Newark, Nov. 20, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 22 billion in 2022 global oil country tubular goods (OCTG) market will reach USD 43.27 billion in 2032. Products from OCTG are used in many different contexts and stages of the oil and gas business. The production, drilling, and completion processes in the oil and gas industry depend heavily on Oil Country Tubular Goods (OCTG). Both onshore and offshore, this pipe is used to extract gas and oil. Drilling and exploration: You'll need to drill casing and pipe. The well's casing keeps it from collapsing and provides structural stability. The drill pipe moves drilling fluid while the drill bit rotates. OCTG is essential to the whole oil and gas industry. Because casing pipes prevent fluid migration across formations and prevent the well from collapsing under the weight of the surrounding rocks, they are crucial for maintaining the structural integrity of a well. They are the backbone of the gas and oil sector.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 22 Billion |
| Market Size in 2032 | USD 43.27 Billion |
| CAGR | 7% |
| No. of Pages in Report | 235 |
| Segments Covered | Manufacturing Process, Product Type, Grade and Application |
| Drivers | The increasing offshore oil and gas exploration |
| Opportunities | Technological advancements |
| Restraints | The stringent government regulations |
Key Insight of the Global Oil Country Tubular Goods (OCTG) Market
North America will dominate the market during the forecast period.
In the last ten years, the US shale gas exploration business has experienced tremendous growth. The tubular products market for oil nations in the region has benefited from this development. Additionally, the market's growth would be aided by the growing exploration efforts in Mexico and Canada, particularly offshore drilling. The regional market will also profit from the presence of major market participants and the rising demand for US petrol and oil, given the geopolitical tensions worldwide and the trade restrictions on nations that produce oil.
In 2022, the electric resistance welding segment dominated the market with the largest market share of 54% and market revenue of 11.88 billion.
The manufacturing process segment is divided into electric resistance welding and seamless. In 2022, the electric resistance welding segment dominated the market with the largest market share of 54% and market revenue of 11.88 billion.
In 2022, the well-casing segment dominated the market with the largest market share of 34% and market revenue of 7.48 billion.
The product type segment is divided into well casing, drill pipe, production tubing and others. In 2022, the well-casing segment dominated the market with the largest market share of 34% and market revenue of 7.48 billion.
In 2022, the premium grade segment dominated the market with the largest market share of 52% and market revenue of 11.44 billion.
The grade segment is divided into API grade and premium grade. In 2022, the premium grade segment dominated the market with the largest market share of 52% and market revenue of 11.44 billion.
In 2022, the offshore segment dominated the market with the largest share of 51% and market revenue of 11.22 billion.
The application segment is divided into onshore and offshore. In 2022, the offshore segment dominated the market with the largest share of 51% and market revenue of 11.22 billion.
Advancement in market
The French company won a contract from Petrobras, the state-owned company in Brazil, to deliver oil country tubular goods (OCTG) solutions for the production and exploration wells of oil and gas in the pre-salt oil region of Brazil. With a supply volume of over 110 thousand tonnes of products and accessories, the chosen business, Vallourec, is in charge of providing OCTG premium products, related accessories, and specialised physical and digital services. The Brazilian pre-salt oil region is an offshore reserve beneath approximately 4,000 metres of salt and post-salt sediments. The French tubular solutions provider has noted that these products, related accessories, and physical and digital services will support Petrobras's offshore oil and gas exploration and production wells in this region.
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Market Dynamics
Driver: Exploration for oil and gas offshore is expanding.
New oil and gas field reserves have been found in the Atlantic, South China Sea, and Arctic region as a result of technological improvements. These offshore areas present a profitable chance for the expansion of the worldwide oil country tubular goods market. Offshore exploration is an unexplored sector due to the rising demand for energy and the significance of oil, petroleum, and gas for economies. Furthermore, in light of the unpredictability of the world economy following wars, trade disputes, sanctions, and fiscal instability, countries are stepping up their exploration efforts to lessen their reliance on imports.
Restraints: The strict rules set forth by the authorities.
Governments have introduced strict laws governing the oil, petroleum, and gas business in response to the persistent campaign against the sector due to its detrimental and permanent effects on the environment. Strict government limitations have been promoted by the non-renewable nature of resources and their limited amount in the face of limitless wants. As a result, the market's expansion will be hampered by the strict government rules.
Opportunities: Developments in technology.
The development of more efficient, functional, and upgraded oil country tubular goods for effective, faster, and optimal drilling and extraction processes is a result of the rising energy demands and offshore oil and gas exploration. As a result, during the projected period, technological developments will support market expansion.
Challenges: Territorial disputes.
The territorial disputes, especially in the marine ecosystem between countries bordering that water body, have grown since the discovery of oil and gas fields. These territorial disputes lead to prolonged legal battles, unilateral and forceful claims on disputed territories, which further leads to geopolitical tensions and energy crises, thereby impacting the market's growth.
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Some of the major players operating in the global oil country tubular goods (OCTG) market are:
• ArcelorMittal SA,
• Corpac Group
• JFE Steel Corporation
• Jindal Saw Ltd.
• Nippon Steel Corporation
• Tata Steel
• Tenaris SA
• TMK Group
• U.S. Steel Corporation
• Vallourec
Key Segments covered in the market:
By Manufacturing Process
• Electric Resistance Welding
• Seamless
By Product Type
• Well Casing
• Drill Pipe
• Production Tubing
• Others
By Grade
• API Grade
• Premium Grade
By Application
• Onshore
• Offshore
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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