Global Oil Country Tubular Goods (OCTG) market was valued at $ 18.2 billion in 2019 and is projected to reach $ 21.7 billion by 2025. Anticipated growth in the market can be attributed to the increasing demand for oil & gas, growing exploration & production activities, and rising number of technological advancements, especially in the field of drilling such as horizontal drilling & multilateral drilling. In terms of manufacturing process, the global OCTG market is categorized into Electrical Resistance Welded and Seamless segments, with Seamless segment leading the market on account of higher user preference in harsh drilling environments. Nevertheless, the welded segment will also grow as these pipes are quite cost-effective.
In terms of Product segments, the global OCTG market is categorized into Well Casing, Production Tubing, Drill Pipe and Others segments. Well Casing segment accounts for the largest share in the market, followed by Production Tubing and Drill Pipe segments. In terms of Application segments, the global oil country tubular goods market is categorized into Onshore & Offshore, with Onshore segment accounting for around 80% of the market share.
North America is expected to continue its dominance in the global OCTG market through 2025, followed by Middle East & Africa. North America and MEA would continue to be the major markets, with both the regions cumulatively accounting for around two-thirds of the global OCTG market in 2019. However, the current global economic slowdown and spread of Covid-19 pandemic is posing a major threat that would severely affect the global OCTG market in the near term.
Years considered for this report:
- Historical Years: 2015 – 2018
- Base Year: 2019
- Estimated Year: 2020
- Forecast Period: 2021 – 2025F
Objective of the Study:
- To study Global Oil Country Tubular Goods market scenario, which covers Well Casing, Production Tubing, Drill Pipe & Others.
- To analyze and forecast the market size of Global OCTG market.
- To classify and forecast Global OCTG market on the basis of manufacturing process, grade, application, and region.
- To identify drivers and challenges for Global OCTG market.
- To identify market trends & developments for Global OCTG market.
- To identify & analyze the profile of leading players operating in the global OCTG market.
Some of the major players operating in the global Oil Country Tubular Goods market include MRC Global, JFE Steel Corporation, TMK Ipsco Enterprise Inc., National Oil Well Varco Inc., Tenaris SA, Jindal SAW Ltd., Arcelor Mittal S.A., Nippo Steel & Sumitomo Metal Corporation, Vallourec, U.S. Steel Tubular Products Inc., among others.
Key Target Audience:
- Oil Country Tubular Goods manufacturers, distributors and other stakeholders
- Major OCTG End-users
- Technology Investors and Research Institutes
- Associations, organizations, forums and alliances related to Oil & Gas
- Market research and consulting firms
By Manufacturing Process
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as oil country tubular goods companies, distributors and policy makers. The study would enable the stakeholders in identifying the growing segments over the coming years, thereby aiding them in taking investment decisions and facilitating their expansion.
In this report, Global Oil Country Tubular Goods market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Electrical Resistance Welded
- API Grade
- Premium Grade
- Well Casing
- Production Tubing
- Drill Pipe
- North America
- Middle East & Africa
- South America
- Asia Pacific