The Oil Country Tubular Goods (OCTG) by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Oil Country Tubular Goods (OCTG), The oil country tubular goods (octg) market size has grown strongly in recent years. It will grow from $27.37 billion in 2023 to $29.88 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to global energy demand, deepwater exploration, infrastructure development, stringent regulatory standards, focus on well integrity, rise in offshore drilling.
The oil country tubular goods (octg) market size is expected to see strong growth in the next few years. It will grow to $42.11 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to continued energy transition, focus on carbon capture and storage (ccs), sustainable practices, strategic reserves and security, resilience in supply chains.. Major trends in the forecast period include digitalization and data analytics in drilling operations, strategic partnerships and collaborations, advancements in drilling technologies, investments in upstream operations, innovations in enhanced oil recovery.
An increase in exploration and drilling operations is expected to propel the growth of the oil country tubular goods market going forward. Oil and gas exploration includes the procedures and techniques used to identify potential locations for drilling and extracting hydrocarbons. The surge in demand for energy across the globe has favored the rise in oilfield exploration. Oil country tubular goods such as casing, tubing, piping, and pipelines are used in the oilfields. They serve as important components for the design of pipelines for oil and gas wells and act as a conduit for the efficient and safe extraction of resources. For instance, in July 2022, according to a report published by the US Energy Information Administration a US-based federal statistical agency, the deployment of active well service rig count in the United States increased by 22.23% from 738 in 2020 to nearly 949 in 2021, due to rising oil and gas exploration and drilling operations. Therefore, the increase in exploration and drilling operations will drive the oil country tubular goods (OCTG) market.
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The oil country tubular goods (octg) market covered in this report is segmented –
1) By Product: Well Casing, Product Tubing, Drill Pipe
2) By Manufacturing Process: Electric Resistance Welded (ERW), Seamless
3) By Grade: API Grade, Premium Grade
4) By Application: Onshore, Offshore
Product innovations have emerged as a key trend gaining popularity in the oil country tubular goods (OCTG) market. Major companies operating in the market are developing innovative products to gain a competitive edge in the market. For instance, in May 2022, SPM Oil & Gas launched the SPM Simplified Frac Iron System. It reduces the footprint and amount of iron required for fracing operations, eventually boosting the operating efficiency of frac sites. Instead of multiple tie-in lines on a traditional frac tree, a single large-bore inlet connects to the zipper manifold. Fewer curves and connections result in less rig-up time, labor expenses, fluid turbulence, possible leak pathways, safety issues, and non-productive time (NPT).
The oil country tubular goods (octg) market report table of contents includes:
1. Executive Summary
2. Oil Country Tubular Goods (OCTG) Market Characteristics
3. Oil Country Tubular Goods (OCTG) Market Trends And Strategies
4. Oil Country Tubular Goods (OCTG) Market – Macro Economic Scenario
5. Global Oil Country Tubular Goods (OCTG) Market Size and Growth
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26. South America Oil Country Tubular Goods (OCTG) Market
27. Brazil Oil Country Tubular Goods (OCTG) Market
28. Middle East Oil Country Tubular Goods (OCTG) Market
29. Africa Oil Country Tubular Goods (OCTG) Market
30. Oil Country Tubular Goods (OCTG) Market Competitive Landscape And Company Profiles
Top Major Players:
- ArcelorMittal S.A
- Iljin Steel Co. Ltd
- JFE Steel Corporation
- Nippon Steel Corporation
- Tenaris S.A
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