Overview and Scope
Oil country tubular goods (OCTG) are components used in the equipment, drilling, and operations of the oil and gas industry. These tubular goods serve as the foundation for oil and gas well and pipeline design, as well as the conduit for the safe and efficient transportation of oil and gas products to market.
Sizing and Forecast
The oil country tubular goods (octg) market size has grown strongly in recent years. It will grow from $27.37 billion in 2023 to $29.88 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to global energy demand, deepwater exploration, infrastructure development, stringent regulatory standards, focus on well integrity, rise in offshore drilling.
The oil country tubular goods (octg) market size is expected to see strong growth in the next few years. It will grow to $42.11 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to continued energy transition, focus on carbon capture and storage (ccs), sustainable practices, strategic reserves and security, resilience in supply chains.. Major trends in the forecast period include digitalization and data analytics in drilling operations, strategic partnerships and collaborations, advancements in drilling technologies, investments in upstream operations, innovations in enhanced oil recovery.
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Segmentation & Regional Insights
The oil country tubular goods (octg) market covered in this report is segmented –
1) By Product: Well Casing, Product Tubing, Drill Pipe
2) By Manufacturing Process: Electric Resistance Welded (ERW), Seamless
3) By Grade: API Grade, Premium Grade
4) By Application: Onshore, Offshore
North America was the largest region in the oil country tubular goods (OCTG) market in 2023. North America is expected to be the fastest-growing region in the oil country tubular goods (OCTG) market during the forecast period. The regions covered in the oil country tubular goods (octg) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
An increase in exploration and drilling operations is expected to propel the growth of the oil country tubular goods market going forward. Oil and gas exploration includes the procedures and techniques used to identify potential locations for drilling and extracting hydrocarbons. The surge in demand for energy across the globe has favored the rise in oilfield exploration. Oil country tubular goods such as casing, tubing, piping, and pipelines are used in the oilfields. They serve as important components for the design of pipelines for oil and gas wells and act as a conduit for the efficient and safe extraction of resources. For instance, in July 2022, according to a report published by the US Energy Information Administration a US-based federal statistical agency, the deployment of active well service rig count in the United States increased by 22.23% from 738 in 2020 to nearly 949 in 2021, due to rising oil and gas exploration and drilling operations. Therefore, the increase in exploration and drilling operations will drive the oil country tubular goods (OCTG) market.
Key Industry Players
Major companies operating in the oil country tubular goods (OCTG) market are focused on developing advanced products, such as oil well pipe connection, to gain a competitive advantage and increase revenues. Oil well pipe connections are specialized joints in Oil Country Tubular Goods (OCTG) that facilitate compatibility and continuity in the wellbore string by connecting components with different thread types or sizes. For instance, in August 2021, Nippon Steel Corporation, a Japan-based steelmaking company, developed the NSMAX-GR-PS oil well pipe connection, which is set to be utilized in the upcoming drilling operations at the INPEX Minamiaga Field Office in Agano, Niigata Prefecture. This marks the first-ever adoption of this technology by INPEX Corporation and the Japan Oil, Gas, and Metals National Corporation (JOGMEC). The NSMAXTM-GR-PS, distinguished by Nippon Steel’s unique connection design, ensures seamless and highly stable fastening. Its advanced sealing performance, coupled with precise fastening position management, enhances tripping efficiency through rapid connection fastening. This innovative connection ensures efficient and stable installation, reducing the risk of cross-threading and galling, and delivers reliable sealing performance with an improved thread design capable of withstanding 100% VME liquid and 2,000 psi gas.
The oil country tubular goods (octg) market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
………..
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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