Oil Country Tubular Goods (OCTG) Market: 2021 Strategic Assessment,...

Oil Country Tubular Goods (OCTG) Market: 2021 Strategic Assessment, Research, Region

Posted 2021-05-25 08:13:41

Market Research Future (MRFR) report on the global oil country tubular goods (OCTG) market is a detailed assessment that provides a holistic overview of the industry. The report examines the COVID-19 overview of the global oil country tubular goods market and offers a detailed summary of market segments, recent developments, growth forecasts, and market challenges from 2018 to 2026 (forecast period) to identify business opportunities.

Oil country tubular goods (OCTG) are components used in the production of oil and gas from wells. Proper use of OTCGs may help to reduce the probability of mishaps, hazards, and risks that eventually reduce the cost of production of a company. OCTGs are tubular products used in the production and exploration activities on offshore and onshore reserves. OCTGs are a group of seamless rolled products consisting of drill pipes, casings, and tubing, which are subject to loading conditions in accordance with their particular applications. These products are some of the critical tools used in the oil and gas exploration process.

Regional Analysis

Region-wise, the global oil country tubular goods market has been segmented into five major regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

North America is projected to retain a large market share during the forecast period due to increased well-drilling, increased exploration, and production activities in the oil and gas industry, and increased sour crude production.

Key Players

The prominent participants in the global oil country tubular goods market are Tenaris S.A. (US), TMK Group (Russia), JFE Holdings, Inc. (Japan), Vallourec (France), National Oilwell Varco (US), Benteler Group (Austria), Tata Steel (India), Continental Alloys & Services (US), ACE O.C.T.G. Ltd (Malta), Jindal Saw Ltd. (India), Nippon Steel Corporation (Japan), United States Steel Corporation (US), ISMT LTD (India), Corpac Group (US), and ArcelorMittal (Luxembourg).

Market Dynamics

Increased exploration & production (E&P) activities and increased production of sour crude are factors propelling the growth of the OCTG market. North America and the Middle East and Africa are the regions with the world's highest oil production. Moreover, the majority of the oil produced in these regions is sour crude. Oil production in these regions has increased steadily over the last few years due to the improvement of the global economy. In addition, the sour crude prices are lower than the sweet crude prices due to the high refining costs of the latter. This is a crucial factor driving the increasing production of sour crude during the forecast period. As stated by the BP Statistical Review of World Energy in 2019, crude oil production in North America rose from 20,157 TBPD in 2017 to 22,587 TBPD in 2018. This figure is projected to increase further during the forecast period. In addition, the demand for diesel is increasing due to the rise in electricity generation and motor vehicle production. Sour crude is extremely corrosive, and high-quality OCTGs are used to mitigate the possibility of leakage into the surroundings. Owing to the highly corrosive nature, premium grade products that will be operable for a longer period in the oil well are mostly used to produce sour crude.

Market Segmentation

The global oil country tubular goods market has been segmented based on the manufacturing process and grade.

Based on the manufacturing process, the global oil country tubular goods market has been divided into electric resistance welded (ERW) and seamless.

Based on grade, the global oil country tubular goods market has been divided into API grade and premium grade.

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