Oil Country Tubular Goods (OCTG) Market to Reach $ 21.7 Billion by 2025
Rising demand for oil & gas and
increasing exploration & production activities to
drive global oil country tubular goods market until 2025
According
to TechSci Research report, “Global Oil Country Tubular Goods (OCTG) Market
By Manufacturing Process, By Grade, By
Product, By Application, By Region, Competition, Forecast & Opportunities, 2025”, the global OCTG market is projected to reach
$ 21.7 billion by 2025 due to
increasing oil & gas exploration & production activities coupled with
continuing advancements in technological landscape. In 2018, the global
oil production rate grew up by 2.2 million barrels a day, which is more than
double compared to its average in 2018. As the production rate is increasing so
does the drilling activities, which continues to positively impact the global OCTG
market. North America and
MEA would continue to be the major markets, with both the regions cumulatively
accounting for around two-thirds of the global OCTG market in 2019. However,
the current global economic slowdown and spread of COVID-19 pandemic is posing
a major threat that would severely affect the global OCTG market in the near
term.
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In terms of manufacturing process,
the global OCTG market is categorized into Electrical Resistance Welded and
Seamless segments, with Seamless segment leading the market on account of
higher user preference in harsh drilling environments. Nevertheless, the welded
segment will also grow as these pipes are quite cost-effective. In Application
segments, the global oil country tubular goods market is categorized into
Onshore & Offshore, with Onshore segment accounting for around 80% of the
market share. In terms of Product segments, the global OCTG market is
categorized into Well Casing, Production Tubing, Drill Pipe and Others
segments. Well Casing segment accounts for the largest share in the market,
followed by Production Tubing and Drill Pipe segments.
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Some of the major players operating in the global Oil Country Tubular Goods market
include MRC Global, JFE Steel Corporation, TMK Ipsco Enterprise Inc., National
Oil Well Varco Inc., Tenaris SA, Jindal SAW Ltd., Arcelor Mittal S.A., Nippo
Steel & Sumitomo Metal Corporation, Vallourec, U.S. Steel Tubular Products
Inc., among others. “Huge
investments in upstream sector coupled with favorable policies and regulations
in oil & gas sector, globally, will continue to boost the global OCTG market
during the forecast period. Boom in horizontal drilling and multilateral
drilling is also expected to positively influence the market in the coming
years. Moreover, unconventional exploration activities such as shale gas, CBM,
tight gas, etc., are also anticipated to fuel the market over the next five
years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global Oil Country Tubular Goods (OCTG)
Market By
Manufacturing Process, By Grade, By Product, By Application, By Region,
Competition, Forecast & Opportunities, 2025” has analyzed the potential of OCTG market
across the globe, and provides statistics and information on market sizes,
shares and trends. The
report will suffice in providing the intending clients with cutting-edge market
intelligence and help them in taking sound investment decisions. Besides, the
report also identifies and analyses emerging trends along with essential
drivers and key challenges faced by the industry.
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