Opportunities in Oil Country Tubular Goods Market with Size and Growth Projections

TechSci Research has reported that the Global Oil Country Tubular Goods Market is expected to experience significant growth during the forecast period of 2024-2028, according to their report titled "Oil Country Tubular Goods Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F." The driving force behind the increased demand for oil country tubular goods and the expansion of the global market is successful energy production and consumption. The expansion of drilling and production operations, the rise of shale gas exploration, and the increase in the number of oil wells per rig are the key factors driving the global market for oil country tubular goods. Moreover, there is a surge in investment in unconventional oil and gas sources that is significantly contributing to the need for oil country tubular goods.

The production of oil and gas is a crucial element of global economic expansion. Hydrocarbons are widely used in various industrial sectors, including transportation, power generation, production, and process, among others. The growth in oil and gas demand has led to an increase in exploration and production activities, which continue to receive funding from governments and well-known hydrocarbon producers worldwide. The extraction of hydrocarbons requires drilling, and drilling activities require the use of OCTG.

Oil country tubular goods are a collection of various steel tubular items, such as well casing, production tubing, and drill pipe, that are used to conduct drilling without interruption. Tubular pipes come in a variety of grades and diameters and can be either seamless or welded. The well casing is the structural component of the well that maintains the well's stability and integrity throughout drilling, preventing it from collapsing. Various casings, such as conductor, surface, and production casings, are used based on the borehole's characteristics. Casing is necessary during drilling to prevent groundwater pollution. Production tubing, on the other hand, is a hollow pipe used to transfer hydrocarbons to the surface.

North America is expected to have a significant impact on the global tubular goods market due to the increasing number of drilling activities in the U.S. and Canada. Exploration and production operations have consistently grown due to supportive government regulations and a favorable corporate climate. The American shale revolution presents a significant opportunity for leveraging drilling operations. The United States will eventually become a net exporter of natural gas due to increased shale gas production. The rising global demand for oil and gas stimulates exploration and production activity in the United States, hence contributing to the market demand.

The Global Oil Country Tubular Goods Market comprises segments such as manufacturing process, grade, product, application, region, and competitive landscape. The market is categorized into API Grade and Premium Grade, based on grade. In terms of manufacturing process, the market is divided into Electric Resistance Welded and Seamless segments. Seamless pipes are preferred over welded ones because of their ability to maintain homogeneity in shape and withstand high pressure without cracking. In the Gulf Cooperation Council region, as of 2019, seamless pipes were responsible for 90% of OCTG utilization because of their suitability for sour gas resources.

Based on product, the market is segmented into Well Casing, Production Tubing, Drill Pipe, and Others. Well casing is an essential component of drilling, preventing groundwater pollution and providing stability for continuous drilling operations. It also supports the well's wall to prevent the well shaft from collapsing due to unconsolidated sand or rock pieces that have penetrated the well. Casing plays a critical role in safeguarding the submersible pump's water tubing, pull cable, and electrical wires, contributing to the expected growth of the well casing segment.

The market is divided into Onshore and Offshore segments based on application. Onshore applications are the most common due to their ease of transportation, relative cost-effectiveness, and accessibility of competent personnel.

Major market players in the Global Oil Country Tubular Goods Market are: -

  • MRC Global Inc.
  • JFE Steel Corporation
  • TMK Ipsco Enterprise Inc
  • National Oil Well Varco Inc
  • Tenaris SA
  • Jindal SAW Ltd
  • Arcelor Mittal S.A.
  • Nippon Steel
  • Vallourec S.A.
  • S. Steel Tubular Products Inc.

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“As production activities in the oil and gas industry expand, so does the need for oil country tubular goods are rising, which is driving the market growth. Additionally, the market for oil country tubular goods is primarily driven by a growth in shale reserves, technological advancements that have increased horizontal and directional drilling, and an increase in production and exploration operations, all factors are propelling the market growth in the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Oil Country Tubular Goods Market –Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Manufacturing Process (Electric Resistance Welded, Seamless), By Grade (API Grade, Premium Grade), By Product (Well Casing, Production Tubing, Drill Pipe, Others), By Application (Onshore, Offshore), By Region,” has evaluated the future growth potential of Global Oil Country Tubular Goods Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Oil Country Tubular Goods Market.

Browse market data Figures spread through 110 Pages and an in-depth TOC on "Global Oil Country Tubular Goods Market."

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TechSci Research is a research based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries.

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