Austin, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Oil Country Tubular Goods Market Size & Share Analysis:
“According to SNS Insider Research, The Oil Country Tubular Goods Market size was valued at USD 42.66 billion in 2023. It is expected to grow to USD 79.21 billion by 2032 and grow at a CAGR of 7.12% over the forecast period of 2024-2032.”
Growth and Trends in the Oil Country Tubular Goods (OCTG) Market: Fueling the Future of Energy and Exploration
The Oil Country Tubular Goods (OCTG) market has seen substantial growth in recent years, driven by the increasing demand for energy, exploration activities, and advancements in oil and gas drilling technologies. OCTG includes pipes, casing, tubing, and drill pipes used in oil and gas production, making it a critical component of the energy industry. A key factor fueling market growth is the rise in unconventional oil production, particularly in shale oil, which requires specialized OCTG products capable of withstanding extreme drilling conditions. As a result, the demand for high-performance materials like corrosion-resistant alloys and premium tubular products has surged.
Moreover, the global shift towards energy security and sustainable sourcing is propelling investments in exploration activities, further driving the demand for OCTG. The market is also benefiting from the growth in offshore drilling, as new oil reserves are being discovered in deepwater and ultra-deepwater regions. Trends within the OCTG market include the development of high-strength, lightweight materials that offer better durability and efficiency. The integration of digital technologies, such as real-time monitoring systems, has optimized the performance and maintenance of OCTG products.
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Major Players Analysis Listed in this Report are:
- ArcelorMittal SA
- Evraz North America plc
- Iljin Steel Corporation
- JFE Steel Corporation
- NOV Inc.
- Oil Country Tubular Limited
- Sumitomo Corporation
- Tenaris
- TMK Inc.
- U.S. Steel Corporation
- ArcelorMittal Tubular Products
- Valourec
- Vallourec Star
- Wheatland Tube
- Baosteel Group
- Hyundai Steel Company
- TMK IPSCO
- Pioneer Pipe
- Maverick Tube Corporation
- Masteel & Other Players
Oil Country Tubular Goods Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 42.66 Billion |
| Market Size by 2032 | USD 79.21 Billion |
| CAGR | CAGR of 7.12% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
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The growth of shale oil and gas exploration, particularly in North America, drives increased demand for specialized OCTG products like high-strength well casings and drill pipes.
Shale oil and gas exploration has significantly boosted the demand for oil country tubular goods (OCTG) due to the specialized equipment required in these operations. The rise in drilling activities, particularly in regions like North America, where shale reserves are abundant, has led to a higher need for durable and high-performance materials such as well casings, drill pipes, and tubing. These OCTG products are essential for withstanding the harsh conditions encountered during shale extraction, including high pressure, temperature, and corrosive environments. As shale exploration continues to expand, driven by advances in hydraulic fracturing (fracking) and horizontal drilling techniques, the demand for OCTG products is expected to grow.
Well Casing Segment Leads Market Share in 2023 Driven by Demand for Structural Integrity in Oil and Gas Wells
By Product: The well casing segment dominated the market share, accounting for more than 48% in 2023. due to its essential role in maintaining the structural integrity of oil and gas wells. Well casing is critical in preventing wellbore collapse, ensuring the safety and efficiency of extraction processes. As exploration activities, particularly in deeper and more complex reservoirs, expand, the demand for well casing remains robust. The rise of unconventional oil and gas resources, such as shale oil and gas, further contributes to this growth. These resources require advanced and durable well casing solutions to withstand the challenges of extraction, driving the market's expansion.
Oil Country Tubular Goods Market Key Segmentation:
By Process
- Seamless
- Welded
By Product
- Well Casing
- Production Tubing
- Drill Pipe
- Others
By Application
- Onshore
- Offshore
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North America Leads OCTG Market in 2023, Driven by Shale Exploration and Technological Advancements, While Asia-Pacific Emerges as Fastest-Growing Region
North America segment dominated with the market share over 36% in 2023. The growth in the OCTG (Oil Country Tubular Goods) market is primarily driven by a surge in drilling activities, especially in the United States, where the exploration of unconventional resources like shale oil and gas has seen significant expansion. Technological advancements in drilling methods, such as horizontal drilling and hydraulic fracturing, have further bolstered demand for OCTG products, including drill pipes, production tubing, and well casing. Additionally, North America's continued focus on energy independence has led to increased investments in energy infrastructure and exploration, creating a strong need for OCTG to maintain well integrity throughout the exploration and production phases.
The Asia-Pacific region is the fastest-growing in the OCTG market, The demand for oil and gas continues to surge, particularly in Asia-Pacific, driven by the rapid urbanization and industrialization of countries like China, India, and Indonesia. As these nations' economies expand, their energy needs increase, prompting exploration and production activities in offshore oil fields. This growth has led to the development of deepwater and subsea oil reserves, requiring specialized equipment such as Oil Country Tubular Goods (OCTG) products for oil wells.
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Recent Development
- In March 2023: ArcelorMittal completed its acquisition of CSP in Brazil. This acquisition provides significant operational and financial synergies, along with the potential for further expansion, including the option to add primary steelmaking capacity (such as direct reduced iron) and enhance rolling and finishing capabilities.
- In July 2024: Sumitomo Corporation secured a long-term supply contract to deliver OCTG (Oil Country Tubular Goods) sourced from Nippon Steel Corporation to Equinor ASA, a Norwegian energy company, for a duration of up to nine years.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Oil Country Tubular Goods Market Segmentation, By Process
8. Oil Country Tubular Goods Market Segmentation, By Product
9. Oil Country Tubular Goods Market Segmentation, By Application
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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