The size of the Oil Country Tubular Goods Market was estimated at USD 19.88 billion in 2021 and is expected to increase at a compound annual growth rate (CAGR) of 6.5% from USD 21.28 billion in 2022 to USD 37.4 billion by 2030.
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"The Global Oil Country Tubular Goods Market 2020-2030 (USD Billion)")
Growth in the demand for energy boosts the need for the activities of investments and exploration which is leading the demand of OCTG, is the main factor of the organization for the manufacture of gas and oil from the reserves. The oil country tubular goods market is competitive and increase the activities of exploration in the unconventional reserves and are moving to a higher level. Rise in the directional and horizontal drilling which leads to the increase in demand for OCTG, particularly amongst the premium connection and grades of high strength.
Factors that are hindering the oil country tubular goods are reduction of limited gas and oil, economic stability, international political, environmental issues and risk for the cyclical nature of the tube market. In addition, other factors like skilled labor and high investment are hampering the expansion of verticals of gas & oil market, increase in demand for production and exploration of gas & oil. Thus, increase in the demand for production of energy is the biggest factor for the rise in the demand for global oil country tubular goods (octg) market.
Global oil country tubular goods market has advantages from the reappearance in the exploration and production sector of gas & oil in U.S, with the declination in the prices of steel. Development of the technology for horizontal drilling and hydraulic fracture have substantially fueled the OCTG market globally. Offshore gas & oil provides demand for the OCTG from several regions like Texas, California, Alaska and Louisiana. Currently, increase in the production of shale resources has participated in the growth of OCTG market size in United States.
Oil country tubular goods market is the competitive sector and increase in the exploration and drilling activities in the unconventional reserves, competition has increased to high level. In addition, rapid development of economy and technological advances in the developing regions are vital factors that are increasing the demand for energy and has boosted the growth of global oil country tubular goods (octg) market in the coming years.
Global oil country tubular goods market trends are discoveries of new gas and oil. Demand for energy is increasing uninterruptedly because of rise in the urbanization rate in the developing regions. Exploration activities are mandatory by the companies of gas & oil to meet the developing consumption of the individuals. The main reason behind the exploration is supporting the growth of global oil country tubular goods (octg) market with the competitive edge and growth in profit.
Global oil country tubular goods market is segmented into grades, manufacturing process and region. On the basis of grades, octg market is divided into premium and API grade. On considering the manufacturing process, octg market is divided into seamless and electric resistance welded.
Geographically, regions involved in increasing the global octg market size are U.S, Mexico, North America, Canada, Europe, Italy, Germany, France, UK, Spain, Asia Pacific, Rest of Europe, Japan, India, China, Australia, South Korea, New Zealand, Brazil, Saudi Arabia, Chile, South Africa and Qatar. Asia Pacific holds the largest global oil country tubular goods (octg) market share.
Key players involved in developing the global octg market share are TMK group, Jindal Steel & Power, United States Steel (USS) Corporation, National Oilwell Varco and more.
Oil Country Tubular Goods (OCTG) Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | USD 37.4 billion |
| Growth Rate | CAGR of 6.5 % during 2020-2030 |
| Segment Covered | by Seamless, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Nippon Steel & Sumitomo Metal Co. (Japan), Vallourec (France), Tenaris(Europe), National Oilwell Varco (U.S.), TMK (U.S.), Steel Tubular Products Inc (NA)., ILJIN STEEL CO (S. Korea), Continental Alloys (Malaysia), Anhui Tianda Oil Pipe Company(China) |
Key Segments in the “Global Oil Country Tubular Goods (octg) Market” are-
By Grades, market is segmented into:
- Premium
- API
By Manufacturing Process, market is segmented into:
- Seamless
- Electric Resistance Welded
By Regions market is segmented into:
- U.S
- Mexico
- North America
- Canada
- Europe
- Italy
- Germany
- France
- UK
- Spain
- Asia Pacific
- Rest of Europe
- Japan
- India
- China
- Australia
- South Korea
- New Zealand
- Brazil
- Saudi Arabia
- Chile
- South Africa
- Qatar
Frequently Asked Questions (FAQ) :
The major players are TMK group, Jindal Steel & Power, United States Steel (USS) Corporation, National Oilwell Varco.
To get latest version of oil country tubular goods market report can be obtained on demand from the website.
The base year for the report is 2023 in oil country tubular goods market.