Report Description

Middle East oil country tubular goods market is anticipated to grow at a steady pace in the forecast period, 2024-2028. The industry's demand for oil country tubular products is being pushed by the rise in energy demand, which is driving the demand for exploration efforts. Furthermore, the Middle Eastern region produced 1,297.3 metric tonnes of crude oil in 2020, which made up 31.1% of the world's total production.

Both onshore and offshore uses exist for oil country tubular goods. They are also known as "Oil Country Tubular Goods" or simply "OCTG" in the industry. Drill pipe, that carry the oil and gas to the surface are alternately employed during the various phases of each wellbore. Voestalpine has a seasoned and respected OCTG manufacturer in the Group with voestalpine Tubulars. The Kindberg, Austria-based business is a leader in seamless and high-strength oil country tubular goods.

Rising Oil and Gas Usage Propelling the Market Growth in the Forecast Period

Every developing country strives for economic prosperity, and as production activities increase, so does the availability of natural resources. The petroleum and gas industries experience an increase in output and exploration.

The market for tubular goods from countries that produce oil is very lucrative. A sizable quantity of funding is needed for the oil and gas industry. To avoid any loss of money, equipment, or resources; maintaining balance in the production of crude oil and gas is vital. This drives the global tubular products market in countries that produce oil.

The prospects for oil country tubular goods are promising as production operations in the oil and gas sector have increased. The industry's need for OCTG goods is being further fueled by the necessity for additional exploration because of the growing energy demand. The possibilities for oil country tubular products are excellent because of the industry's expanding production operations. The industry's demand for OCTG goods is being further fueled by the growing energy demand, which has boosted the necessity for exploratory activities and investments.

Premium Grade Adoption

The surge in deep-water exploration in remote areas with harsh environments has boosted the use of specialised drilling equipment, which has expanded the market. The Gulf of Mexico, one of the largest offshore deep-water deposits, is anticipated to produce more within the anticipated time frame. The market for premium-grade OCTG is expanding because of rising upstream activity demand. High-pressure and temperature wells, as well as gas wells, frequently use the premium-grade applications.

The rapid growth of shale reserves is giving the search for natural gas a major boost. The production of natural gas from shale reservoirs has been made possible by horizontal directional drilling, greatly bolstering the Middle East demand for high-grade OCTG.

The Middle East & North African region's fourth-largest crude oil producer is the United Arab Emirates (UAE). OPEC figures show that in 2021, the nation produced 2,718 thousand barrels of oil per day on average. Additionally, the nation generated 54.49 billion cubic metres (Bcm) of natural gas in 2021, according to OPEC Annual Statistical Bulletin 2022.

The export of energy is the main source of foreign income for the nation, much like its GCC neighbours. As of 2021, proven natural gas reserves totaled 8.2 trillion cubic metres, while proven oil reserves totaled 111 billion barrels, according to the OPEC Annual Statistical Bulletin 2022.

Growing Drilling Operations Projected to Inflate the Market

The global economic recovery contributed to an increase in energy consumption. Oil and gas are the main sources of energy in the global picture. Hydrocarbons are widely used in a variety of processes, including manufacturing, processing, and the production of electricity. To meet the enormous demand for oil and gas, oilfield service providers and operators are investing exponentially in exploration and production activities. This is one of the major trends in the OCTG industry. The outlook for the OCTG market is probably going to improve due to the notable increase in drilling operations in various regions of the world and the industry's consistent growth.

Industry's Expanding Crude Oil Production Operations

Oil country tubular goods (OCTG) are a class of seamless rolled products such tubing, casing, and drill pipe that are loaded under conditions specific to their use.

Additionally, it is anticipated that the OCTG market would experience significant growth due to the region's extensive expansion of onshore and offshore oil and gas resources. The industry's demand for OCTG goods is being further fueled by the growing energy demand, which has boosted the necessity for exploratory activities and investments.

