Oil Country Tubular Goods Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Location of Deployment (Offshore and Onshore), By Sector (Upstream, Downstream), By Region, By Competition, 2020-2030F

Market Overview

The Global Oil Country Tubular Goods Market, valued at USD 22.91 Billion in 2024, is projected to experience a CAGR of 9.01% to reach USD 38.44 Billion by 2030. Oil Country Tubular Goods (OCTG) represent a critical family of specialized tubular products, encompassing drill pipe, casing, and tubing, which are indispensable for various operations within the oil and gas industry, including drilling, well completion, and hydrocarbon production both onshore and offshore. The market's expansion is primarily driven by sustained global energy demand, stimulating increased upstream exploration and production activities, alongside the strategic imperative for enhancing energy security. According to the International Pipe Producers Association (ITA), global pipe production, a key indicator for OCTG demand, saw a significant increase of 15% in 2023 compared to the previous year, reaching approximately 170 million tons.

Despite these growth factors, the market faces a notable challenge stemming from the inherent volatility in global energy prices and persistent geopolitical uncertainties. These dynamics can introduce considerable risk and unpredictability, consequently impeding critical long-term capital investment decisions within upstream oil and gas projects.

Key Market Drivers

The global Oil Country Tubular Goods (OCTG) market is significantly propelled by two primary forces. Foremost is the rising global energy demand, a fundamental driver necessitating continuous and expanded hydrocarbon extraction. As economies worldwide recover and develop, the need for crude oil and natural gas escalates, creating a sustained requirement for new wells and the maintenance of existing infrastructure. According to the International Energy Agency, in November 2023, its monthly oil market report projected global oil demand to rise by 2.4 million barrels per day in 2023, underscoring this pervasive demand. This surge directly translates into a heightened need for OCTG products, which are essential for every stage of oil and gas well operations.

Concurrently, increased upstream oil and gas exploration and production activities constitute a critical determinant for OCTG market expansion. Responding to the robust energy demand and favorable commodity prices, exploration and production companies are investing in new projects and intensifying existing operations across both conventional and unconventional reserves. These activities, ranging from initial drilling to well completion and ongoing production, inherently require vast quantities of specialized drill pipe, casing, and tubing. According to the International Energy Agency, in June 2023, its Oil 2023 report indicated that global upstream oil and gas investment was on track to increase by an estimated 11% in 2023, demonstrating the capital allocation driving these operations. This heightened activity directly fuels demand for OCTG, particularly for high-performance and specialized variants capable of enduring challenging drilling environments. Moreover, the broader energy landscape reflects this vigor. According to the U. S. Energy Information Administration, in October 2025, it projected U. S. crude oil production to increase from a record 13.2 million barrels per day in 2024 to approximately 13.5 million barrels per day in 2025, signaling an overall expansion in output that underpins sustained demand for OCTG products.

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Key Market Challenges

The inherent volatility in global energy prices and persistent geopolitical uncertainties significantly hampers the growth of the Global Oil Country Tubular Goods Market. Such unpredictable conditions create substantial risk for energy companies, directly impeding critical long-term capital investment decisions within upstream oil and gas projects. Developers become hesitant to commit to multi-year endeavors when future revenue streams are uncertain, leading to delayed project sanctioning and reduced demand for essential OCTG products.

This caution directly impacts the market for specialized tubular goods. For instance, according to the International Energy Agency, while global upstream oil and gas investment increased by 9% in 2023, it is projected to grow by a slower 7% to reach USD 570 billion in 2024, reflecting cautious spending despite ongoing energy needs. Furthermore, the direct impact of price instability is evident in product pricing. According to the International Tube Association, the price for P110 OCTG O. D. 5.5” alloyed casing pipe experienced an approximate 58% decline from its high in October 2022 until August 2024, illustrating pronounced market fluctuations. Such drastic price movements complicate planning for both OCTG manufacturers and upstream operators, impacting overall market stability and investment confidence.

Key Market Trends

The global Oil Country Tubular Goods (OCTG) market is notably influenced by the development of high-performance and advanced material OCTG. This trend is driven by the increasing need for tubular goods capable of withstanding extreme conditions encountered in deeper, hotter, and more corrosive drilling environments. Operators are increasingly adopting specialized alloys and premium connections to ensure well integrity and extend the lifespan of infrastructure in challenging offshore and unconventional reservoirs. The American Petroleum Institute's (API) 2025 Standards International Usage Report identified 1,395 references to API standards in policies, national and international standards, and technical regulations across 40 global markets, representing over a 20% increase from its 2022 analysis, underscoring a growing global commitment to advanced and standardized material requirements. This emphasis on stringent standards directly propels the demand for superior material science in OCTG manufacturing. For example, Tenaris announced a long-term agreement with Petrobras in January 2023 for the supply of corrosion-resistant alloy (CRA) tubing for offshore Brazil wells, including products with TenarisHydril Blue premium connections and Dopeless technology. Such advancements are essential for improving operational reliability and safety in complex drilling projects.

