Oil Country Tubular Goods Market Analysis:
Oil Country Tubular Goods Market is expected to be valued at USD 16.41 Billion, with a CAGR of 8% Forecast by 2030.
The Oil Country Tubular Goods (OCTG) market refers to a segment of the steel pipe industry that supplies pipes and related products used in the exploration and production of oil and gas. OCTG products include casing, tubing, and drill pipes, which are used to extract hydrocarbons from the earth's subsurface.
The global OCTG market is expected to witness strong growth in the coming years, driven by the increasing demand for oil and gas and the growing exploration activities in emerging markets. The market growth is also fueled by the adoption of advanced drilling technologies, such as horizontal drilling and hydraulic fracturing, which require high-grade seamless pipes.
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Global Oil Country Tubular Goods Market - Competitive Analysis
Highly competitive, the OCTG market appears fragmented, with several well-established players forming a competitive landscape. Mergers acquisitions, expansion, collaboration, and product/ technology launch are key strategic initiatives of these players to gain a larger competitive advantage. They also focus on product development and geographical expansion.
Major Players:
Players leading the global OCTG market include TMK Group (Russia), Tenaris SA (US), Vallourec (France), Benteler Group (Austria), National Oilwell Varco (US), Tata Steel (India), JFE Holdings, Inc. (Japan), Nippon Steel Corporation (Japan), Continental Alloys Services (US), Jindal Saw Ltd. (India), ACE OCTG Ltd (Malta), United States Steel Corporation (US), Corpac Group (US), ISMT LTD (India), and ArcelorMittal (Luxembourg), among others.
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Global Oil Country Tubular Goods Market - Segments
The market forecast is segmented into manufacturing processes, grades, and regions. The manufacturing process segment is sub-segmented into electric resistance welded (ERW) and seamless. The grade segment is sub-segmented into API grade and premium grade. The region segment is sub-segmented into Europe, Americas, Asia Pacific, and the rest-of-the-world.
Global Oil Country Tubular Goods Market - Regional Analysis
North America dominates the global oil country tubular goods market. The region houses vast numbers of OG pipelines than other regions. Factors such as the increasing well drilling activities, rise in oil and gas exploration production activities, and growing production of sour crude increase the region’s oil country tubular goods market shares. The increasing demand for fossil fuels in the region bolsters the tubular goods market value.
Besides, increased investments in renewable energy installations and increased government regulations for pipeline assessment drive the oil country tubular goods market growth. The strong presence of notable players integrating robotics in oilfields and increasing drilling activities fostering the uptake of OCTG technologies in oilfields increases the size of oil country tubular goods.
Industry/ Innovation/ Related News
Aug.06, 2021 --- Evraz North America announced its plans to restart its steel oil country tubular goods mill in Colorado. Given the continually picking up demand for OCTG, the company decided to restart the plant with the plan to resume production by mid-April. The demand for steel oil country tubular goods has picked up amid the recovery in US drilling activity. Besides, energy markets have started to recover, which boosts the demand for OCTG pipe products.
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