OCTG Market Research Report – Forecast to 2026

OCTG (Oil Country Tubular Goods) Market Research Report: Information by type (tubing, casing, drill pipe), make (Seamless, welded), g grade (Premium, API) and Region (North America, Europe, APAC, Middle East and Latin America) – Forecast till 2030

ID: MRFR/E&P/0524-HCR | November 2022 | Region: Global | 120 Pages         

OCTG (Oil Country Tubular Goods) Market

OCTG (Oil Country Tubular Goods) Market share is expected to be worth USD 24.07 billion, with a CAGR of 5.95% during forecast period.

Segmentation

By Type Tubing Casing Drill Pipe
By Make Seamless Welded
By Grade Premium API

Key Players

  • 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)

Drivers

  • Economic development
  • Requirement of maintaining the balance in production of crude oil and gas to avoid any loss of money
  • machinery and resources
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According to the latest research report, the OCTG market size is expected to be worth USD 24.07 billion, with a CAGR of 5.95% from 2022-2030.


OCTG Market Overview


OCTG (Oil Country Tubular Goods) refers to the components used in the production of oil and gas from a well. The proper implementation of OTCG can help reduce the chance of any disaster, hazard, or risk, minimizing the manufacturing costs of the organization. Examples include casing, drill pipe, and tubing. The oil and gas industry necessitates a large sum of money. Maintaining the balance in crude oil and gas output is vital to avoid any loss of money, machinery, or resources. This is what drives the global OCTG market worth. The global OCTG business is tremendously lucrative. To stay competitive, reservoir contracts are improving, and technological breakthroughs and creative solutions may be able to help the business evolve.


The global oil country tubular products market is likely to grow fast over the forecast period because of increased drilling and production operations. Demand for high-end pipes is increasing, as is the development of technologically advanced pipes. Choosing the right OCTG during drilling activities saves money and decreases the danger of causing problems. Efficiency gains and advancements in well-drilling technology to improve the recoverability of oil and gas resources are also crucial to market expansion.


OCTG Market Competitive landscape


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



Industry News



  • In March 2018, Sumitomo Corporation of America (SCOA), a subsidiary of Sumitomo Corporation, announced its plan to buy all of Mitsui & Co. (USA), Inc.'s interests in Champions Cinco Pipe & Supply LLC, a US-based oil country tubular goods (OCTG) distributor. This acquisition is intended to boost SCOA's position in the OCTG market and give valuable support to the company's current partners and customers.

  • In June 2019, TMK, Romania's OCTG behemoth, signed a strategic agreement with Novatek, Russia's second-largest natural gas producer. Novatek premium casing and tubing pipe goods will be delivered by TMK according to the agreement's formula-based pricing and supply system.


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.


OCTG Market Dynamic



  • Drivers


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.



  • Opportunities


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.



  • Restraints


Increased import duties in the United States are likely to limit market expansion.



  • Challenges


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.


OCTG Market 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.


OCTG Market 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.


OCTG (Oil Country Tubular Goods) Market Segmentation Overview


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.


By Application


Based on the application, the market is segmented into tubing, casing, and drill pipe.


 By end-users


Based on the propulsion types, the market is segmented into premium and API.


OCTG (Oil Country Tubular Goods) Market Regional Analysis


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, with a 5.95 percent CAGR from 2022-2030. 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.


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.


OCTG (Oil Country Tubular Goods) Market Report Overview


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.


The following report comprises of –



  • Market overview 

    • Covid 19 Analysis



  • Market Dynamic

    • Drivers

    • Opportunities

    • Restraints 

    • Challenges



  • Cumulative Growth Analysis

  • Value Chain Analysis

  • Segmentation Overview 

    • By Application 

    • By End-Users



  • Regional Analysis

  • Competitive landscape


OCTG (Oil Country Tubular Goods) Market Segmentation


Market Analysis, Insights and Forecast – By Process



  • Seamless

  • Welded


Market Analysis, Insights and Forecast – By Product



  • Well Casing

  • Production Tubing

  • Drill Pipe

  • Others


Market Analysis, Insights and Forecast – By Application



  • Onshore

  • Offshore


Market Analysis, Insights and Forecast – By Region



  • North America

  • Latin America

  • Europe

  • Asia Pacific

  • Middle East and Africa



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 24.07 Billion (2026)
  CAGR   5.95% (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  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


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Frequently Asked Questions (FAQ) :

The estimated valuation of the market is USD 24.07 Billion in the forecast period.

5.95% is the CAGR of the market during forecast period.

Key players of OCTG market are 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), and others.

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.