Another significant trend shaping the OCTG market is the digitalization and AI integration in the OCTG lifecycle. This involves leveraging digital technologies and artificial intelligence to enhance efficiency, safety, and predictive capabilities across manufacturing, supply chain, and operational phases. Digitalization offers improved data analytics for asset management, predictive maintenance, and optimized drilling operations, thereby reducing downtime and operational costs. The International Association of Drilling Contractors (IADC) Incident Statistics Program reported that during 2024, 76 drilling contractors participated in the program, representing over 418.4 million man-hours worked, an increase from 377.7 million man-hours in 2023, indicating a larger operational footprint generating extensive data for digital analysis. This growing data pool creates fertile ground for AI applications. Furthermore, in September 2024, Baker Hughes launched CarbonEdge™, a digital end-to-end solution designed for Carbon Capture, Utilization, and Storage (CCUS) operations. This system provides real-time data and alerts on CO2 flows across infrastructure, integrating digital solutions to enhance operational predictability and achieve lower emissions. These initiatives highlight the industry's shift towards intelligent solutions for greater operational control and environmental performance.

Segmental Insights

The Offshore segment is emerging as a key growth driver in the Global Oil Country Tubular Goods Market. This rapid expansion is primarily driven by the industry's strategic shift towards exploring and developing offshore reserves, particularly in deepwater and ultra-deepwater areas, as production from established onshore fields gradually declines. Significant investments in advanced offshore drilling initiatives are contributing to this trend. These challenging environments necessitate high-performance tubular products capable of withstanding extreme pressures, corrosive conditions, and complex operational demands, thereby fueling specialized OCTG demand within the offshore sector.

Regional Insights

North America leads the global Oil Country Tubular Goods (OCTG) Market, primarily driven by robust oil and gas exploration and production activities. This dominance is directly attributable to the shale revolution, which spurred significant advancements in hydraulic fracturing and horizontal drilling technologies. These methods necessitate a substantial volume of specialized, high-quality OCTG products to withstand demanding operating conditions across vast unconventional reserves, particularly within the United States and Canada. The region's mature energy infrastructure, coupled with continuous investment in resource extraction, further solidifies its position as a key market shareholder for OCTG.

Recent Developments

• In October 2025, OMS Energy Technologies Inc. successfully installed Pakistan's first smart intelligent wellhead system for MOL Pakistan, marking a key entry into the country's oil and gas sector. As a manufacturer of Oil Country Tubular Goods (OCTG) and surface wellhead systems, OMS Energy supplied and integrated crucial components, including the tubing hanger and tubing head adapter. This advanced system incorporates real-time monitoring, automation, and remote-control technologies, designed to enhance well performance, bolster safety, and optimize operational efficiency for the exploration and production activities.

• In July 2025, Vallourec secured two significant contracts, exceeding $130 million in total, to supply Oil Country Tubular Goods to Chinese oil companies CNOOC and PetroChina. These contracts involve providing carbon steel and Super-13Cr OCTG products, equipped with VAM premium connections. Deliveries are scheduled throughout 2025 and 2026, supporting expanded oil drilling operations in Iraq. The Super-13Cr alloy is specifically engineered for its corrosion resistance and high-pressure capabilities, essential for demanding Middle Eastern oilfield conditions. This highlights the company's role in delivering advanced tubular solutions.

• In July 2025, Tenaris was awarded a contract by TotalEnergies to supply Oil Country Tubular Goods (OCTG) and Rig Direct® services for the GranMorgu project, Suriname’s initial offshore development. Additionally, Saipem selected Tenaris to provide seamless line pipe and thermal insulation coatings for the same project. The supply encompasses approximately 47,000 tons of casing and tubing featuring TenarisHydril Blue® and Wedge™ Series connections, alongside proprietary Dopeless® technology. This technology aims to improve safety and operational efficiency during offshore activities, supporting the region's energy infrastructure.

• In July 2024, Nippon Steel Corporation and Sumitomo Corporation renewed a long-term contract with Equinor ASA for the supply of Oil Country Tubular Goods (OCTG). This agreement, which extends for a maximum of nine years, involves providing OCTG for use in Norway and internationally, including for Carbon Capture and Storage (CCS) projects. The renewal acknowledges the consistent delivery of high-performance OCTG, bespoke product development, reliable logistics, and a commitment to environmental and social responsibility throughout the supply chain. This partnership reinforces the strategic collaboration in the energy sector.

Key Market Players

• Nippon Steel Corporation
• Tenaris S.A.
• Jindal Hunting Energy Services Ltd.
• Vallourec S.A.
• Baker Hughes Company
• ArcelorMittal S.A.
• TMK Group
• Voest Alpine Tubulars GMbH & Co KG
• EVRAZ plc
• Interpipe Group

Report Scope:

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

• Oil Country Tubular Goods Market, By Location of Deployment:

o   Offshore

o   Onshore

• Oil Country Tubular Goods Market, By Sector:

o   Upstream

o   Downstream

• Oil Country Tubular Goods Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

Competitive Landscape

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

Available Customizations:

Global Oil Country Tubular Goods Market report with the given market data, TechSci 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).

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