New York, United States , July 22, 2024 (GLOBE NEWSWIRE) -- The Global Oil Country Tubular Goods (OCTG) Market Size is to Grow from USD 25.33 Billion in 2023 to USD 50.14 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.07% during the projected period.
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Pipeline materials used in the oil and gas sector, including drill pipe, steel casing, and tubing, are referred to as oil country tubular goods (OCTG). Oil country tubular goods are the foundation of the modern oil and gas industry. They are used in the discovery and production of petroleum-based products, and they provide the basic components required to extract one of the world's most significant energy sources. They are also involved in the efficient and safe transportation of gas and oil products to their final locations. Definitions that oil country tubular goods have identified are provided by the International Standards Organization (ISO), the American Petroleum Institute (API) requirements, and other sources. Energy consumption increased in several areas as a result of the global economic recovery. Oil and gas are the main energy sources in the global energy sector. Hydrocarbons are used extensively in a variety of processes, including manufacturing, energy production, and processing. In an attempt to fulfill the enormous demand for gas and oil, operators and oilfield service providers are investing rapidly in exploration and production activities. This is one of the most significant developments in the oil-country tubular goods market. However, the oil country tubular goods (OCTG) market is going to be restricted by the high cost of the early stages of material acquisition and development. Additionally, OCTG has very expensive operating costs.
Browse key industry insights spread across 214 pages with 110 Market data tables and figures & charts from the report on the "Global Oil Country Tubular Goods (OCTG) Market Size, Share, and COVID-19 Impact Analysis, By Process (Seamless and Welded), By Product (Well Casing, Production Tubing, Drill Pipe, and Others), By Application (Onshore and Offshore), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The seamless segment is anticipated to hold the greatest share of the global oil country tubular goods market during the projected timeframe.
On the basis of the process, the global oil country tubular goods market is divided into seamless and welded. Among these, the seamless segment is anticipated to hold the greatest share of the global oil country tubular goods market during the projected timeframe. Conventional energy resources, especially hydrocarbons, are important in the global energy landscape as they are frequently utilized for several operations in a wide range of industries. Seamless pipes are preferred over welded ones because they can withstand extremely high pressure without cracking.
The well-casing segment is anticipated to hold the largest share of the global oil country tubular goods market during the projected timeframe.
On the basis of product, the global oil country tubular goods market is divided into well casing, production tubing, drill pipe, and others. Among these, the well-casing segment is anticipated to hold the largest share of the global oil country tubular goods market during the projected timeframe. Well, casing plays a crucial role in the drilling process as it helps avoid groundwater pollution and stabilizes the drill bit. It also prevents unconsolidated sand or rock fragments from collapsing into the well shaft by stabilizing the well's wall.
The offshore segment is predicted to hold the greatest share of the global oil country tubular goods market during the estimated period.
On the basis of application, the global oil country tubular goods market is divided into onshore and offshore. Among these, the offshore segment is predicted to hold the greatest share of the global oil country tubular goods market during the estimated period. When comparing offshore applications to oilfield equipment transportation, the former is much more straightforward. Additionally, land-based drilling is significantly less expensive than offshore operations due to the easy availability of manpower and the high degree of planning flexibility.
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North America is expected to hold the largest share of the global oil country tubular goods market over the forecast period.
North America is expected to hold the largest share of the global oil country tubular goods market over the forecast period. The United States was the largest producer of crude oil in the world. Over the past decade, directional and horizontal drilling procedures have been used more often in the shale drilling regions of the United States. Foreign investment increased as a result of the loosening of rules about the oil and gas industry in Canada and Mexico, driving the growth of the market.
Asia Pacific is predicted to grow at the fastest pace in the global oil country tubular goods market during the projected timeframe. The Asia Pacific region is seeing remarkable economic expansion, concomitant with an increase in urbanization and the expansion of the middle class. Energy consumption rises as a result, particularly for gas and oil.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global oil country tubular goods market include ArcelorMittal, EVRAZ plc, ILJIN STEEL CO. LTD., JFE Steel Corporation, National Oilwell Varco, NIPPON STEEL CORPORATION, NOV Inc., Schlumberger, Tenergy Equipment & Service Ltd, Oil Country Tubular Limited, Sumitomo Corporation, Zekelman Industries, Tenaris, SB International, Inc., and Others.
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Recent Developments
- In November 2023, Nippon Steel Corporation received EcoLeaf Environmental Product announcements for three distinct kinds of high-alloy OCTG and line pipe products through the Japan EPD Program, which is managed by the Sustainable Management Promotion Organization (SuMPO). These are the first EPDs for stainless steel items in Japan.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global oil country tubular goods market based on the below-mentioned segments:
Global Oil Country Tubular Goods Market, By Process
- Seamless
- Welded
Global Oil Country Tubular Goods Market, By Product
- Well Casing
- Production Tubing
- Drill Pipe
- Others
Global Oil Country Tubular Goods Market, By Application
- Onshore
- Offshore
Global Oil Country Tubular Goods Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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