OCTG, aka Oil Country Tubular Goods, is used as a key component for the production of oil and gas from the well. The precise usage of OCTG can aid in curbing down the probabilities of any eventual hazard, mishap, and risks, thereby eventually saving the production cost of the company.
The Oil Country Tubular Goods Market is expected to attain a decent CAGR of 7.14% during the forecast period. The report published by Market Research Future (MRFR), also reveals that the market valuation is slated to reach a striking USD 43 billion by the end of the forecast period in 2023. With the oil and gas industry being capital intensive, it is imperative for the sector to maintain the balance in the production of crude oil and gas to dodge any instances of losing machinery, money, and resources. This subsequently drives the global oil country tubular goods market.
It is also reported that reservoir contracts are improving to stand tall in the market, whereas advancements in technology and development of innovative tools are expected to evolve the market. The market is driven by the increment in oil and gas production activities, rising investment in upstream sector by the operators, and exponential growth in shale gas reserves. The market is further calculated to be driven due to the surge in offshore activities. Additionally, it has been noticed that the oil industry is trying to expand its rig count across regions such Asia Pacific and North America. This is expected to help ameliorate the production in wells and expand the global OCTG market footprints.
Market Segmentation
The global oil country tubular goods market segmentation is done on the basis of type, grade, and make.
By type, the market includes drill pipe, tubing, and casing. Casing helps protect groundwater contamination by drill mud or fracking fluid, and the layer of the soil. Tubing helps migrate the fluid from the bottom to the top. It is the inner wall of the well. And, drill pipes are steel pipes that are durable enough to conduct the force to drill bits.
By make, the market divides into seamless and welding. The market is dominated by seamless pipes in this segment owing to its unmatched mechanical properties like pressure handling capability in offshore drilling and high tensile strength. The operational efficiency it offers is expected to maintain its standing as the dominant segment in the market.
By grade, the market comprises premium and API.
Regional Analysis
The global oil country tubular goods market is regionally segmented into the following regions: North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
The global market is led by North America, which for the last decade or so has maintained its standing as the highest growing market. The region is expected to grow further during the forecast period. In North America, the US holds a majority of the market share is expected to be one of the global leaders of OCTG by the end of the forecast period. The US rig count has strikingly increases by 135 from last year.
Amidst the dominance of North America, the market is expected to be propelled over by Asia Pacific during the forecast period. The reason being the same is the proper application and usage of technology, less consumption of time in well-pipe installation, lateral drilling activities, and the requisite technicality of an operation to drill the well with optimal speed and efficiency. The Asia Pacific region is a notable and lucrative market for oil country tubular goods. It boasts massive potential and opportunities for market players, if tapped properly. China is identified as the major driver of the market here. Also, within Asia Pacific, the rig count in Australia is reported to have increased by 15% from last year, thereby aiding in increasing the rig count of the region by 12%
Competitive Landscape
Some of the leading players in the global oil country tubular goods market are Vallourec (France), TMK (U.S.), Tenaris(Europe), Nippon Steel & Sumitomo Metal Co. (Japan), Steel Tubular Products Inc (NA)., Continental Alloys (Malaysia), Anhui Tianda Oil Pipe Company (China), National Oilwell Varco (U.S.), Iljin Steel Co (S. Korea), and others.
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