Global OCTG market size was US$ 19.25 Bn in 2019 and is expected to reach US$ 34.08 Bn by 2027, at a CAGR of 7.4% during forecast period.
Oil country tubular goods (OCTG) are rolled metal pipes used in production of oil and natural gas from the well. These pipes also used either to produce or inject steam and water.
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Growing energy consumption, oil demand, increasing investment in offshore drilling activities and accelerating economic growth are the major drivers in the growth of OCTG market. Rise in exploration and production activities and need for alternative technologies are driving the growth of market. Also, continuous implementation of horizontal drilling hydraulic fracturing technology is expected to enhance the market growth significantly. High competition among manufacturers of petroleum is also helping as a driver for the increasing drilling activity across the world. Furthermore, demand for metal pipe products is driven mostly by construction activities. The detailed analysis of the factors driving the market is covered in the report.
High initial cost and lack of technically skilled labors are expected to hamper market growth. Corrosion due to the carbon dioxide and hydrogen sulfide contained in well could restrain the growth of OCTG market. Reduction in drilling activity and de-stocking of OCTG inventory are the key restrain factors that could lowered the demand of OCTG market. Moreover, difference in integrity of oil wells in the same environment and failure of some casing and tubing joints in same strings could hinder the growth of market during forecast period. However, this factors can be improved by introducing new corrosion resistant and high strength OCTG.
Global OCTG Market: Segmentation Analysis
By process, seamless segment is expected to grow the market during forecast period. This are produced either by mandrel mill or the plug rolling mill process. It has capability to survive in extremely high pressure without cracking. Also it is used in high pressure application such as hydrocarbon exploration and production as it offer consistency of shape and avoid the risk of a weak seam. Seamless segment is preferred over electric resistance welding because welded pipe are of high cost.
By product type, casing pipe segment is dominating the market and it is expected that it will maintain its dominance over the forecast period. This pipe is implanted into the wellbore, cemented, and works as a structural component of the well, which provides hole integrity and keeps the well from collapsing while drilling. Casing pipe is serves as a well’s life, which results into the high demand for casing pipe. Furthermore, it protect the well against shallow gas pockets, fluid circulation and support for drilling a well.
Global OCTG Market: Regional Analysis
Region wise, North America is dominating the OCTG market. The US dominate the market and it is expected that country will hold the leading position in the market. The country has advanced technical appliances and oil bore. Also increase in investments by the steel producers & government policies are the major factors that contributed in the growth of market.
Increasing offshore drilling activities in the Gulf of Mexico, shale boom, and rise in discovering potential available oil and gas reserves results into the growth of OCTG market in the region.
The objective of the report is to present a comprehensive analysis of the Global OCTG Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global OCTG Market dynamics, structure by analyzing the market segments and project the Global OCTG Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global OCTG Market make the report investor’s guide.
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The Scope of Global OCTG Market
Global OCTG Market, By Process
• Electric resistance welding
Global OCTG Market, By Product Type
• Drill Pipe
Global OCTG Market, By Application
Global OCTG Market, By Region
• North America
• Asia Pacific
• South America
• Middle East and Africa
Global OCTG Market, Key Players
• TMK Ipsco Enterprises Inc.
• National-Oilwell Varco, Inc.
• TPCO Enterprise, Inc.
• Jindal Steel & Power
• ArcelorMittal SA
• MRC Global
• Tata Steel
• Vallourec SA
• ILJIN Steel America
• Tenaris SA
• Corpac Steel Products, Corp.
• Nippon Steel & Sumitomo Metal Corporation
• Benteler International
• JFE Steel
• ACE OCTG
MAJOR TOC OF THE REPORT
Chapter One: OCTG Market Overview
Chapter Two: Manufacturers Profiles
Chapter Three: Global OCTG Market Competition, by Players
Chapter Four: Global OCTG Market Size by Regions
Chapter Five: North America OCTG Revenue by Countries
Chapter Six: Europe OCTG Revenue by Countries
Chapter Seven: Asia-Pacific OCTG Revenue by Countries
Chapter Eight: South America OCTG Revenue by Countries
Chapter Nine: Middle East and Africa Revenue OCTG by Countries
Chapter Ten: Global OCTG Market Segment by Type
Chapter Eleven: Global OCTG Market Segment by Application
Chapter Twelve: Global OCTG Market Size Forecast (2019-2026)
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