Oil Country Tubular Goods Market –Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, 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), By Region

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.

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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.

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:

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Company Information

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

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