Report ID: 10163643 |
Published Date: 21 Mar 2025 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
Oil Country Tubular Goods OCTG Market Scope
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Base Year |
2021 |
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Forecast Year |
2022-2031 |
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CAGR |
~7% |
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Base Year Market Size (2021) |
~ USD 22.0 Billion |
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Forecast Year Market Size (2031) |
~ USD 40.0 Billion |
Global Oil Country Tubular Goods OCTG Market Size, Forecast, and Trend Highlights Over 2022 - 2031
The global oil country tubular goods OCTG market is estimated to garner a revenue of USD 40.0 Billion by the end of 2031 by growing at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 22.0 Billion in the year 2021. The growth of the market can be attributed to the rise in the production and consumption of oil and gas. According to the International Energy Agency, the crude oil and NGL production were 4296 million tonnes whereas the total oil demand accounted for 4070 million tonnes.
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Oil Country Tubular Goods refers to tubes used in oil and gas production. The major types of OCTG-based products are drill pipes, well casing, and product tubing. These tubes and pipes can be used offshore, and onshore for the production of gas and oil. Moreover, the growth of the oil & gas industry has projected to increase the growth of the global oil country tubular goods market. According to the India Brand Equity Foundation, the export of Indian petroleum products has reached 62.MMT in the financial year 2022.
Global Oil Country Tubular Goods OCTG Market: Growth Drivers and Challenges
Growth Drivers
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Rising Investment by the Government– In the United States, nearly USD 20 billion per year is provided as a subsidy to the fossil fuel industry.
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Increasing Population Percentage– The consumption of oil and gas has surged followed by the increasing population percentage. Hence, it is expected to drive the growth of the global oil country tubular goods OCTG market. As per the World Bank, the total population has increased from 7.43 Billion in 2016 to 7.84 Billion in 2021.
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Rising Drilling Activities– As per the U.S. Energy Information Administration, the number of well drilled but not completed in June 2022 accounts for 723.
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Surging Investment from Oil and Gas Companies – The government of India has allowed 100 percent foreign direct investment under automatic route in exploration activities of oil and natural gas as per the National Investment Promotion & Facilitation Agency.
Challenges
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Government Restrictions Related to the Inter-Country Transactions for Oil Tubular Goods
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High Fluctuations Prices of Oil
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Diminishing Oil Reserves
The global oil country tubular goods OCTG market is segmented and analyzed for demand and supply by-products into the drill pipe, product tubing, well casing, and others. Out of these, the good casing segment is anticipated to hold the largest share over the forecast period owing to the growing demand for support in the drilling process that creates an internal bore for the production equipment installation by providing a strong foundation for drilling fluid to undergo deeper drilling. According to the International Energy Agency, the oil demand across the globe in the year 2020 was approximately 4070 million tonnes.
Global Oil Country Tubular Goods OCTG Market Regional Synopsis
Regionally, the global oil country tubular goods OCTG market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the North American region is projected to hold the largest market share by the end of 2031 on the back of rising drilling activities, and increasing foreign investment in the oil and gas industry. For instance, the total number of wells that were drilled in the Permian region of the United States has decreased from 1,218 in June 2022 to 1,197 in July 2022.
Market Segmentation
Our in-depth analysis of the global oil country tubular goods OCTG market includes the following segments:
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By Application |
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By Product |
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By Grade |
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Key Companies Dominating the Global Oil Country Tubular Goods OCTG Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global oil country tubular goods OCTG market that are included in our report are Tenaris, NIPPON STEEL CORPORATION, NOV Inc., Sumitomo Corporation, ArcelorMittal, Tenergy Corporation, EVRAZ plc, NOV Inc., Weatherford, S.B. INTERNATIONAL, INC., VALLOUREC, and others.
Global Oil Country Tubular Goods OCTG Market: Latest Developments
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May 2021: Nippon Steel Corporation (Nippon Steel) announced that it has been awarded the Sustainable Management Promotion Organization's "EcoLeaf" Ecolabel (shown at right) (SuMPO). This ISO 14025 certification was obtained for Nippon Steel's OCTG and Line Pipe products, which are designed to be used as steel pipes for energy extraction and transportation. These are the first steel pipe products certified in Japan.
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October 2021: Sumitomo Corporation announced the joint venture with Osaka Gas Co., Ltd., for the sale of oil and gas upstream business in Norway.
Key Reasons to Buy Our Report
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The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.
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It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.
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The report includes detailed company profiles of the major players dominating the market.
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We use effective research methodologies to calculate the market numbers and provide value-added assessments for overall growth.
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We provide customized reports per the client's requirement, helping them see possible and unexpected challenges and unforeseen opportunities to help them reach their goal.
Frequently Asked Question
The market is segmented by application, product, grade and by region.
The well casing segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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Report ID: 10163643 |
Published Date: 21 Mar 2025 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
