Description:
According to the report, the global Oil Country Tubular Goods (OCTG) market is valued at approximately USD xxxx million in 2019 and is expected to generate revenue of around USD xxxx million by 2026, growing at a CAGR of roughly xxxx% from 2019 and 2026.
The market growth is mainly attributed to the ever-increasing demand for oil & gas and succeeding energy production, rising number of deep-water wells, increasing drilling and production activities, growing consumption of premium pipes, and advent of technologically advanced pipe. Furthermore, accelerating economic growth, favorable government regulations, and government funding supports are some of the other crucial factors that expected to further propel market growth. However, high initial investment and lack of skilled labor are considered as factors that projected to hamper the Oil Country Tubular Goods (OCTG) market growth.
Oil Country Tubular Goods (OCTG) comprises of a wide range of steel tubular products that are used in Oil and Gas exploration and production and in particular drilling. They can be Seamless and Welded Pipes (Electric Resistance Welding (EWR) and come in various sizes and length.
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Competitive Insights
Major manufacturers profiled in the analysis report include ArcelorMittal, NSSMC, Tenaris, TMK, U.S. Steel, ACE O.C.T.G, Benteler, Corpac Steel Products, ISMT, JFE Steel, Jindal Steel & Power, Tata Steel, Vallourec, and others.
Regional Insights
The Asia Pacific dominated the Oil Country Tubular Goods (OCTG) market and expected to grow at a steady rate during the predicted period. China was the biggest market globally and contributed to half of the share for demand of OCTG in Asia-Pacific. Furthermore, China, have started increasing their investments to ramp up their upstream activities. This will result in increasing drilling activities, especially in the unconventional reserve bases like coal bed methane, which, in turn, drives the growth of the market in this region. North America is the second largest market and poised to witness steady growth in the near years, this is attributed to the growing offshore drilling activities in the Gulf of Mexico, shale boom, and surge in discovering potential untapped oil and gas reserves.
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Type Insights
By product type, the Oil Country Tubular Goods (OCTG) market is segmented into Seamless pipe segment and Welded pipe segment.
Seamless pipe segment accounted for the major shares of the oil country tubular goods market. Factors such as the improved mechanical properties such as increased tensile strength and higher reliability will contribute to the growth of this industry segment in the coming years.
Application Insights
The Oil Country Tubular Goods (OCTG) is deployed in various end users: Oil Field, Gas Field, Municipal, and Others.
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Audience
• Oil Country Tubular Goods (OCTG) manufacturers
• Raw material suppliers of Oil Country Tubular Goods (OCTG)
• Distributors and resellers of Oil Country Tubular Goods (OCTG)
• Oil Country Tubular Goods (OCTG) industry associations
• Product managers, Oil Country Tubular Goods (OCTG) industry administrator, C-level executives of the industries
• Market Research and consulting firms
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2019 to 2026
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