precision tools; and hot finished structural hollow sections. Vallourec serves customers in the oil and gas, power generation, automobile, mechanical, construction, and other sectors in Europe, North America, South America, Asia, the Middle East, and other regions. It has manufacturing, sales, and other facilities across the world. In September 2019, Vallourec established its unique VAM SPRINT-SF connection for OCTG, which features a high-performance seal and improved torque capacity for challenging drilling environments.


Key Companies in the OCTG market include



OCTG Industry Developments


December 2022: Vallourec secured a third prominent order in the framework of the Long-Term Agreement (LTA) signed in 2021 with ExxonMobil Guyana. Under the contract, Vallourec will deliver line pipe for ExxonMobil Guyana's deepwater Uaru project.


August 2022: Abu Dhabi National Oil Organization was awarded a five-framework agreement valued at USD 1.83 billion for logging during drilling and directional drilling. The project includes wellheads and related components, downhole completion equipment and associated services, liner hangers, cementing services, wireline logging, and directional drilling. With this framework agreement, the company aims to drill new wells and expand its production capacity.


January 2022: Jindal SAW announced that it had formed a joint venture (JV) with Hunting Energy Services to set up an OCTG threading plant in Nashik, India. The plant will manufacture the equipment used in oil and gas drilling services. The initial investment will be around USD 20–25 million in a 51:49 partnership in which Jindal SAW is the majority shareholder. The installation was actived by the end of 2022.


OCTG Market Segmentation


OCTG Type Outlook



  • Tubing

  • Casing

  • Drill Pipe

  • Others


OCTG Application Outlook



  • Onshore

  • Offshore


OCTG Make Outlook



  • Seamless

  • Welded


OCTG Grade Outlook



  • Premium

  • API


OCTG Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America



Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 17.6 Billion
Market Size 2023 USD 18.64 Billion
Market Size 2032 USD 29.61 Billion
Compound Annual Growth Rate (CAGR) 5.95% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Make, Grade, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled 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), and Anhui Tianda Oil Pipe Company (China)
Key Market Opportunities Increasing exploration and production activities
Key Market Dynamics Rising non-oil revenues and technological advancements Β· Rise in the upstream oil & gas operations




Frequently Asked Questions (FAQ) :

The OCTG market size was valued at USD 17.6 Billion in 2022.

The market is projected to grow at a CAGR of 5.95% during the forecast period, 2023-2032.

North America had the largest share of the market

The key players in the market are 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), and Anhui Tianda Oil Pipe Company (China).

The drill pipe category dominated the market in 2022.

The seamless had the largest share in the market.

The premium had the largest share in the market for OCTG.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
Request Free Sample

Why Choose Market Research Future?

  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.
Speak to Analyst
Leading companies partner with us for data-driven Insights.
Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo

Kindly complete the form below to receive a free sample of this Report

Please fill in Business Email for Quick Response
Invalid