Oil Country Tubular Goods Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Oil Country Tubular Goods (OCTG) Market

The Oil Country Tubular Goods (OCTG) market size was valued at USD 17.92 billion in 2018, and the market is now projected tgrow from USD 17.92 billion in 2018 tUSD 47.13 billion by 2032, exhibiting a CAGR of 7.17% during the forecast period of 2019-2032.

The COVID-19 pandemic severely impacted the Oil Country Tubular Goods (OCTG) market growth due ta pointy decline in oil and gasoline, calling for an unheard-of volatility in crude oil costs. Lockdowns and journey regulations notably decreased power consumption, leading ta decrease in exploration and manufacturing sports and consequently decreasing the call for OCTG merchandise, which includes casing, tubing, and drill pipes. Additionally, disruptions in global delivery chains and production operations similarly restricted the market. However, as economies started tget better and the power called for rebounded, the OCTG marketplace saw sluggish recuperation, especially driven via renewed investments in oil and gasoline initiatives and a focus on improving drilling performance and era.

The monetary resurgence in many elements of the arena resulted in increased consumption of power. Oil and gas is the number one supply inside the general energy outlook of the arena. Hydrocarbons are significantly utilised in several operations, which include energy generation, transportation, processing, and production, among others. One of the leading OCTG marketplace developments is the exponential investments via oilfield service vendors and operators in exploration and manufacturing activities tsatisfy such a massive call for oil and fuel. A terrific increase in drilling operations in numerous components of the arena and the steady growth of the industry are probable tembellish the Oil Country Tubular Goods (OCTG) market share.

Additionally, the shale fuel revolution within the U.S. is Attracting more investors tinvest in the exploration of unconventional gas resources. Also, many nations are finding it difficult treduce the foreign exchange on imports of hydrocarbons via coming across conventional and unconventional reserves of their territorial barriers, which is fueling the OCTG market increase.

Comprehensive Analysis of Oil Country Tubular Goods (OCTG) Market

The Oil Country Tubular Goods (OCTG) marketplace is segmented based on pipe kinds and programs. Seamless pipes dominate excessive-strain applications like hydrocarbon exploration due ttheir advanced electricity and resistance tcracking, even as welded pipes are extra price-effective and customisable. Well casing, a crucial thing in drilling, guarantees groundwater safety, proper stabilisation, and safeguarding of operational additives like electrical wires and piping. In phrases of operations, onshore drilling dominates due tits lower expenses, ease of transportation, and flexibility. However, the offshore drilling section is poised for a constant boom, pushed by way of its ability tget better significant hydrocarbon reserves.

Latin America has experienced enormous increases over time, as Brazil, Mexico, Argentina, and Venezuela, amongst others, are notably investing in finding new reserves for future power requisition.

Key players in the Oil Country Tubular Goods (OCTG) marketplace encompass Tenaris (Luxembourg), a worldwide leader in seamless steel pipe production; TMK (Russia), a distinguished supplier of tubular merchandise for the oil and gas industry; Vallourec (France), specializing in premium tubular solutions; United States Steel Corporation (USA), a prime steel producer imparting OCTG merchandise; National Oilwell Varc(USA), a leading provider of oilfield gadget and offerings; SumitomCorporation (Japan), a various trading business enterprise with a strong presence in metal merchandise; JFE Steel Corporation (Japan), a key participant in excessive-performance metal production; and Weatherford (USA), a multinational employer presenting progressive strength offerings and tubular solutions.

In August 2019, A multi-billion contract was provided by way of ANDOC ta consortium representing Tenaris, Vallourec, and Marubeni Corporation for procurement of casing and tubing. The combined worth of the contract is around AED thirteen.2 billion (USD 3.6 billion). The settlement will offer ANDOC more flexibility treply directly tits customers around the world.

Segmentation Table

Global Oil Country Tubular Goods (OCTG) Market Scope

Study Period 2015-2026

Base Year 2018

Forecast Period 2019-2026

Growth Rate CAGR of 7.17% from 2024-2032

Historical Period 2015-2017

Unit Value (USD Billion)

Segmentation By process, product, application, and Region

By process

Seamless

Welded

By product

Well Casing

Production Tubing

Drill Pipe

Others

By application

Onshore

Offshore

By Region

North America (U.S. and Canada)

Latin America (Brazil, Mexico, Argentina, Venezuela, and Rest of Latin America)

Europe (UK, Germany, Norway, Russia, and Rest of Europe)

Asia-Pacific (China, India, Indonesia, Thailand, Australia, and Rest of Asia-Pacific)

Middle East & Africa (Saudi Arabia, UAE, Oman, Kuwait, Algeria, Angola, Egypt, and Rest of Middle East & Africa)