Global Oil Country Tubular Goods (OCTG) Market Synopsis:
The mounting production of sour crude, especially in the lockdown period due to novel Coronavirus pandemic around the world, has pretentious the global Oil Country Tubular Goods (OCTG) Market 2020 imperatively. The outbreak of COVID-19 has brought an impact on the global economy and affected the daily operations of several industries, including oil & gas, chemicals, and manufacturing. The oil & gas industry has been severely affected by the novel coronavirus due to the observation of worldwide lockdown. The lockdown has affected the export and import of goods and services, which has resulted in a downward trajectory of demand and supply of oil and gas.
The well-known players in the global oil country tubular goods market are ISMT LTD (India), TMK Group (Russia), Tenaris S.A. (US), National Oilwell Varco (US), Vallourec (France), Tata Steel (India), Benteler Group (Austria), JFE Holdings, Inc. (Japan), Nippon Steel Corporation (Japan), ACE O.C.T.G. Ltd (Malta), Continental Alloys & Services (US), United States Steel Corporation (US), Jindal Saw Ltd. (India), and Corpac Group (US).
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The economic revival in many parts of the world resulted in augmented energy consumption. Oil and gas is a crucial source in the overall energy outlook of the world. Major factors motivating the market when studied are low oil breakeven prices owing to the technological advancement, reducing supply-demand gap, reduced oil services cost, and surged directional drilling. The premium-grade oil country tubular goods are possible to observe elevated CAGR over increasing focus on the development of deepwater and offshore reserves, worldwide. The requirement of premium grade oil country tubular goods is superior in harsher and challenging upstream operation.
The Oil Country Tubular Goods Market is in a growing phase due to the factors of swelling demand for the same from upstream activities. The premium applications such as widespread in gas wells, horizontal wells, and high pressure and temperature wells have been liable for the market’s development in the future. With this, the boost in offshore rig count during the years 2017-2018 after the drop in the oil price back in 2014, the demand for the oil country tubular goods is anticipated to swell during the forecasted period.
Furthermore, the rise in the deep-water exploration in the remote areas with harsh environments has resulted in the augment in the use of premium quality drilling equipment, which has resulted in the development of the market. The Gulf of Mexico is one of the significant offshore deepwater reserves, which is liable to observe an upsurge in production in the forecast period. On the contrary, risen import duty in the United States has been a restraint towards the growth of the market.
OCTG Market Segmentation:
The global oil country tubular goods market can be segregated on the basis of grade, manufacturing process, and region.
On the basis of grade, the global OCTG Market can be classified into premium grade and API grade.
On the basis of the manufacturing process, the global oil country tubular goods market can be classified into seamless and electric resistance welded (ERW).
On the basis of region, the global oil country tubular goods market can be classified into five major regions which are North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
The regional assessment of the oil country tubular goods market has been segmented into regions such as North America, Europe, South America, the Middle East, Asia-Pacific, and Africa.
The regional markets of North America and the Middle East & Africa are the chief oil production regions in the world. Additionally, a bulk of the oil created in these regions is sour crude. Oil production is increasing at a steady rate in these regions in the past few years due to the improving global economy.
The regional market of the North America is estimated to possess the chief market share throughout the forecast period, due to the escalation in exploration and production operations in the oil & gas industry, growing well drilling, and emergent production of sour crude. The collective production of sour crude during the forecast period in the Middle Eastern region is further likely to promote the oil country tubular goods market in the impending period.
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