Rising demand for oil and gas and increasing exploration and production activities will drive global oil country tubular goods (OCTG) market until 2025, says a report.
According to TechSci Research report, “Global Oil Country Tubular Goods (OCTG) Market By Manufacturing Process, By Grade, By Product, By Application, By Region, Competition, Forecast and Opportunities, 2025”, the global OCTG market is projected to reach $21.7 billion by 2025 due to increasing oil and gas exploration and production activities coupled with continuing advancements in technological landscape.
In 2018, the global oil production rate grew up by 2.2 million barrels a day, which is more than double compared to its average in 2018. As the production rate is increasing so does the drilling activities, which continues to positively impact the global OCTG market. North America and MEA would continue to be the major markets, with both the regions cumulatively accounting for around two-thirds of the global OCTG market in 2019.
However, the current global economic slowdown and spread of COVID-19 pandemic is posing a major threat that would severely affect the global OCTG market in the near term.
In terms of manufacturing process, the global OCTG market is categorised into Electrical Resistance Welded and Seamless segments, with Seamless segment leading the market on account of higher user preference in harsh drilling environments. Nevertheless, the welded segment will also grow as these pipes are quite cost-effective.
In Application segments, the global oil country tubular goods market is categorised into Onshore and Offshore, with Onshore segment accounting for around 80 per cent of the market share. In terms of Product segments, the global OCTG market is categorised into Well Casing, Production Tubing, Drill Pipe and Others segments. Well Casing segment accounts for the largest share in the market, followed by Production Tubing and Drill Pipe segments.
Some of the major players operating in the global Oil Country Tubular Goods market include MRC Global, JFE Steel Corporation, TMK Ipsco Enterprise Inc., National Oil Well Varco Inc., Tenaris SA, Jindal SAW Ltd., Arcelor Mittal S.A., Nippo Steel and Sumitomo Metal Corporation, Vallourec, U.S. Steel Tubular Products Inc., among others.
“Huge investments in upstream sector coupled with favorable policies and regulations in oil and gas sector, globally, will continue to boost the global OCTG market during the forecast period. Boom in horizontal drilling and multilateral drilling is also expected to positively influence the market in the coming years. Moreover, unconventional exploration activities such as shale gas, CBM, tight gas, etc., are also anticipated to fuel the market over the next five years,” said Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Oil Country Tubular Goods (OCTG) Market By Manufacturing Process, By Grade, By Product, By Application, By Region, Competition, Forecast and Opportunities, 2025” has analysed the potential of OCTG market across the globe, and provides statistics and information on market sizes, shares and trends.
The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyses emerging trends along with essential drivers and key challenges faced by the industry.
