The Oil Country Tubular Goods (OCTG) Chemicals Global Market Report 2023 by The Business Research Company, provides oil country tubular goods (octg) market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Oil Country Tubular Goods (OCTG) Chemicals Global Market Report 2023, the market size is expected to grow from$24.97 billion in 2022 to $27.24 billion in 2023 at a compound annual growth rate (CAGR) of 9.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global oil country tubular goods (OCTG) market size is expected to grow to $37.82 billion in 2027 at a CAGR of 8.6%.
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.
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The oil country tubular goods (octg) market 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 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:
- Executive Summary
- Oil Country Tubular Goods (OCTG) Market Characteristics
- Oil Country Tubular Goods (OCTG) Market Trends And Strategies
- Oil Country Tubular Goods (OCTG) Market – Macro Economic Scenario
- Oil Country Tubular Goods (OCTG) Market Size And Growth
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- Africa Oil Country Tubular Goods (OCTG) Market
- Oil Country Tubular Goods (OCTG) Market Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions In The Oil Country Tubular Goods (OCTG) Market
- Oil Country Tubular Goods (OCTG) Market Future Outlook and Potential Analysis
- Appendix
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