USD 19.2 billion
Report ID: SQMIG10B2024 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 89 | Figures: 71
Oil Country Tubular Goods Market was valued at USD 19.2 billion in 2021, and it is expected to reach a value of USD 34.2 billion by 2028, at a CAGR of 6.5% over the forecast period (2022 - 2028).
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.
Global Market Size
USD 19.2 billion
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The Global Oil Country Tubular Goods Market is segmented based on the Process, Product, Application, and Region. Based on the Process, the Global Oil Country Tubular Goods Market is segmented as Seamless and Welded. Based on the Product, the Global Oil Country Tubular Goods Market is segmented as Well Casing, Production Tubing, Drill Pipe, and Others. Based on the Application, the Global Oil Country Tubular Goods Market is segmented as Onshore and Offshore. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Process
In the global energy picture, conventional energy sources account for a considerable portion, particularly hydrocarbons, which are widely employed in several industrial verticals for a variety of activities. Operators are continually conducting drilling operations across the planet in order to run vast requisition operations for oil and gas. Because they can endure exceptionally high pressure without cracking, seamless pipes are preferable to welded ones. In addition, they provide shape homogeneity and eliminate the chance of a weak seam, making them appropriate for high-pressure applications like hydrocarbon exploration and production. However, welded pipes are more affordable than their alternatives and are simple to adapt to meet operational needs.
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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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Growing Drilling Operations Projected to Inflate the Market
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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.
Top Player's Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Oil Country Tubular Goods Market Analysis, the onshore sector accounts for a significant share of all drilling activity globally. Due to increased oil and gas consumption, drilling activities may see rapid expansion, which is anticipated to enhance the OCTG market. North America is anticipated to have a significant influence on the global oil nation tubular products market as a result of the rising number of drilling operations in the U.S. and Canada. Exploration and production activities grew steadily as a result of favorable government laws and a positive business environment.
|Market size value in 2021||USD 19.2 billion|
|Market size value in 2028||USD 34.2 billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Oil Country Tubular Goods Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Oil Country Tubular Goods Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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