According to TechSci Research report, “Oil Country Tubular Goods Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028F,” the Global Oil Country Tubular Goods Market is expected to register robust growth during the forecast period, 2024-2028. One of the main factors driving rising demand for oil country tubular goods and the penetration of the global oil country tubular goods market is successful energy production and ever-increasing consumption. The growth of drilling and production operations, the expansion of shale gas exploration, and the rise in the number of oil wells per rig are the main factors propelling the worldwide market for oil country tubular goods. Additionally, there is a boost in investment in unconventional oil and gas sources, which is significantly boosting the need for oil country tubular goods.
A crucial component of global economic expansion is the production of oil and gas. In a wide range of industrial sectors, including transportation, power generation, production, and process, among others, hydrocarbons are extensively employed. Activities for exploration and production have expanded as a result of the growth in oil and gas demand. Oil and gas extraction continues to get funding from governments and well-known hydrocarbon producers all around the world. The extraction of hydrocarbons requires drilling, and drilling activities requires the use of OCTG.
Oil country tubular goods, which are used to conduct drilling without pause, are a collection of various steel tubular items such well casing, production tubing, and drill pipe. Tubular pipes come in a variety of grades and diameters and can be either seamless or welded. The well’s structural component, the well casing, maintains the well’s integrity and stability throughout drilling to prevent the well from collapsing. According on the borehole’s features, several casings are employed, including conductor, surface, and production casings. Casing is necessary while drilling to prevent groundwater pollution. Production tubing, on the other hand, is a hollow pipe used to transfer hydrocarbons to the surface.
Due to the increasing number of drilling activities in the U.S. and Canada, North America is expected to have an impact on the worldwide tubular goods market. Exploration and production operations have steadily increased thanks to supportive government regulations and a supportive corporate climate. The American shale revolution presents a significant possibility for leveraging drilling operations. Due to increased shale gas production, the United States will eventually become a net exporter of natural gas. The rising global demand for oil and gas stimulates exploration and production activity in the United States, hence contributing to the market demand.
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The Global Oil Country Tubular Goods Market is divided into manufacturing process, grade, product, application, region and competitive landscape. Based on Grade the market is segmented into API Grade, and Premium Grade.
Based on manufacturing process, the market is segmented into Electric Resistance Welded, and Seamless. Seamless pipes are chosen over welded ones since they can maintain homogeneity in their shape and endure exceptionally high pressure without cracking. As of 2019, seamless pipes accounted for 90% of OCTG utilisation in the Gulf Cooperation Council region due to its appropriateness for sour gas resources.
Based on Product, the market is divided into Well Casing, Production Tubing, Drill Pipe, Others. A fundamental part of drilling, well casing serves to prevent groundwater pollution and offers stability for continuous drilling operations. Additionally, it supports the well’s wall to prevent the well shaft from collapsing due to unconsolidated sand or rock pieces that have penetrated the well. Casing plays a critical role in safeguarding the submersible pump’s water tubing, pull cable, and electrical wires. Due to which well casing segmented is expected to grow.
Based on Application, the market is segmented into Onshore and Offshore. Onshore applications are the most common in the market as a result of the simplicity of transportation, relative cost-effectiveness, and accessibility of competent personnel.
Major market players in the Global Oil Country Tubular Goods Market are: –
- MRC Global Inc.
- JFE Steel Corporation
- TMK Ipsco Enterprise Inc
- National Oil Well Varco Inc
- Tenaris SA
- Jindal SAW Ltd
- Arcelor Mittal S.A.
- Nippon Steel
- Vallourec S.A.
- S. Steel Tubular Products Inc.
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“As production activities in the oil and gas industry expand, so does the need for oil country tubular goods are rising, which is driving the market growth. Additionally, the market for oil country tubular goods is primarily driven by a growth in shale reserves, technological advancements that have increased horizontal and directional drilling, and an increase in production and exploration operations, all factors are propelling the market growth in the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Oil Country Tubular Goods Market –Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Manufacturing Process (Electric Resistance Welded, Seamless), By Grade (API Grade, Premium Grade), By Product (Well Casing, Production Tubing, Drill Pipe, Others), By Application (Onshore, Offshore), By Region,” has evaluated the future growth potential of Global Oil Country Tubular Goods Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Oil Country Tubular Goods Market.
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