North America Oil Country Tubular Goods Market Is Anticipated To Register A High CAGR During The Forecast Period
The high
energy demand has augmented the requirement for exploratory activities and
investments, which is fueling the Oil and gas industry need for Oil Country
Tubular Goods product.
According to
TechSci Research report, North America Oil Country Tubular Goods Market - By
Country, Competition, Forecast & Opportunities, 2018-2028, the North
America Oil Country Tubular Goods Market is expected to register robust growth
during the forecast period, 2024-2028. Some of the main factors driving the
increasing requirement for oil country tubular goods and the penetration of the
North America oil country tubular goods market is thought to be successful
energy production and ever-increasing consumption. The growth of drilling and
production operations, the expansion of shale gas exploration, and the rise in
the number of oil wells per rig are the main factors driving the region’s
market for oil country tubular products. Moreover, there has been a boost in
investment in unconventional oil and gas sources, which is significantly
driving the need for oil country tubular products.
A crucial
component of North America economic expansion is the production of oil and gas.
In a wide range of industrial sectors, including transportation, power
generation, production, and process, among others, hydrocarbons are extensively
employed. Activities for exploration and production have expanded as a result
of the growth in oil and gas demand. Oil and gas extraction continues to get
funding from governments and well-known hydrocarbon producers all around the
world. The extraction of hydrocarbons requires drilling, and drilling
activities need for the use of OCTG.
A variety of
different steel tubular products, including well casing, production tubing, and
drill pipe, are all contained in the oil country tubular goods, which are
utilised to perform drilling without pausing. Both seamless and welded tubular
pipes are available in a range of grades and sizes. The well's structural
component, the well casing, maintains the well's integrity and stability
throughout drilling to prevent the well from collapsing. According to the
borehole's features, several casings are employed, including conductor,
surface, and production casings. Casing is necessary while drilling to prevent
groundwater pollution. Production tubing, on the other hand, is a hollow pipe
used to transfer hydrocarbons to the surface.
Owing to the
increasing number of drilling activities in the U.S. and Canada, North America
is expected to have an impact on the oil nation tubular products market.
Browse over XX
market data Figures spread through 80 Pages and an in-depth TOC on the
“North America Oil Country Tubular Goods Market.”
The North
America Oil Country Tubular Goods market is segmented based on manufacturing
process, grade, product, and application. A fundamental part of drilling, well
casing serves to prevent groundwater pollution and offers stability for
continuous drilling operations. Moreover, it supports the well's wall to
prevent the well shaft from collapsing due to unconsolidated sand or rock
pieces that have penetrated the well. Casing plays a critical role in
safeguarding the submersible pump's water tubing, pull cable, and electrical
wires owing to which well casing segment is expected to grow.
Based on
manufacturing process, the market is further bifurcated into electric
resistance welded and seamless.
Based on grade,
the market is further segmented into API Grade and Premium Grade. The
premium-grade OCTG market is expanding owing to increased demand from upstream
operations. Premium-grade applications are common in gas wells, horizontal
wells, and high pressure and temperature wells. Furthermore, with a rise in
offshore rig count during 2017-2018 following the 2014 oil price drop, demand
for oil country tubular products is likely to increase throughout the forecast
period.
Based on
product, the market is further divided into well casing, production tubing,
drill pipe, and others. Based on application, the market is further divided
into onshore and offshore. Based on country, the market is divided into United
States, Canada, and Mexico. Onshore applications are the most common in the
market as a result of the simplicity of transportation, relative
cost-effectiveness, and accessibility of competent personnel.
Major market
players in the North America Oil Country Tubular Goods market are: -
- ArcelorMittal
SA
- ILJIN Steel Co.
Ltd.
- National-Oilwell
Varco Inc.
- Nippon Steel
Corporation
- Tenaris SA
- TMK PAO
- TPCO Enterprise
Inc
- U.S. Steel
Tubular Products Inc
- Vallourec SA
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"The
market for oil country tubular goods is primarily driven by a growth in shale
reserves, technological advancements that have increased horizontal and
directional drilling, and an increase in production and exploration operations,
all of which are fueled by an increase in North America energy consumption. A
comprehensive analysis of the market is provided in the Oil Country Tubular
Goods Market study, “said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
North
America Oil Country Tubular Goods Market-Segmented by Manufacturing Process
(Electric Resistance Welded, Seamless), By Grade (API Grade, Premium Grade), By
Product (Well Casing, Production Tubing, Drill Pipe, Others), By Application
(Onshore, Offshore) Size, Share, Trends, , and Forecast and Opportunities,
2018-2028 has evaluated
the future growth potential of North America Oil Country Tubular Goods market
and provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the North America Oil Country Tubular Goods
market.
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