Global Oil Country Tubular Goods Market is anticipated to grow at a steady pace in the forecast period, 2024-2028. The industry's need for oil country tubular products is being driven by the growing energy demand, which is pushing the need for exploration activities and investments. Oil country tubular goods, which are used to conduct drilling without pause, are a collection of different steel tubular items such well casing, production tubing, and drill pipe. Tubular pipes come in a variety of grades and diameters and can be seamless or welded.

Rising oil and Gas Propelling the Market Growth in the Forecast Period

Every growing nation aspires for economic growth, and as production activities rise, the supply of natural resources also rises. As a result, the worldwide market for oil country tubular goods will grow. This will boost production and exploration activities in the petroleum and gas industries.

The market for tubular items from oil-producing nations is quite profitable. The oil and gas sector requires a significant amount of funding. Therefore, maintaining balance in the production of crude oil and gas is essential to prevent any loss of cash, equipment, or resources. This is what propels the worldwide tubular goods market in oil-producing nations.

As production operations in the oil and gas sector are rising, the prospects for oil country tubular goods are quite favorable. Due to the increased energy demand, more exploration activities and expenditures are required, which is further fueling the industry's need for OCTG goods. Due to the industry's expanding production operations, the prospects for oil country tubular goods are impressive. The high energy demand has increased the requirement for exploratory activities and investments, which is further fueling the industry's need for OCTG goods.

Growing Quality Footage Trend and Rising New Projects Investment in Oil Sector

An increase in rig count, which is followed by a rise in quality footage, is a notable trend in the oil country tubular goods industry. Additionally, it is anticipated that continued use of horizontal drilling and hydraulic fracturing technology would greatly accelerate industry development.

Over the next two years, the US Energy Information Administration (EIA) forecasts a rise in crude oil output in the US Federal Gulf of Mexico (GOM). Additionally, by the end of 2022, 13 new projects might produce around 200,000 barrels per day (b/d), or about 12% of the entire Gulf of Mexico crude oil output. This would result in a large increase in the demand for high-grade oil country tubular goods throughout the projection period.

In order to develop an oil country tubular goods (OCTG) threading mill in Nashik, India, Jindal SAW and Hunting Energy Services announced in January 2022 that they had formed a joint venture (JV). Moreover, Jindal SAW, have Investment USD 20–25 million in Equipment for oil and gas drilling services.

High startup cost and low skilled Labor to restrict market growth

The Energy Information Administration (EIA) estimates that, roughly 68% of all-natural gas and oil wells developed in the United States were hydraulically fractured wells. In the global oil country tubular goods market, a lack of qualified workforce and high startup costs might be a barrier.


Download Free Sample Report

Market Segmentation

The Global 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, 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 Global Oil Country Tubular Goods Market are MRC Global Inc, JFE Steel Corporation, TMK Ipsco Enterprise Inc, National Oil Well Varco Inc, Tenaris SA, Jindal SAW Ltd, Arcelor Mittal S.A, Nippon Steel, Vallourec S.A, U.S. Steel Tubular Products Inc.

Recent Development

  • Tenaris and Russian steel pipe maker PAO TMK agreed into a legally binding agreement in March 2019 for Tenaris to purchase IPSCO tubular for USD 1,209 million. Tenaris will strengthen its position in the market with this purchase.
  • A multibillion-dollar contract for the purchase of casing and tubing was given by ANDOC to a group consisting of Tenaris, Vallourec, and Marubeni Corporation in August 2019. The contract's total value is about AED 13.2 billion (USD 3.6 billion). The deal will provide ANDOC more freedom to quickly respond to its clients all across the world.

Attribute

Details

Base Year

2022

Historic Data

2018 – 2021

Estimated Year

2023

Forecast Period

2024– 2028

Quantitative Units

Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

Manufacturing Process

Grade

Product

Application

Regional scope

North America, Asia-Pacific, Europe, South America, Middle East & Africa

Country scope

United States, Canada, Mexico, China, India, Japan, South Korea, Australia, United Kingdom, France, Russia, Italy, Spain, Brazil, Venezuela, Colombia, Saudi Arabia, South Africa, UAE

Key companies profiled

MRC Global Inc, JFE Steel Corporation, TMK Ipsco Enterprise Inc, National Oil Well Varco Inc, Tenaris SA, Jindal SAW Ltd, Arcelor Mittal S.A, Nippon Steel, Vallourec S.A, U.S. Steel Tubular Products Inc.

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 Global Oil Country Tubular Goods Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

     ·         Oil Country Tubular Goods Market, By Manufacturing Process:

o   Electric Resistance Welded

o   Seamless

     ·         Oil Country Tubular Goods Market, By Grade:

o   API Grade

o   Premium Grade

     ·         Oil Country Tubular Goods Market, By Product:

o   Well Casing

o   Production Tubing

o   Drill Pipe

o   Others

     ·         Oil Country Tubular Goods Market, By Application:

    • Onshore
    • Offshore

     ·         Oil Country Tubular Goods Market, By Region:

o   Asia-Pacific

§  China

§  Indian

§  Japan

§  South Korea

§  Australia

o   Europe

§  United Kingdom

§  France

§  Russia

§  Italy

§  Spain

o   North America

§  United States

§  Canada

§  Mexico

o   South America

§  Brazil

§  Venezuela

§  Colombia

o   Middle East & Africa (MEA)

§  Saudi Arabia

§  South Africa

§  UAE

 

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Oil Country Tubular Goods Market.

Available Customizations:

 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).

Global 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 sales@techsciresearch.com

In case you don’t find what you are looking for, please get in touch with our custom research team at sales@techsciresearch.com

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.3.  Markets Covered

1.4.  Years Considered for Study

1.5.  Key Market Segmentations

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.    Impact of COVID-19 on Global Oil Country Tubular Goods Market

4.    Executive Summary

5.    Voice of Customer

5.1.  Factors considered while selecting a supplier.

5.2.  Challenges/issues faced post purchase.

5.3.  Major Challenges Faced

6.    Global 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 (Electric Resistance Welded, Seamless)

6.2.2.    By Grade (API Grade, Premium Grade)

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

6.2.4.    By Application (Onshore, Offshore)

6.2.5.    By Region (Asia-Pacific, Europe, North America, South America and Middle East & Africa)

6.2.6.    By Company (2022)

6.3.  Product Market Map

7.    Asia-Pacific 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

7.2.5.    By Country (China, India, Japan, South Korea, Australia)

7.3.  Asia-Pacific: Country Analysis

7.3.1.             China Oil Country Tubular Goods Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1.                By Value

7.3.1.2. Market Share & Forecas0074

7.3.1.2.1.                By Manufacturing Process

7.3.1.2.2.                By Product

7.3.1.2.3.                By Application

7.3.2.             India Oil Country Tubular Goods Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1.         By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1.         By Manufacturing Process

7.3.2.2.2.         By Product

7.3.2.2.3.         By Application

7.3.3.             Japan Oil Country Tubular Goods Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1.         By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1.         By Manufacturing Process

7.3.3.2.2.         By Product

7.3.3.2.3.         By Application

7.3.4.             South Korea Oil Country Tubular Goods Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1.         By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1.         By Manufacturing Process

7.3.4.2.2.         By Product

7.3.4.2.3.         By Application

7.3.5.             Australia Oil Country Tubular Goods Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1.         By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1.         By Manufacturing Process

7.3.5.2.2.         By Product

7.3.5.2.3.         By Application

8.    Europe 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