Increase in drilling &production activities, advent of technologically advanced pipes, exploration of resources, and the growing global offshore rig count drive the growth of the global oil country tubular goods market. On the other hand, rise in import duty on oil country tubular goods and uncertainties in the international crude oil prices restrain the growth to some extent. Moreover, extensive expansion of oil and gas resources is expected to create lucrative opportunities in the industry.
According to the report, the global oil country tubular goods market was estimated at $20.9 billion in 2020, and is anticipated to hit $37.5 billion by 2030, registering a CAGR of 6.5% from 2021 to 2030.
Oil Country Tubular Goods is a family of seamless rolled products consisting of drill pipe, casing, and tubing subjected to loading conditions according to their specific application. Drill pipe is a heavy seamless tube that rotates the drill bit and circulated drilling fluid, casing pipe lines the borehole and is particularly exposed to axial tension and internal pressure by the pumper oil or gas emulsion. Tubing is pipe through which the oil or gas is transported from the wellbore. Corrosion resistance is a very important characteristic of OCTG especially for casing and tubing.
Oil Country Tubular Goods Market Segment Review
The well casing segment to retain the lion’s share-
By product, the well casing segment held the major share in 2020, more than one-third of the global oil country tubular goods market, and is projected to maintain the lion’s share, as it provides aid in the drilling process. The production tubing segment, on the other hand, is projected to cite the fastest CAGR of 6.8% throughout the forecast period.
The electric resistance welded segment to dominate by 2030-
Based on manufacturing process, the electric resistance welded segment contributed to nearly three-fifths of the global oil country tubular goods market share in 2020, and is anticipated to rule the market by 2030. This is due to increase in oil and natural gas transportation from source to consumer and increase in construction activities across the developing nations. The seamless segment, on the other hand, would register the fastest CAGR of 6.8% throughout the forecast period.
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North America garnered the major share in 2020-
Based on region, North America garnered the major share in 2020, holding nearly two-fifths of the global oil country tubular goods market, and is expected to continue its dominance by 2030. This is attributed to increase investment in the upstream sector which leads to increase in number of rig charter activities and wells drilled. However, the market across Europe would cite the fastest CAGR of 6.9% from 2021 to 2030. The research also includes Asia-Pacific, North America, and LAMEA regions.
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Oil Country Tubular Goods Market Key Players
- Sumitomo Corporation
- Oil Country Tubular Limited (OCTL)
- NOV Inc.
- JFE Steel Corporation
- TMK INC.
- Tenaris
- ILJIN Steel Corporation
- U.S. Steel Corporation
- ArcelorMittal S.A.
- Evraz North America PLC
The report provides a detailed analysis of these key players in the global market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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