Global Oil Country Tubular Goods (OCTG) Market to Record Significant Growth By 2024

July 13, 2020

According to the research report titled ‘Global Oil Country Tubular Goods (OCTG) Market World Market Review By Pipe Type, Manufacturing Process, Grade, Application - By Region, By Country : Opportunities and Forecast available with Market Study Report LLC, global oil country tubular goods (OCTG) market recorded production of over 15,100.21 thousand tonnes as well as amassed USD 28.9 billion in revenues in the year 2018. The market is expected to register substantial growth by 2024.

Surging drilling & production activities along with growing energy demand are key factors driving the growth of oil country tubular goods market. Increasing offshore drilling activities, rising adoption of alternative sources of energy are other factors aiding the market expansion.

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Shifting focus towards emission mitigation along with fluctuating prices of natural gas and crude oil are facilitating the business scenario. Escalating consumption of energy have impelled the number of exploration activities of shale resources. In addition, high investments by operators in upstream sector are also stimulating the industry outlook.

As per type, global OCTG market is split into tubing pipe, casting pipe and rill pipe. In terms of manufacturing process, the market is bifurcated into welded and seamless.

By grade, the market is segmented into premium and API. These grades play an important role in steel pipes which require thermal and temperature compatibility as well as ductility. 

The application scope of worldwide oil country tubular goods industry comprises of onshore and offshore segments.

In terms of geography, the industry is bifurcated into regions namely, Middle East & Africa, Asia-Pacific, Europe, and Americas. The report manly focuses on countries such as UAE, Kuwait, Saudi Arabia, China, India, Norway, Russia, Brazil, Canada, and U.S.

The report states that Americas market is predicted to expand substantially during the forecast period. Escalating investments in offshore ultra-deep and deep water drilling activities, rising number of oil & gas wells and increasing exploration of shale resources are favoring the market scenario in the region.

Other countries such as Saudi Arabia, Russia, and China are also slated to significantly contribute towards the growth of OCTG market, primarily due to escalating investments in the upstream sector.

U.S. Steel Corporation (USS), ChelPipe Group, ArcelorMittal S.A., EVRAZ plc, Sandvik Group, Nippon Steel & Sumitomo Corporation, JFE Holdings Inc., TMK, Tenaris SA and Vallourec S.A are the prominent companies operating in global oil country tubular goods industry.

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