Oil Country Tubular Goods Market to Reach Nearly US$66 Bn by 2026 End: Fairfield Market Research

Global Oil Country Tubular Goods (OCTG) Market is Expected to Surge at CAGR of 12.6% Between the Forecast Years of 2021 and 2026.

London, Dec. 16, 2022 (GLOBE NEWSWIRE) — Oil country tubular goods continue to grow industrially significant and thereby on the back of the ascending number of active drilling rigs. Growing oil and gas discoveries further push the prospects of the market up. A newly published market intelligence study of Fairfield Market Research projects the global oil country tubular goods (OCTG) market to reach the revenue of US$65.9 Bn by 2026 end. The market attained the valuation of around US$34.2 Bn in the year 2020 and is poised for around 12.6% growth during 2021 – 2026. The report indicates a promisingly growing opportunity for oil country tubular goods market as there has been a notable rise in worldwide shale production over the past few decades. Moreover, burgeoning offshore oil and gas drilling exploration activities further accelerates the growth of market. Opportunities will continue to appear on the horizon with solid growth in investments in oil and gas extraction projects, says the report.

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Key Research Insights

  • Oil country tubular goods are widely employed in both onshore and offshore drilling operations. The former is likely to account for more than 70% market share in terms of value
  • Seamless OCTG segment will retain dominance with more than 59% value share
  • Onshore oil and gas sector generates more than 70% of total demand for oil country tubular goods
  • Asia Pacific is poised to exhibit 9.1% CAGR in terms of volume during 2021 – 2026

Insights into Segmental Analysis

Based on type, the seamless OCTG segment spearheads global market with nearly 59.1% share in the overall market valuation. The report says the desirable attributes of seamless products in terms of high temperature, pressure, and mechanical stress, and the ability to function in corrosive atmosphere will continue to drive greater demand against the welded counterpart. Application-wise analysis of the market shows continued lead of the onshore segment that accounts for over 70% share in the global oil country tubular goods market value. However, the report marks an important trend in industry with crude oil prices reaching US$100/barrel. The industry players have since then realized growing significance of offshore oil and gas asset explorations. Fund deficit facing the onshore oil and gas segment will pace the way for a spike in oil country tubular goods uptake across the offshore oil and gas segment. The report thus anticipates offshore oil & gas industry to outpace the onshore sector in global oil country tubular goods market, through the period of projection. On the other hand, grade-wise market analysis reveals dominance of API segment with nearly 70% revenue contribution toward the market size. Sustained preference by a majority of oil and gas companies for API grade owing to the cost efficiency compared to the premium grade will keep this segment afloat. However, with a growing number of upstream oil and gas players recently adopting a shift toward premium grade, the report anticipates a steep hike in sales of premium grade oil country tubular goods in the next few years.

Key Report Highlights

  • China remains the global leader, majorly banking on the maximum number of international drilling projects
  • Several upstream oil and gas players are gradually embracing premium grades over the conventionally popular API grade
  • Crude oil pricing will remain the critical growth influencer for market in the long run

Insights into Regional Analysis

Increasing offshore drilling activity across Asia Pacific in addition to an escalating uptake of oil country tubular goods since the recent past have rendered the region an attractive position in the global oil country tubular goods market. The report anticipates a robust 9.1% volume CAGR for the market in Asia Pacific between 2021 and 2026. China will maintain the leading position throughout the period of projection on account of being the strongest base for several international drilling projects. On the other side, the oil country tubular goods market in North America will also represent an important pocket for investors and majorly benefits from the proliferating shale gas exploration and exploitation activity, says the report. The region also continues to generate considerably high demand for tubing, casing, and drill pipe products, which further upholds the key position of North America in global oil country tubular goods market.

Key Market Players

Nippon Steel Corporation, Continental Alloys & Services Inc., Iljin Steel Co., Ltd., TMK Group, United States Steel, Tenaris S.A, Tianjin Pipe Corporation, ArcelorMittal, Henan Anson Steel Corporation, and GE Steel Resources represent some of the significant players steering the competition landscape of global oil country tubular goods (OCTG) market.

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REPORT SCOPE

Report Attributes Details
Base Year 2020  
Forecast Year 2021 – 2026
Market Size in 2020 US$34.2 Bn
Estimated Market Size in 2026 US$65.9 Bn
CAGR 12.6%  
Key Players Nippon Steel Corporation, Continental Alloys & Services Inc., Iljin Steel Co., Ltd, TMK Group, United States Steel, Tenaris S.A, Tianjin Pipe Corporation, ArcelorMittal, Henan Anson Steel Corporation, GE Steel Resources

Market Segmentation

Grade Coverage

  • API
  • Premium

Type Coverage

  • Seamless
  • Welded

Application Coverage

  • Onshore
  • Offshore

Geographical Coverage

  • North America
  • Europe
  • Latin America
  • Middle East & Africa
  • Asia Pacific

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 Inclusions

  • Market Estimates and Forecast
  • Market Dynamics
  • Industry Trends
  • Competition Landscape
  • Type-wise Analysis
  • Grade-wise Analysis
  • Application-wise Analysis
  • Region-wise Analysis
  • Country-wise Analysis
  • Key Trends Analysis
  • COVID-19 Impact Analysis

About Us

Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.

Contact

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Email: [email protected]

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