LONDON, April 19, 2022 (GLOBE NEWSWIRE) -- According to Fairfield Market Research, the oil country tubular goods (OCTG) market is set to expand at a whopping CAGR of 12.6%, between the projection years of 2021 and 2026. By 2026, the OCTG market is forecasted to reach the value of US$65,940.3 Mn, in contrast to US$34,286.8 Mn in 2020.
Tremendous use of hydrocarbons across the verticals of power generation, production, process, transportation, etc. has led to sharp spikes in exploration and production activities. A subsequent rise in the upstream oil & gas operations and development of deepwater and offshore reserves in formidable environments have augmented the demand for oil country tubular goods across the global OCTG market.
Discovering the conventional and unconventional reserves to suffice the market requires an extreme amount of potential. Strategic and investment support from governments and private bodies are carving the OCTG market dynamics. On the whole, the oil country tubular goods market exhibits lucrative growth opportunities throughout the prophesied period.
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Key Highlights and Market Trends
- In terms of volume, Asia Pacific is anticipated to register robust growth in CAGR of 9.1% from 2021 to 2026; sales of oil country tubular goods will surge by the end of the forecasted period.
- Tenaris S.A registered sales of 1,918 thousand tons of seamless tubes and 480 thousand tons of welded tubes in 2020.
- Crude oil prices are expected to amplify throughout the year 2022. Ongoing wars between Russia and Ukraine have resulted in subsequent inflation in crude oil prices to $135 per barrel which is likely to hit $200 a barrel this year.
Extensive Drilling Activities Provide a Fillip to Seamless Pipes Sales
Widespread application of hydrocarbons across the diverse verticals of the industry has magnified the demand for conventional energy resources. World over, constant drilling activities are being carried out in order to perform large-scale requisition operations for oil and gas. Therefore, the demand for drill pipes has risen perpetually.
Seamless pipes foresee greater demand with a major market share of more than 50% in the OCTG market. Unlike welded pipes that can’t withstand high pressure and crackdown, the seamless pipes are highly robust and resistant to extreme pressure, advocating uniformity of shape. These pipes are best fitted for high-pressure applications viz hydrocarbon exploration and production as they efficiently escape the chances of corrosion, erosion, and general failure.
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Favorable Government Policies Create New Growth Prospects for North America
Recently, North America led the worldwide oil country tubular goods market. The demand for drill pipes, casing, and tubing OTG products has risen at a record pace. To this end, surging drilling activities and exploitation of shale gas reserves play a momentous role in this exponential rise in demand. Besides, strategic investments by key players and favorable government policies holds a promising future for the oil country tubular goods market.
However, the report foretells a consistent uptick in sales of OCTG products in the Asia Pacific domain. Inline growth opportunities with leading companies dealing in oilfield and pipeline sources, prevailing demand and supply make China a leading economy of APAC.
CONTINENTAL ALLOYS & SERVICES, ArcelorMittal, Iljin Steel Co., Ltd, GE Steel Resources, Tianjin Pipe Corporation, TMK Group, Tenaris S.A, Henan Anson Steel Corporation, NIPPON STEEL CORPORATION, and United States Steel are prominent players across the global oil country tubular goods market.
REPORT SCOPE & SEGMENTATION:
| REPORT FEATURES | DETAILS |
| Grade Coverage | • API • Premium |
| Type Coverage | • Seamless • Welded |
| Application Coverage | • Onshore • Offshore |
| Geographical Coverage | • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| Leading Companies | • ArcelorMittal • Iljin Steel Co., Ltd • Tenaris S.A • United States Steel • TMK Group • Tianjin Pipe Corporation • Henan Anson Steel Corporation • GE Steel Resources • NIPPON STEEL CORPORATION • CONTINENTAL ALLOYS & SERVICES |
| Report Highlights | Key Market Indicators, Macro-micro economic impact analysis, Technological Roadmap, Key Trends, Driver, Restraints, and Future Opportunities & Revenue Pockets, Porter’s 5 Forces Analysis, PEST Analysis, Historical Trend (2018-2019), Price Trend Analysis- 2018-2026, Market Estimates and Forecast, Market Dynamics, Industry Trends, Competition Landscape, Category, Region, Country-wise Trends & Analysis, COVID-19 Impact Analysis (Demand and Supply Chain) |
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