Pune, Jan. 10, 2020 (GLOBE NEWSWIRE) -- The global oil country tubular goods (OCTG) market size is projected to reach USD 31.54 billion by 2026, exhibiting a CAGR of 7.4% during the forecast period. Steady rise in oil and gas exploration and production activities in North America is anticipated to be a major growth driver for this market in the upcoming decade. According to a report by World Oil, in 2018, the US witnessed 12% increase in its drilling activities from 2017 levels, while the world drilling activities rose by just 4.6% in the same year. The primary factor attributable to this remarkable rise is the discovery of shale gas in the US and Canada. The US and Canadian governments are formulating favorable policies which will put the region at the forefront in the global hydrocarbon scenario. Projections based on the current state of US shale oil production show that in the next decade, the US will become a net exporter of oil. Thus, the OCTG market outlook appears promising.
The above information is shared by Fortune Business Insights™ in its new report, titled “Oil Country Tubular Goods (OCTG) Market Size, Share & Industry Analysis, By Process (Seamless and Welded), By Product (Well Casing, Production Tubing, Drill Pipe, and Others), By Application (Onshore and Offshore) Regional Forecast, 2019-2026”. The report states that the value of this market stood at USD 17.92 billion in 2018. Additionally, the report provides:
- Detailed analysis of the factors driving the share, size, and revenue of the market;
- In-depth evaluation of the major challenges to the market growth;
- Careful segmentation of the market by process, product, application, and geography; and
- Meticulous research into the competitive landscape of the market.
To gain more insights into the market with detailed table of content and figures,
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Steadfast Pace of Drilling Operations Worldwide to Favor the Market
One of the leading oil country tubular goods market trends is the sustained pace at which drilling activities are being carried out across the globe. Steady population growth, especially in developing countries, has inflated the demand for energy and power globally. In response, governments and private entities across the globe are adopting measures and strategies to meet this demand and are therefore doubling down their investment in E&P ventures. Hydrocarbon reserves-deficient countries such as India are exploring new avenues to increase their oil and gas production and bring down their oil import bills. As a result, many emerging economies are looking for opportunities to enlarge their portion in the OCTG market share.
North America to Occupy a Commanding Position; Latin America to Present High Potential
The OCTG market size in North America was at USD 7.72 billion in 2018 and is likely to increase, aiding the region’s dominance on the oil country tubular gas market share in the coming decade. This will be mainly a result of favorable government policies for oil and gas E&P activities, presence of major companies, and discovery of shale gas in the region. Latin American countries such as Venezuela, Brazil, and Mexico are heavily investing in their respective energy sectors and rising exploration activities in the region have yielded promising results. In Europe, a well-established hydrocarbon industry in the UK and Norway will primarily drive the market, while huge oil reserves will augur well for the market in the Middle East and Africa.
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Novel Product Offerings by Players to Stimulate Competition
According to the OCTG market analysis, key competitors in this market are increasing their R&D expenditure to bring out innovative products and services for customers. Through these efforts, companies are aiming to strengthen their position in the oil country tubular goods market in the forecast period.
Industry Developments:
August 2019: A consortium comprising of Vallourec, Tenaris, and Marubeni Corporation was awarded a multi-billion-dollar casing and tubing contract by ANDOC. The contract will empower ANDOC with greater flexibility to meet the needs of its customers worldwide.
June 2019: Romanian OCTG giant, TMK, signed a strategic agreement with Novatek, Russia’s second largest natural gas producer. Under the agreement, TMK will supply Novatek premium casing and tubing pipe products, in line with the formula-based pricing and supply mechanism chalked out in the agreement.
List of Key Players Profiled in the Oil Country Tubular Goods (OCTG) Market Report:
- EVRAZ North America
- SB International, Inc.
- ArcelorMittal
- Weatherford
- Sumitomo Corporation
- United States Steel Corporation
- TMK
- ILJIN Steel Co., Ltd.
- Tenergy Equipment & Service Ltd.
- Schlumberger
- JFE Steel Corporation
- National Oilwell Varco
- Vallourec
- Tenaris
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Global Oil Country Tubular Goods (OCTG) Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Process
- Seamless
- Welded
- Market Analysis, Insights and Forecast – By Product
- Well Casing
- Production Tubing
- Drill Pipe
- Others
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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