Recent Developments

  • Major oilfield service companies, including Al Ghaith Oilfield Supplies and Services Company, Al Mansoori Directional Drilling Services, Schlumberger Middle East SA, Haliburton Worldwide Limited Abu Dhabi, and Weatherford Bin Hamoodah Company LLC, offered five framework agreements by ADNOC in August 2022. These framework agreements, last for five years with the possibility of an additional two years, are for directional drilling and logging while drilling (LWD) services for both onshore and offshore assets.
  • A 10-year contract for the delivery of premium casing and inventory management services was awarded to Vallourec SA in June 2022. Additionally, it intends to partially meet Saudi Aramco's requirements for Premium OCTG (Oil Country Tubular Goods) solutions for its drilling activities. Every three months during the duration of the contract, a call-off has been placed under the terms of the contract.
  • With Saudi Arabia, Kuwait agreed to develop its offshore Durra gas field in March 2022. Both countries are eager to develop the area to produce 1 billion cubic feet of gas per day and 84,000 barrels of condensate because the gas field is in their shared neutral zone. Both administrations are putting more emphasis on natural gas use to cut carbon emissions, supporting the country's ability to export more crude oil to the world market. The Kuwait Gulf Oil Company (KGOC) and Saudi Aramco Gulf Operations Company are likely to collaborate on the development of the Durra gas field project. The two nations would split the output evenly.
  • To build India's first state-of-the-art premium OCTG threading factory, Hunting PLC and Jindal Saw Ltd, a global pipe manufacturing company, formed a joint venture in January 2022. The new facility would likely provide drill bits and pipes for use in oil and gas drilling operations in the Middle East and North Africa.


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Market Segmentation

The Middle East oil country tubular goods market is divided into manufacturing process, grade, product, and application. Based on manufacturing process the market is segmented into electric resistance welded, seamless. Based on grade the market is segmented into API grade, and premium grade. Based on product, the market is divided into well casing, production tubing, drill pipe, others. Based on application, the market is segmented into onshore and offshore.

Market Players

Major market players in the Middle East oil country tubular goods market are National-Oilwell Varco Inc., Nippon Steel Corporation, Tenaris SA, ArcelorMittal SA, Vallourec SA, ILJIN Steel Co., TPCO Enterprise Inc., U.S. Steel Tubular Products Inc., Halima Pipe Company, and Iteco - Indian Telephone & Electric Company.

Attribute

Details

Base Year

2022

Historic Data

2018 – 2022

Estimated Year

2024

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million, and CAGR for 2018-2022 and 2024-2028.

Report Coverage

Revenue forecast, company share, growth factors, and trends

Segments Covered

Type

Application

Source

Regional Scope

Saudi Arabia, UAE, Qatar, Kuwait, Bahrain, and Rest of Middle East

Key Companies Profiled

National-Oilwell Varco Inc., Nippon Steel Corporation, Tenaris SA, ArcelorMittal SA, Vallourec SA, ILJIN Steel Co., TPCO Enterprise Inc., U.S. Steel Tubular Products Inc., Halima Pipe Company, and Iteco - Indian Telephone & Electric Company

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Report Scope:

In this report, the Middle East oil country tubular goods market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • Middle East Oil Country Tubular Goods Market,By Manufacturing Process:
    • Electric Resistance Welded
    • Seamless
  • Middle East Oil Country Tubular Goods Market, By Grade:
    • API Grade
    • Premium Grade
  • Middle East Oil Country Tubular Goods Market, By Product:
    • Well Casing
    • Production Tubing
    • Drill Pipe
    • Others
  • Middle East Oil Country Tubular Goods Market, By Application:
    • Onshore
    • Offshore
  • Middle East Oil Country Tubular Goods Market, By Country:
    • Saudi Arabia
    • UAE
    • Qatar
    • Kuwait
    • Bahrain

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Middle East Oil country tubular goods market.

Available Customizations:

Middle East oil country tubular goods market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Middle East oil country tubular goods market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

4.    Voice of Customers

5.    Middle East Oil Country Tubular Goods Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.  Market Share & Forecast

