The global Oil Country Tubular Goods (OCTG) market reached a value of about USD 9.6 billion in 2021. The industry is projected to grow at a CAGR of around 8.8% in the forecast period of 2022-2027 to reach a value of about USD 16.6 billion by 2027.
The global Oil Country Tubular Goods (OCTG) industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The rising drilling activities are driving the market growth. North America is the highest category spender by region, driving the demand for the Oil Country Tubular Goods (OCTG) industry.
Tubing, casing, pipes, and pipelines utilised in the petroleum division are Oil Country Tubular Goods (OCTG). These goods are the foundation of oil and gas well and pipeline design and serve as a conduit for the safe and efficient transportation of oil and gas products to market. These include drill pipes, casing, and tubing subjected to loading conditions according to their intended use. The Oil Country Tubular Goods (OCTG) industry report comprises segments by Manufacturing Process (Seamless, Electric Resistance Welded), by Grade (Premium Grade, API Grade), and region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).
North America holds the largest share in the market as horizontal and directional drilling activities have increased in the United States' shale drilling locations. The liberalisation of Canada's oil and gas industries has increased international investment, which aided the industry's expansion.
The market is driven by the rising number of oil and gas rigs in offshore areas. The increased offshore exploration/drilling activity has now moved into deeper waters, requiring more advanced equipment, resulting in the rise of the oil country tubular goods sector. As a result of the increasing need for energy resources, extensive product adoption for exploring onshore oil fields to generate a wide variety of chemical products and fuel is boosting market expansion. Other factors like low oil breakeven prices due to expanding non-oil income and technology improvements, lower oil service costs, and increased directional drilling further the market's expansion.
The global Oil Country Tubular Goods (OCTG) industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by primary global Oil Country Tubular Goods (OCTG) regions across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Drill pipes are big seamless tubes that revolve the drill bit and circulate drilling fluid. In contrast, the pumped oil and gas emulsion exposes the casing pipeline to axial tension and internal pressure. On the other hand, tubing is a conduit used to transfer gases and oils from the wellbore. Electric resistance welded (ERW), or seamless techniques are used to create OCTG, which allows for the safe and efficient transportation of oil and gas.
The market is being propelled by the rising demand for the premium-grade OCTG. Gas wells, horizontal wells, high pressure, and high-temperature wells use premium-grade applications. The premium-grade OCTG is used on connections that have more complicated applications and require gas-tight sealing. Furthermore, the increased deployment of seamless pipes favourably boosts market growth due to their ability to provide shape consistency and sustain exceptionally high pressure without cracking. Also, with the increasing demand for energy and power, governments worldwide are implementing policies and strategies to meet this demand, doubling down on their investments in E&P enterprises, thus resulting in the market's expansion.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The market for tubular goods in oil-producing countries is fragmented. To provide customers with novel products and services, prominent companies in this industry are expanding their R&D spending. Companies hope to strengthen their position in the oil country tubular products market throughout the forecast period by putting in these efforts.
1. Executive Summary
2. Global Oil Country Tubular Goods (OCTG) Market Snapshot
2.1. Oil Country Tubular Goods (OCTG) Market Outlook
2.2. Oil Country Tubular Goods (OCTG) Industry Analysis by Manufacturing Process
2.2.2. Electric Resistance Welded
2.3. Oil Country Tubular Goods (OCTG) Industry Analysis by Grade
2.3.1. Premium Grade
2.3.2. API Grade
2.4. Regional Overview
2.4.1. North America
2.4.3. Asia Pacific
2.4.4. Latin America
2.4.5. Middle East & Africa
3. Impact of Recent Events
4. Oil Country Tubular Goods (OCTG) Value Chain Analysis
5. Oil Country Tubular Goods (OCTG) Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Oil Country Tubular Goods (OCTG) Cost Structure
9. Oil Country Tubular Goods (OCTG) Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Oil Country Tubular Goods (OCTG) Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. SWOT Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Feedstock Market Analysis
13.1. Market Overview
13.2. Price Analysis
14. Industry Best Practices
14.1. Sourcing Strategy
14.2. Procurement Model
14.3. Contract Structure
14.4. Negotiation Levers
14.5. Pricing Model
14.6. Key Factors Influencing the Quotation
15. Key Supplier Analysis
15.1. Tenaris S.A.
15.2. Vallourec S.A.
15.3. TMK Group
15.4. Nippon Steel Corporation
15.5. United States Steel Corporation
15.6. Superior Tubular Solution FZE
The global Oil Country Tubular Goods (OCTG) market size was valued at USD 9.6 billion in 2021.
As per the goods provided, the premium grade segment is anticipated to lead the market between 2022 and 2027.
The significant demand for energy due to the rising population is one of the essential drivers of the Oil Country Tubular Goods (OCTG) market growth.
Tenaris S.A, Vallourec S.A, TMK Group, Nippon Steel Corporation, United States Steel Corporation, and Superior Tubular Solution are some of the key players in the market.
The North American region of the Oil Country Tubular Goods (OCTG) industry holds a significant share in the market.
The Global Oil Country Tubular Goods (OCTG) market attained a value of USD 9.6 billion in 2021, driven by the rising number of oil and gas rigs in offshore areas. The increased offshore exploration/drilling activity has now moved into deeper waters, requiring more advanced equipment, resulting in the rise of the oil country tubular goods sector. Aided by the rising demand for the premium-grade OCTG, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 8.8%. The market is projected to reach USD 16.6 billion by 2027. Some of the leading players in the industry are Tenaris S.A, Vallourec S.A, TMK Group, Nippon Steel Corporation, United States Steel Corporation, and Superior Tubular Solution.
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