Oil Country Tubular Goods (OCTG) Market is valued at USD 47957.51 Million in 2018 and expected to reach USD 77110.10 Million by 2025 with the CAGR of 7.02% over the forecast period.
Increase in drilling and production activities, growing energy demand to fulfill the consumption needs, rise in offshore drilling activities, need for alternative technologies, exploration of shale resources as well as capital expenditure improvement in upstream sector are the basic factors behind the increased demand for the oil country tubular goods market.
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Scope of OCTG Market
Oil Country Tubular Goods (OCTG) are defined as the tubes which are used in oil and gas production. These includes drill pipe, casing and tubing. OCTGs are used both onshore and offshore that is on the land and in ocean. Each wellbore processed in multiple phases during which drill pipe, casing and tubing are used alternatively. The American Petroleum Institute (API) specifies standardized specifications that defines features of Oil Country Tubular Goods and classified in to 10 grades. These properties can be achieved through chemical composition of steel and subsequent heat treatment. Drill pipe is a heavy tube that rotates the drill bit and circulates drilling fluid. Casing pipe lines the borehole. It sustains axial tension by its dead weight, internal pressure by fluid purging and external pressure by surrounding rock formation. Tubing is to pipe through the bore to extract oil and gases from wellbore.
A notable trend that can be observed in the OCTG industry is accelerating rig count coupled with improvement in footage of wells drilled. Also, ongoing implementation of hydraulic fracturing technology and horizontal drilling is also anticipated to spur the industry growth significantly. According to Energy Information Administration (EIA), in 2016, hydraulically fractured wells accounted for around 68 % of all natural gas and oil wells drilled in U.S. and 83% of the overall linear footage drilled. Horizontal drilling activities in U.S. boost the demand for premium-grade products, providing better margins on OCTG. Based on the product categories, the OCTG market can be segmented into drill pipe, casing, and tubing.
Global OCTG market is segmented in to type, area of application and region. On the basis of type the OCTG market is segmented in to drill pipe, casing and tubing. On the basis of area of application, the market is segmented in to onshore and offshore. On the basis of grade, the market is segmented in to premium and API.
The regions covered in this Oil Country Tubular Goods Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Oil Country Tubular Goods is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Oil Country Tubular Goods (OCTG) Market Revenue (USD Million) Analysis by Regional and Global, 2019-2025
Key Players of OCTG Market-
Some major key players for global Oil Country Tubular Goods market are Nippon Steel & Sumitomo Metal Corporation, Tenaris S. A, Vallourec, National-Oilwell Varco, Inc., ILJIN STEEL CO, TPCO Enterprise, Inc., TMK Ipsco Enterprises Inc., and others.
Increasing Demand for Energy Worldwide is Driving the Oil Country Tubular Goods Market
The ever-increasing energy demand is the reason for oil and gas exploration and production attractiveness. Due to increasing demand of oil extraction the market of oil country tubular goods is growing rapidly. For example, India is heavily reliant on crude oil and LNG imports with about 82.8% import dependence for crude oil and 45.3% for natural gas/LNG. The net foreign exchange outgo is 63.305 million US$ in the financial year 2017-18 in terms of crude oil imports. India produced 35.2 million tons of petroleum products from indigenous crude oil production whereas the consumption of petroleum products is 204.9 million tons. This statistic shows the oil requirement in India and subsequently the demand of Oil & gas which in turn propels the OCTG market. After recovery of oil price from 2014 collapse, the activity in oil & gas sector has strengthened. The oil & gas operator companies are increased their investment in developing countries like India due to huge available market. This intense competition between petroleum producers force them to drill new oil and gas bore which in turn increase the use of OCTG propelling the market further. The main restraining factor of OCTG market is high investment and lack of skilled labor. Technological development and innovative tools are creating opportunity for OCTG market.
North America is expected to dominate the Oil Country Tubular Goods (OCTG) Market
North America is dominating the OCTG market as it has advanced technical appliance and oil bore followed by Middle East. Latin America is the third largest OCTG market. As horizontal drilling in United States is in trend, the onshore rig count has become less. Rig or appliance efficiency is increasing in US due to technological advancement as number of wells a rig can drill is rising significantly. The OCTG market in North America is estimated to grow due to new well drilling and expanding producing well base. Horizontal drilling is also driving the demand of premium grades and connections. As for Asia pacific, due to huge demand of oil & gas by developing countries like India and China the competition in OCTG market is intense. China is more active for offshore oil bore which in turn enhances the demand of OCTG market. Within Asia Pacific, the rig count increased by 12%.
Market Segmentation of OCTG Market
- Drill Pipe
By Area of Application
Key Benefits for Global Oil Country Tubular Goods (OCTG) Market Reports –
Global market report covers in depth historical and forecast analysis.
Global market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global market report helps to identify opportunities in market place.
Global market report covers extensive analysis of emerging trends and competitive landscape.
- Southeast Asia
- Middle East and Africa
- Rest of Middle East and Africa
Table of Content
Chapter 1 Global Oil Country Tubular Goods (OCTG) Market: Summary and Quantitative Analysis
1.1 Report Description
1.2 Global Oil Country Tubular Goods (OCTG) Market Revenue Overview
1.3 Global Oil Country Tubular Goods (OCTG) Market Revenue (USD Billion) and Growth (%) Rate, 2015- 2025
Chapter 2 Global Oil Country Tubular Goods (OCTG) Market: Overview and Qualitative Analysis
2.1 Executive Summary
2.2 Market Drivers
2.2.1 Increasing need to improve the process in order to comply with new standards is anticipated to witness a high growth of Oil Country Tubular Goods (OCTG) Market
2.3 Market Restraints
2.4 Market Opportunities
2.5 Market Trends
2.6 Global Oil Country Tubular Goods (OCTG) Market: SWOT Analysis
2.7 Global Oil Country Tubular Goods (OCTG) Market: PEST Analysis
2.8 Global Oil Country Tubular Goods (OCTG) Market: Attractiveness Analysis
Chapter 3 Competitive Analysis
3.1 Global Oil Country Tubular Goods (OCTG) Market
3.1.1 Global Oil Country Tubular Goods (OCTG) market Revenue (USD Billion), By Players 2018
3.1.2 Global Oil Country Tubular Goods (OCTG) Market Revenue Share (%), By Players 2018
Chapter 5 Global Oil Country Tubular Goods (OCTG) Market: By Types
5.1 Global Oil Country Tubular Goods (OCTG) Market Share (%), By Types, 2018
5.2 Global Oil Country Tubular Goods (OCTG) Market Revenue (USD Billion), By Types, 2015 – 2025
5.3 Global Oil Country Tubular Goods (OCTG) Market Revenue (USD Billion), Based,2015-2025
5.4 Global Oil Country Tubular Goods (OCTG) Market Revenue (USD Billion), Based,2015-2025
5.5 Global Oil Country Tubular Goods (OCTG) Market Revenue Share (%), By Types, 2015 – 2025
5.6 Global Oil Country Tubular Goods (OCTG) Market Revenue Market Share (%), By Types, 2015-2025
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