Global Oil Country Tubular Good Market Key Players Analysis and Worth to be US$33.96 billion in 2028

Oil Country Tubular Goods (OCTG) refer to a family of seamless steel pipes and tubes used in the exploration and production of oil and natural gas. The OCTG market is characterized by a high demand for these products due to the growth of the energy sector. Key drivers of the OCTG market include the increasing demand for energy, exploration and production activities, and technological advancements in the industry. The market is segmented based on product type, application, and region, with Asia-Pacific, North America, and Europe being the major markets for OCTG. The market is highly competitive with a presence of both large multinational corporations and small local players. The COVID-19 pandemic has impacted the market negatively, but a recovery is expected as the demand for energy continues to rise.

The key players in the global Oil Country Tubular Good (OCTG) Market are:

Tenaris S.A.
ArcelorMittal S.A.
EVRAZ PLC
JFE Holdings Inc.
MRC Global Inc.
NOV Inc.
Nippon Steel Corp
PAO TMK
United States Steel Corporation
Vallourec S.A.
ILJIN Steel Co., Ltd.
J-Hobbs Machine Corp.
Canam Pipe & Supply

The global oil country tubular good (OCTG) market was valued at US$22.95 billion in 2022 and is expected to be worth US$33.96 billion in 2028. Oil country tubular goods (OCTG) are a type of solid rolled products that consist of casing, drill pipe, and tubing which are subjected to varying loading requirements based on the use. The massive use of hydrocarbons across the verticals of power generation, production, process, transportation, etc. has led to a significant increase in exploration and production operations, which are augmenting the demand for OCTG products.

The OCTG market has experienced significant growth in recent years, driven by a number of factors. One of the main drivers of growth has been the increasing demand for oil and gas as a source of energy. This has led to a rise in drilling and extraction activities, resulting in higher demand for OCTG. Additionally, advances in drilling technology have led to the development of more complex and challenging drilling operations, requiring more specialized and durable OCTG. The market is expected to grow at a CAGR of 6.75% over the projected period of 2023-2028.

In 2022, the global OCTG production was recorded at 12.76 million tons at a utilization capacity rate at 38.97%. High oil and gas prices have fueled an increase in both domestic and international rig counts. As the international recovery in project activity accelerates, particularly in the Middle East across both short and long-cycle developments, global OCTG net capacity and capacity utilization are expected to rise. For both OCTG producer and steelmaker, utilization rates have been a major factor in determining earnings. Therefore, increasing utilization rate and net capacity are expected to be significant factors in driving OCTG production.

The global OCTG demand volume was 15.13 million tons in 2022. The increased demand for these products is due to number of factors, including increased global demand for oil and gas, technological advancements, and the need for more efficient oil and gas production and exploration processes.

Market Segmentation Analysis:

By Process: The report identifies two segments on the basis of process: Seamless and Welded. The seamless segment dominated the OCTG market. The increased use of seamless tube in the oil and gas industry is mostly due to the fact that it is extruded and drawn from a billet. A seamless tube has a short length and normally does not show signs of corrosion unless it is exposed to a severely corrosive environment. The increased exploration activity in off-shore areas, as well as the redevelopment of several oil fields, are likely to give abundant prospects for the expansion of the seamless process of OCTG market.

By Grade: The report identifies two segments on the basis of grade: Premium and API. The premium grade segment dominates the global market for oil country tubular goods. Oil and gas reserves are being developed and explored offshore, and this has resulted in a demand for high-grade transportation tubes that can withstand corrosion and provide leak-proof operation and sealing integrity of the connections even when loaded, bent, and subjected to high internal pressure. The demand for premium tubing to carry oil and gas from onshore and offshore fields to the consumer's location is likely to create significant chances for the premium segment oil country tubular goods to grow during the forecasted period.

By Application: The report identifies two segments on the basis of application: Onshore and Offshore. Onshore OCTG is expected to be the fastest growing segment in the forecasted period. Onshore OCTG is mainly used in drilling and production operations that are closer to the shore. Onshore OCTG is typically less expensive and easier to obtain, as it is more readily available and does not require the same level of specialized manufacturing and transportation. Onshore OCTG is also subject to less harsh conditions and less stringent safety regulations. The onshore OCTG market is also being driven by the increasing use of horizontal drilling and hydraulic fracturing techniques.

By Product: The report identifies four segments on the basis of product: Well Casing, Production Tubing, Drill Pipe & Others. Well Casing is expected to be the fastest growing segment in the forecasted period. Well casing is a large diameter pipe that is inserted into a borehole's drilled section. This casing is typically held in place by cement or other materials placed between the casings and the wellbore. It is regarded as an important part of the well completion process. The rise in demand for well casing in this market is primarily due to the fact that it aids in the drilling process in a variety of ways, including providing a strong foundation to allow the use of high density drilling fluid to continue drilling deeper and providing a smooth internal bore for installing production equipment, all of which are expected to provide ample opportunities for the growth of the well casing product in the oil country tubular goods market.

By Region: In the report, the global oil country tubular good (OCTG) market is divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa and Latin America. North America accounted for the maximum share of the global market in 2022. The US is one of the largest oil and gas producer. The use of horizontal and directional drilling activities has increased in the US shale drilling regions over the last decade. The liberation of the oil and gas industry in Canada and Mexico resulted in an increase in foreign investment, which aided the growth of the oil and gas industry. The increased use of premium quality products in remote areas with harsh environments has resulted in an increase in deep-water exploration, which drives market growth. Mexico is one of the major offshore deep-water reserves, and production is expected to increase during the forecast period.

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