Oil Country Tubular Goods (OCTG) Market Expected to Reach $ 32.6 Billion by 2030 | Business Intelligence Insights (BII)

Publisher Name : Business Intelligence Insights (BII) Publish Date : 2022-01-21  

     

As per Business Intelligence Insights (BII) study, the global Oil Country Tubular Goods (OCTG) Market attained revenue growth of USD 18.7 billion in 2021 and it is projected to reach around USD 32.6 billion by 2030, growing at a 7.2% CAGR.

The increased rig count of offshore oil and gas fields, as well as the recent discovery of shale gas applications, have driven government and corporate investment in the oil and gas industry. Oil Country Tubular Goods is a category of tubular products that are subjected to loading conditions according to their specialized use, such as drill pipe, casing, line pipe, and tubing. Oil country tubular items find use in onshore and offshore exploration and extraction installations.

One of the primary reasons driving market expansion is the increase in drilling activities throughout the world. Due to the obvious increased interest in deep-water exploration in distant places with complicated conditions, OCTG is commonly employed in drilling activities. As a result of the rising need for energy resources, extensive product adoption for the exploration of onshore oil fields to generate a wide variety of chemical products and fuel is boosting market expansion. Additionally, the large-scale application of hydraulic fracturing technology and horizontal drilling to unlock deposits long contained inside rock shale formations is driving market expansion. Moreover, the increased use of seamless pipes, which can give shape consistency and endure exceptionally high pressure without breaking, is favorably boosting the market growth. Aside from that, increased exploration and production (E&P) activities and the adoption of different government efforts to boost the discovery and extraction of oil and gas are expected to propel the market forward.

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Oil Country Tubular Goods (OCTG) Market: Companies Mentioned

•    ARCELORMITTAL SA
•    EVRAZ NORTH AMERICA PLC
•    ILJIN STEEL CORPORATION
•    JFE STEEL CORPORATION
•    NOV INC.
•    OIL COUNTRY TUBULAR LIMITED
•    SUMITOMO CORPORATION
•    TENARIS, TMK INC.
•    U.S. STEEL CORPORATION

Key Highlights of the Report

•    Well-casing as a product-led the Oil Country Tubular Goods (OCTG) Market in the forecast period by acquiring more than 40% of the market share. Well casing is a vital component in drilling because it prevents groundwater pollution and offers stability for continuous drilling operations. It also supports the well wall so that unconsolidated sand or rock pieces that are penetrated by the well do not collapse into the well shaft. The casing is critical for safeguarding electrical wires, pulling the cable, and water tubing or piping linked to the submersible pump.

•    The seamless segment reigns supreme, accounting for 59.1 percent of the worldwide oil nation tubular products market valuation in the forecast period. Threaded drill pipes, casing, and tubing are examples of materials used in the drilling, outfitting, and operation of oil and gas wells. The segment's high share may be attributable to the rising need for better and more dependable goods in the oil and gas industry. When compared to welded equivalents, seamless OCTG products can endure higher pressures, higher temperatures, higher mechanical stress, and corrosive environments, which explains their higher demand in the oil country tubular goods market.

•    North America is expected to dominate the OCTG market share because of massive drilling activity across the area. Favorable government policies and investment by some of the industry's key players are expected to drive robust expansion in the oil country tubular products market. The United States has consistently focused on leveraging oil and gas production to balance the supply-demand ratio. The shale revolution and the enormous potential for unlocking fresh deposits are also projected to propel the market.

•    The report contains qualitative and quantitative research on the Oil Country Tubular Goods (OCTG) Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.

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Revenue-generating Segment Highlights

By Manufacturing Process 

•  Electric Resistance Welded (ERW) 
•  Seamless 

By Product 

•  Well Casing 
•  Product tubing 
•  Drill Pipe 
•  Others (Line Pipe) 

By Application 

•  Onshore 
•  Offshore 

By Grade 

•  API Grade 
•  Premium Grade

By Region

•  North America
o  U.S.
o  Canada
•  Europe 
o  Germany
o  U.K.
o  France
o  Italy
o  Spain
o  Rest of Europe
•  Asia Pacific 
o  China
o  India
o  Japan
o  Rest of Asia Pacific
•  Latin America 
o  Brazil
o  Mexico
o  Rest of Latin America
•  Middle East and Africa 
o  UAE
o  South Africa
o  Rest of Middle East and Africa (MEA)

Ready to generate outstanding revenue opportunities with Business Intelligence Insights (BII)’ exclusive Oil Country Tubular Goods (OCTG) Market study. Highlights of the overall market will be included in the research, as well as frequently asked questions such as –

•  What are the historical and projected revenue figures, as well as the CAGR, for the forecast period?
•  What is the current trend taking place in the market space?
•  What are the business techniques that will influence competitive scenarios as well as the market's growth potential?
•  What market drivers, restraints, and challenges are influencing market demand and growth?
•  In the approaching years, which regions and segments will generate significant revenue and emerge as industry leaders?

The Oil Country Tubular Goods (OCTG) Market report's competitive scenario examines, assesses, and positions firms based on a variety of performance characteristics. The financial performance of organizations over the last few years, growth plans, product innovations, new product launches, investments, market share growth, and so on are some of the elements analysed in this research. Don't wait any longer; take a comprehensive approach and achieve your business objectives with our Oil Country Tubular Goods (OCTG) Market Forecast Report 2022- 2030 - Order Now!

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