The latest research study “Oil Country Tubular Goods (OCTG) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global oil country tubular goods market size reached US$ 23.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 34.0 Billion by 2028, exhibiting a growth rate (CAGR) of 6.3% during 2023-2028.
Oil country tubular goods (OCTG) are rolled products such as drill pipes, tubing, steel casing pipes, and pipelines used in the oil and gas industry. They are manufactured with robust steel and carbon using electric resistance welded (ERW) or seamless processes. They assist in separating groundwater from the rock formation, stabilizing well structure, and transporting oil and gas from the primary formation field to the surface. As a result, OCTGs are widely used in drilling and exploration activities across the globe.
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Oil Country Tubular Goods (OCTG) Market Trends and Drivers:
The market is primarily driven by the increasing drilling and exploration activities across the globe. In addition, the rising product adoption for the exploration of the onshore oil fields and fuel to meet the escalating demand for energy resources is contributing to the market growth.
Besides this, there has been an escalating demand for seamless pipes as they provide uniformity of shape and can withstand extremely high pressure without cracking. This, coupled with the large-scale implementation of hydraulic fracturing technology and horizontal drilling to release reserves held within the shale formations, is creating a positive market outlook across the globe.
Moreover, the implementation of favorable government initiatives to promote the discovery and extortion of oil and gas is expected to propel market growth in the coming years.
Global Oil Country Tubular Goods (OCTG) Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Oil Country Tubular Goods (OCTG) Companies:
ArcelorMittal S.A., EVRAZ plc, Iljin Steel Co. Ltd. (ILJIN Group), JFE Steel Corporation, Nippon Steel Corporation, NOV Inc., Oil Country Tubular Limited, Sumitomo Corporation, Tenaris S.A. (Techint), TMK Group, United States Steel Corporation and Vallourec S.A.
The report has segmented the market on the basis of region, product, manufacturing process, grade and application.
Breakup by Product:
· Well Casing
· Product Tubing
· Drill Pipe
· Others
Breakup by Manufacturing Process:
· Electric Resistance Welded (ERW)
· Seamless
Breakup by Grade:
· API Grade
· Premium Grade
Breakup by Application:
· Onshore
· Offshore
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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