The global “oil country tubular goods” (OCTG) market size is projected to reach USD 31.54 billion by 2026, exhibiting a CAGR of 7.4% during the forecast period. Steady rise in oil and gas exploration and production activities in North America is anticipated to be a major growth driver for this market in the upcoming decade. According to a report by World Oil, in 2018, the US witnessed 12% increase in its drilling activities from 2017 levels, while the world drilling activities rose by just 4.6% in the same year. The primary factor attributable to this remarkable rise is the discovery of shale gas in the US and Canada. The US and Canadian governments are formulating favorable policies which will put the region at the forefront in the global hydrocarbon scenario. Projections based on the current state of US shale oil production show that in the next decade, the US will become a net exporter of oil. Thus, the OCTG market outlook appears promising.
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Market Landscape and Market Scenario Includes:
- Current market size estimate
- Revenues by players Top Companies
- Market size by product categories
- Market size by regions/country
The above information is shared by Fortune Business Insights™ in its new report, titled “Oil Country Tubular Goods (OCTG) Market Size, Share & Industry Analysis, By Process (Seamless and Welded), By Product (Well Casing, Production Tubing, Drill Pipe, and Others), By Application (Onshore and Offshore) Regional Forecast, 2020-2026”. The report states that the value of this market stood at USD 17.92 billion in 2018. Additionally, the report provides:
- Detailed analysis of the factors driving the share, size, and revenue of the market;
- In-depth evaluation of the major challenges to the market growth;
- Careful segmentation of the market by process, product, application, and geography; and
- Meticulous research into the competitive landscape of the market.
Key Players Profiled in the Oil Country Tubular Goods Market Report:
- EVRAZ North America
- SB International, Inc.
- Sumitomo Corporation
- United States Steel Corporation
- ILJIN Steel Co., Ltd.
- Tenergy Equipment & Service Ltd.
- JFE Steel Corporation
- National Oilwell Varco
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Steadfast Pace of Drilling Operations Worldwide to Favor the Market
One of the leading oil country tubular goods market trends is the sustained pace at which drilling activities are being carried out across the globe. Steady population growth, especially in developing countries, has inflated the demand for energy and power globally. In response, governments and private entities across the globe are adopting measures and strategies to meet this demand and are therefore doubling down their investment in E&P ventures. Hydrocarbon reserves-deficient countries such as India are exploring new avenues to increase their oil and gas production and bring down their oil import bills. As a result, many emerging economies are looking for opportunities to enlarge their portion in the OCTG market share.
Important Features that are under Offering and Key Highlights of the Market Report:
- Detailed overview of Market Share
- Changing market dynamics of the industry
- In-depth market segmentation by Type, Application, etc.
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of Market
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising market growth
North America to Occupy a Commanding Position; Latin America to Present High Potential
The OCTG market size in North America was at USD 7.72 billion in 2018 and is likely to increase, aiding the region’s dominance on the oil country tubular gas market share in the coming decade. This will be mainly a result of favorable government policies for oil and gas E&P activities, presence of major companies, and discovery of shale gas in the region. Latin American countries such as Venezuela, Brazil, and Mexico are heavily investing in their respective energy sectors and rising exploration activities in the region have yielded promising results. In Europe, a well-established hydrocarbon industry in the UK and Norway will primarily drive the market, while huge oil reserves will augur well for the market in the Middle East and Africa.
Novel Product Offerings by Players to Stimulate Competition
According to the OCTG market analysis, key competitors in this market are increasing their R&D expenditure to bring out innovative products and services for customers. Through these efforts, companies are aiming to strengthen their position in the oil country tubular goods market in the forecast period.
- August 2020: A consortium comprising of Vallourec, Tenaris, and Marubeni Corporation was awarded a multi-billion-dollar casing and tubing contract by ANDOC. The contract will empower ANDOC with greater flexibility to meet the needs of its customers worldwide.
- June 2020: Romanian OCTG giant, TMK, signed a strategic agreement with Novatek, Russia’s second largest natural gas producer. Under the agreement, TMK will supply Novatek premium casing and tubing pipe products, in line with the formula-based pricing and supply mechanism chalked out in the agreement.
