Global Oil Country Tubular Good Market Report to 2028
Rise in Hydraulic Fracturing Activities Drives Growth – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Oil Country Tubular Good Market: Analysis By Process, By Grade, By Application, By Product, By Demand, By Production, By Region, Size and Trends with Impact of COVID-19 and Forecast up to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global oil country tubular good (OCTG) market was valued at US$22.95 billion in 2022 and is expected to be worth US$33.96 billion in 2028.
Oil country tubular goods (OCTG) are a type of solid rolled products that consist of casing, drill pipe, and tubing which are subjected to varying loading requirements based on the use.
The massive use of hydrocarbons across the verticals of power generation, production, process, transportation, etc. has led to a significant increase in exploration and production operations, which are augmenting the demand for OCTG products.
The OCTG market has experienced significant growth in recent years, driven by a number of factors. One of the main drivers of growth has been the increasing demand for oil and gas as a source of energy. This has led to a rise in drilling and extraction activities, resulting in higher demand for OCTG.
Additionally, advances in drilling technology have led to the development of more complex and challenging drilling operations, requiring more specialized and durable OCTG. The market is expected to grow at a CAGR of 6.75% over the projected period of 2023-2028.
In 2022, the global OCTG production was recorded at 12.76 million tons at a utilization capacity rate at 38.97%. High oil and gas prices have fueled an increase in both domestic and international rig counts. As the international recovery in project activity accelerates, particularly in the Middle East across both short and long-cycle developments, global OCTG net capacity and capacity utilization are expected to rise.
Market Dynamics
Growth Drivers
- Growing Oil Demand
- Rising Energy Consumption
- Growth in Hydraulic Fracturing Activities
- Accelerating Economic Growth
- Technological Innovation in Drilling Techniques
- Growth in Footage of Wells Drilled
Challenges
- Increasing OCTG Prices in the US
- Environmental Issues
Market Trends
- Escalating Investment in Offshore Drilling Activities
- Increasing R&D Spending in Energy Sector
- Rise in Horizontal Directional Drilling for Oil & Gas Excavation
- Easing Trade Restrictions in North America
Companies Mentioned
- Tenaris S.A.
- ArcelorMittal S.A.
- EVRAZ PLC
- JFE Holdings Inc.
- MRC Global Inc.
- NOV Inc.
- Nippon Steel Corp
- PAO TMK
- United States Steel Corporation
- Vallourec S.A.
- ILJIN Steel Co., Ltd.
- J-Hobbs Machine Corp.
- Canam Pipe & Supply
Market Segmentation Analysis:
- By Process: The report identifies two segments on the basis of process: Seamless and Welded. The seamless segment dominated the OCTG market. The increased use of seamless tube in the oil and gas industry is mostly due to the fact that it is extruded and drawn from a billet. A seamless tube has a short length and normally does not show signs of corrosion unless it is exposed to a severely corrosive environment.
- By Grade: The report identifies two segments on the basis of grade: Premium and API. The premium grade segment dominates the global market for oil country tubular goods. Oil and gas reserves are being developed and explored offshore, and this has resulted in a demand for high-grade transportation tubes that can withstand corrosion and provide leak-proof operation and sealing integrity of the connections even when loaded, bent, and subjected to high internal pressure.
- By Application: The report identifies two segments on the basis of application: Onshore and Offshore. Onshore OCTG is expected to be the fastest growing segment in the forecasted period. Onshore OCTG is mainly used in drilling and production operations that are closer to the shore.
- By Product: The report identifies four segments on the basis of product: Well Casing, Production Tubing, Drill Pipe & Others. Well Casing is expected to be the fastest growing segment in the forecasted period. Well casing is a large diameter pipe that is inserted into a borehole’s drilled section. This casing is typically held in place by cement or other materials placed between the casings and the wellbore. It is regarded as an important part of the well completion process. The rise in demand for well casing in this market is primari Latin America. North America accounted for the maximum share of the global market in 2022. The US is one of the largest oil and gas producer. The use of horizontal and directional drilling activities has increased in the US shale drilling regions over the last decade. ly due to the fact that it aids in the drilling process in a variety of ways, including providing a strong foundation to allow the use of high density drilling fluid to continue drilling deeper and providing a smooth internal bore for installing production equipment, all of which are expected to provide ample opportunities for the growth of the well casing product in the oil country tubular goods market.
- By Region: In the report, the global oil country tubular good (OCTG) market is divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa and
For more information about this report visit https://www.researchandmarkets.com/r/cdiuo7-oil?w=4
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