OCTG Market to Reach USD 24.07 Billion at 5.95% CAGR by 2026

Increasing Focus on Development of Offshore Reserves to Boost OCTG Market Growth 

OCTG Market Eyeing Remarkable Growth due to Liberalization of Oil and Gas

Market Analysis 

The global OCTG market will reach USD 24.07 billion at a favorable 5.95% CAGR by 2026, states the latest Market Research Future (MRFR) report.

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Drivers 

Increasing Focus on Development of Offshore Reserves to Boost Market Growth 

The increasing focus on the development of offshore reserves and deep water reserves across the globe will boost the market growth in the forecast period. The need for premium grade OCTG products is higher in challenging and harsher upstream operation. 

Opportunities 

Liberalization of Oil and Gas to offer Robust Opportunities 

The liberalization of oil & gas by major countries across the world for increasing the foreign investment and thus help the oil & gas industry to develop thus offering robust opportunities for the market over the forecast period. 

Restraints 

Increased Import Duties to act as Market Restraint 

The increased import duties in the US will act as market restraint over the forecast period. 

Challenges

Depletion of Oil & Gas Reserves to act as Market Challenge 

The depletion of oil & gas reserves, environmental concerns, unpredictable crude oil prices, and economic instability will act as market challenges in the forecast period. 

Market Segmentation 

The global OCTG market is bifurcated based on grade, make, and type. 

By type, the casing segment will lead the market over the forecast period. 

By make, the seamless segment will dominate the market over the forecast period. 

By grade, the premium segment will spearhead the market over the forecast period. 

COVID-19 Analysis 

Supply chain disruptions, economic situations, fluctuations in demand share, as well as long-term & immediate effect of the COVID-19 pandemic possessed a negative effect on the OCTG market growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption. Besides, the initial setback, the industry is likely to return to normalcy during the forecast period and continue growing much beyond also.

Regional Analysis 

North America to Head OCTG Market 

North America will head the OCTG market over the forecast period. The widespread development of oil & gas fields in both offshore and onshore, expansion of shale drilling in the US that has expanded the use of directional and horizontal drilling activities, increase in the use of horizontal laterals due to horizontal drilling activities, rig efficiency in the US, expanding producing well base, and new well drilling are adding to the global OCTG market growth in the region. 

Key Players 

Eminent industry players profiled in the OCTG market report include Anhui Tianda Oil Pipe Company (China), Continental Alloys (Malaysia), ILJIN STEEL CO (South Korea), Steel Tubular Products Inc (North America), TMK (US), National Oilwell Varco (US), Tenaris (Europe), Vallourec (France), and Nippon Steel and Sumitomo Metal Co. (Japan), among others. 

The global OCTG market is both fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches and more. Besides, they are also investing in various research and development activities.

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Market Research Future® (Part of WantStats Research and Media Pvt. Ltd.) has specialized research analysts in the areas of Aerospace & Defense, Automotive, C&M, Energy & Power, F&B, Healthcare & Pharmaceutical, ICT, Industrial Equipment, Packaging Construction & Mining and Semiconductor.

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.

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