Key Market Driver – Modernization of oil and gas industry
Key Market Restraint – Low and fluctuating crude oil prices
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Key Segmental Overview
1. By Process
2. By Location
3. By Product
- Line Pipe
- Drill Pipe
- Sucker Rods
- Umbilical Coils
4. By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain and Rest of Europe)
- Asia Pacific (China, India, Japan, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (GCC, South Africa, and Rest of the Middle East & Africa)
Key Industry Developments
- In May 2020, PTTEP, Thailand’s national oil exploration & production company, has awarded Vallourec a contract to deliver over 3,000 tons of oil country tubular goods (OCTG) for its Myanmar M9 West offshore exploration project.
- In December 2018, Arabian Pipes Co. has won a $13 million contract from Saudi Aramco to supply OCTG pipes form the second quarter of 2020.
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Key Features of Market Research Report:
- This report provides detail analysis of the Oil Country Tubular Goods market and have a comprehensive understanding of the market and its commercial landscape.
- Learn about the various market strategies that are being adopted by leading companies.
- It provides a five-year forecast assessed based on how the Oil Country Tubular Goods market is predicted to grow.
- It provides insightful analysis of changing competition dynamics and keeps you ahead of competitors.
- To understand the future scope and outlooks for the Oil Country Tubular Goods market.
- Oil Country Tubular Goods Market Forecast by regions, type and application, with sales and revenue, from 2020 to 2026.
- Oil Country Tubular Goods Market Share, distributors, major suppliers, changing price patterns and the supply chain of raw materials is highlighted in the report.
- Market Size (sales, revenue) forecast by regions and countries from 2020 to 2023 of industry.
- The global Oil Country Tubular Goods market Growth is anticipated to rise at a considerable rate during the forecast period, between 2020 and 2023. In 2020, the market was growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
- Oil Country Tubular Goods Market Trend for Development and marketing channels are analysed. Finally, the feasibility of new investment projects is assessed and overall research conclusions offered.
- Market Report also mentions market share accrued by each product in the market, along with the production growth.
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
Major Table of Content For Oil Country Tubular Goods Market:
Global Oil Country Tubular Goods (OCTG) Market Analysis (USD Billion), Insights and Forecast, 2015-2026
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Process
5.3. Oil Country Tubular Goods Market Analysis, Insights and Forecast – By Product
5.3.1. Well Casing
5.3.2. Production Tubing
5.3.3. Drill Pipe
5.4. Oil Country Tubular Goods Market Analysis, Insights and Forecast – By Application
5.5. Oil Country Tubular Goods Market Analysis, Insights and Forecast – By Region
5.5.1. North America
5.5.2. Latin America
5.5.4. Asia Pacific
5.5.5. Middle East and Africa
6. North America Oil Country Tubular Goods (OCTG) Market Analysis (USD Billion), Insights and Forecast, 2015-2026
6.1. Key Findings / Summary
6.2. Oil Country Tubular Goods Market Analysis, Insights and Forecast – By Process
6.3. Market Analysis, Insights and Forecast – By Product
6.3.1. Well Casing
6.3.2. Production Tubing
6.3.3. Drill Pipe
6.4. Market Analysis, Insights and Forecast – By Application
6.5. Market Analysis, Insights and Forecast – By Country
7. Latin America Oil Country Tubular Goods (OCTG) Market Analysis (USD Billion), Insights and Forecast, 2015-2026
7.1. Key Findings / Summary
7.2. Market Analysis, Insights and Forecast – By Process
7.3. Market Analysis, Insights and Forecast – By Product
7.3.1. Well Casing
7.3.2. Production Tubing
7.3.3. Drill Pipe
7.4. Market Analysis, Insights and Forecast – By Application
7.5. Insights and Forecast – By Country
7.5.5. Rest of Latin America
8. Europe Oil Country Tubular Goods (OCTG) Market Analysis (USD Billion), Insights and Forecast, 2015-2026
8.1. Key Findings / Summary
8.2. Market Analysis, Insights and Forecast – By Process
8.3. Market Analysis, Insights and Forecast – By Product
8.3.1. Well Casing
8.3.2. Production Tubing
8.3.3. Drill Pipe
8.4. Market Analysis, Insights and Forecast – By Application
8.5. Market Analysis, Insights and Forecast – By Country
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