OCTG Market Expected to Garner a Decent CAGR of 7.14% during the Forecast Period 2019 to 2023

OCTG (Oil Country Tubular Goods) Market Research
Report – Global Forecast to 2023
Industry Survey, Growth, Competitive Landscape
and Forecasts to 2023
PREPARED BY
Market Research Future
(Part of Wantstats Research & Media Pvt. Ltd.)
Global OCTG Market Forecast to 2023
Oil Country Tubular Goods (OCTG) Market - Overview
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 global OCTG 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
OCTG market.
The Oil Country Tubular Goods are the constituents that find wide application in the production of oil and gas from the well. The
acronym for Oil Country Tubular Goods is OCTG. Appropriate usage of OCTG could aid in reducing the probabilities of any hazard, risks,
and mishaps that eventually save the cost of production of the company. It encompasses tubing, casing, drill pipe, etc. Oil and gas sector
being extremely capital intensive, needs to strike balance in the production of gas and crude oil to prevent any loss of equipment,
resources, and money. This propels the worldwide OCTG market.
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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.
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Global OCTG Market Forecast to 2023
Global OCGT Market Segmentation
Global OCTG market has been segmented based on make, grade, type, and region. Based on make,
the market has been segmented into seamless or welded materials.
The seamless pipe segment is likely to dominate the market owing to its mechanical attributes such
as pressure handling capability and tensile strength in offshore drilling, which facilitate operational
efficacy.
Based on grade, the market has been segmented into API and premium, that have been categorized
based on their attributes such as temperature, thermal compatibility, and ductility.
Based on type, the market has been segmented into casing, drill pipe, and tubing. Casing safeguards
the layer of groundwater, perforating fluid, and soil contamination by drilling mud. Drill pipes are
sturdy steel pipes that carry the force to drill bits. Tubing is the central wall of well. It assists in the
transportation of fluid from bottom to top. Finally, based on region, the global OCTG market has
been segmented into Europe, North America, Latin America, Middle East, and Asia Pacific.
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Global OCTG Market Forecast to 2023
Global OCTG Market Regional Analysis
The global OCTG 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 OCTG. 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%
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Global OCTG Market Forecast to 2023
KEY PLAYER
Key Players:
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•
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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)
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The global OCTG 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 OCTG market.

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