What is the global market size of Oil Country Tubular Goods Market?

Oil Country Tubular Goods Market size was valued at USD 19.98 billion in 2021 and is poised to grow from USD 21.28 billion in 2022 to USD 37.5 billion by 2030, growing at a CAGR of 6.5% in the forecast period (2023-2030).

Oil Country Tubular Goods Market Size, Share, Growth Analysis, By Process(Seamless, Welded), By Product(Well Casing, Production Tubing, Drill Pipe, Others), By Application(Onshore, Offshore), By Region - Industry Forecast 2024-2031

Report ID: SQMIG10B2073 | Region: Global | Published Date: February, 2024
Pages: 250 | Tables: 89 | Figures: 76

Oil Country Tubular Goods Market Insights

Oil Country Tubular Goods Market size was valued at USD 19.98 billion in 2019 and is poised to grow from USD 21.28 billion in 2023 to USD 37.5 billion by 2031, growing at a CAGR of 6.5% in the forecast period (2024-2031).

Global economic growth is fundamentally dependent on the production of oil and gas. Many different industrial sectors, including transportation, power generation, production, and process, among others, heavily utilize hydrocarbons. Exploration and production operations have expanded as a result of the rise in oil and gas demand. Governments and well-known hydrocarbon producers invest often in the production of oil and gas all over the world. To extract hydrocarbon, drilling is a crucial process, and it takes OCTG to complete drilling operations.

US Oil Country Tubular Goods Market is poised to grow at a sustainable CAGR for the next forecast year.

Oil Country Tubular Goods Market Report Snapshots

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The Global Oil Country Tubular Goods market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase market share and profitability. 'Tenaris S.A.', 'TMK Group', 'Valloure', 'ArcelorMittal', 'Nippon Steel & Sumitomo Metal Corporation (NSSMC)', 'United States Steel Corporation (USS)', 'JFE Steel Corporation', 'TPCO Enterprise, Inc.', 'SB International, Inc.', 'Schulumberger Limited', 'MRC Global Inc.', 'Weatherford International plc', 'National Oilwell Varco, Inc.', 'Benteler Steel/Tube', 'Sandvik AB', 'Nucor Corporation', 'Bri-Chem Corp.', 'Forum Energy Technologies, Inc.', 'Marubeni-Itochu Steel Inc.', 'Oil States International, Inc.'

Energy use grew as a result of the economic recovery in many regions of the world. The main energy source in the global energy picture is oil and gas. Hydrocarbons are widely employed in a variety of processes, including manufacturing, processing, and the production of electricity. In order to fulfill the enormous demand for oil and gas, oilfield service providers and operators are investing exponentially in exploration and production operations. This is one of the major trends in the OCTG industry. The prognosis for the OCTG market is probably going to improve due to the notable increase in drilling operations in various regions of the world and the industry's consistent expansion.

The premium-grade OCTG market is expanding due to increased demand from oil and gas upstream operations. In gas wells, horizontal wells, high pressure (over 5,000 psi), and high temperature (above 250 F) wells, the premium-grade applications are widely used. For connections with more complicated applications and where gas-tight sealing is necessary, the premium-grade OCTG is used. The rapid growth of shale deposits is giving the search for natural gas a major boost. Additionally, the extraction of natural gas from shale formations has been made possible by horizontal directional drilling, which has had a significant positive impact on the market for premium quality OCTG.

The US-China trade war and the downturn in developing economies both contributed to the relatively weak growth of the world economy in 2019. OCTG market share is expected to be dominated by North America because of the extensive drilling taking place there. The oil country tubular products market is projected to have strong expansion thanks to benevolent government policies and investments from some of the prominent companies in the sector. The U.S. has consistently concentrated on using oil and gas production to balance the supply-demand ratio. The market is also anticipated to be driven by the shale revolution and its enormous potential to unlock fresh reserves.

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Oil Country Tubular Goods Market Size, Share, Growth Analysis, By Process(Seamless, Welded), By Product(Well Casing, Production Tubing, Drill Pipe, Others), By Application(Onshore, Offshore), By Region - Industry Forecast 2024-2031

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Oil Country Tubular Goods Market Report Snapshots

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