5.2.1.    By Manufacturing Process (Electric Resistance Welded, Seamless)

5.2.2.    By Grade (API Grade, Premium Grade)

5.2.3.    By Product (Well Casing, Production Tubing, Drill Pipe, Others)

5.2.4.    By Application (Onshore, Offshore)

5.2.5.    By Country (Saudi Arabia, UAE, Qatar, Kuwait, Bahrain, and Rest of Middle East)

5.3.  By Company (2022)

5.4.  Market Map

6.    Saudi Arabia Oil Country Tubular Goods Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Manufacturing Process

6.2.2.    By Grade

6.2.3.    By Product

6.2.4.    By Application

7.    UAE Oil Country Tubular Goods Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Manufacturing Process

7.2.2.    By Grade

7.2.3.    By Product

7.2.4.    By Application

8.    Qatar Oil Country Tubular Goods Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Manufacturing Process

8.2.2.    By Grade

8.2.3.    By Product

8.2.4.    By Application

9.    Kuwait Oil Country Tubular Goods Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Manufacturing Process

9.2.2.    By Grade

9.2.3.    By Product

9.2.4.    By Application

10. Bahrain Oil Country Tubular Goods Market Outlook

10.1.             Market Size & Forecast

10.1.1. By Value

10.2.             Market Share & Forecast

10.2.1. By Manufacturing Process

10.2.2. By Grade

10.2.3. By Product

10.2.4. By Application

11. Market Dynamics

11.1.             Drivers

11.2.             Challenges

12. Market Trends & Developments

13. Company Profiles

13.1.              National-Oilwell Varco Inc. 

13.1.1. Business Overview

13.1.2. Key Revenue and Financials (If Available)

13.1.3. Recent Developments

13.1.4. Key Personnel

13.1.5. Key Product/Services

13.2.             Nippon Steel Corporation

13.2.1. Business Overview

13.2.2. Key Revenue and Financials (If Available)

13.2.3. Recent Developments

13.2.4. Key Personnel

13.2.5. Key Product/Services

13.3.             Tenaris SA

13.3.1. Business Overview

13.3.2. Key Revenue and Financials (If Available)

13.3.3. Recent Developments

13.3.4. Key Personnel

13.3.5. Key Product/Services

13.4.             ArcelorMittal SA

13.4.1. Business Overview

13.4.2. Key Revenue and Financials (If Available)

13.4.3. Recent Developments

13.4.4. Key Personnel

13.4.5. Key Product/Services

13.5.             Vallourec SA

13.5.1. Business Overview

13.5.2. Key Revenue and Financials (If Available)

13.5.3. Recent Developments

13.5.4. Key Personnel

13.5.5. Key Product/Services

13.6.             ILJIN Steel Co.

13.6.1. Business Overview

13.6.2. Key Revenue and Financials (If Available)

13.6.3. Recent Developments

13.6.4. Key Personnel

13.6.5. Key Product/Services

13.7.             TPCO Enterprise Inc.

13.7.1. Business Overview

13.7.2. Key Revenue and Financials (If Available)

13.7.3. Recent Developments

13.7.4. Key Personnel

13.7.5. Key Product/Services

13.8.             Halima Pipe Company

13.8.1. Business Overview

13.8.2. Key Revenue and Financials (If Available)

13.8.3. Recent Developments

13.8.4. Key Personnel

13.8.5. Key Product/Services

13.9.             U.S. Steel Tubular Products Inc.

13.9.1. Business Overview

13.9.2. Key Revenue and Financials (If Available)

13.9.3. Recent Developments

13.9.4. Key Personnel

13.9.5. Key Product/Services

13.10.          Iteco - Indian Telephone & Electric Company

13.10.1.              Business Overview

13.10.2.              Key Revenue and Financials (If Available)

13.10.3.              Recent Developments

13.10.4.              Key Personnel

13.10.5.              Key Product/Services

14. Strategic Recommendations

15.  About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The major market players in the Middle East oil country tubular goods market are National-Oilwell Varco Inc., Nippon Steel Corporation, Tenaris SA, ArcelorMittal SA, Vallourec SA, ILJIN Steel Co., TPCO Enterprise Inc., U.S. Steel Tubular Products Inc., Halima Pipe Company, and Iteco - Indian Telephone & Electric Company.

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The term "Oil Country Tubular Goods" (OCTG) refers to the piping, pipelines, casing, and tubing that are utilized in the petroleum sector. These rounded items are the groundwork of oil and gas well plan and pipeline plan and give the conductor to the protected and effective vehicle of oil and gas items to advertise.

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Back to Products after Coupling for Casing and Tubing (OCTG) Two joints of tubing or casing are connected by means of small pipes known as couplings. Their outside surfaces are painted with color-coded markings to help you tell which grades they represent. Couplings are created based on API 5CT and 5B specifications.

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The main challenges in the Middle East oil country tubular goods market are geopolitical tensions and sanctions issued on several nations. These are anticipated to impede economic growth.

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Parvati Sharma

Account Manager BD
Press Release

Middle East Oil Country Tubular Goods is Expected to be Dominated by the Onshore Segment in the Forecast Period

Jul, 2023

The high energy demand has augmented the requirement for exploratory activities and investments, which is fueling the industry''s need for Oil Country Tubular Goods product.