Global OCTG Market 2020: Global Analysis, Business Strategy and Forecast to 2023
Posted by mrfr123 on April 20th, 2020
OCTG (Oil Country Tubular Goods) Market Overview:
As per the reports published by Market Research Future, the GlobalOCTG Market is likely to generate a revenue of USD 43 billion by 2023. The market is expected to expand at 7.14% CAGR. The Oil Country Tubular Goods (OCTG) are the constituents that find wide application in the production of oil and gas from the well. The acronym for Oil Country Tubular Goods is OCTG. Appropriate usage of OCTG could aid in reducing the probabilities of any hazard, risks, and mishaps that eventually save the cost of production of the company. It encompasses tubing, casing, drill pipe, etc. Oil and gas sector being extremely capital intensive, needs to strike balance in the production of gas and crude oil to prevent any loss of equipment, resources, and money. This propels the worldwide OCTG market. Innovative equipment and technological advances are anticipated to stimulate the market growth to a large extent.
Additionally, the growth of OCTG is highly driven by increasing outlay in upstream segment of the oil & gas sector, extraordinary development in shale gas reserves, and the surging activities related to oil and gas production. Besides, the increasing rate of offshore activities is driving the Oil Country Tubular Goods market considerably. Moreover, the incessant endeavors of the oil industry to expand their rigs in the regions such as Asia Pacific and North America eventually assisted in boosting the production of wells.
OCTG Market Segmentation:
Global OCTG market has been segmented based on make, grade, type, and region. Based on make, the market has been segmented into seamless or welded materials. The seamless pipe segment is likely to dominate the market owing to its mechanical attributes such as pressure handling capability and tensile strength in offshore drilling, which facilitate operational efficacy. Based on grade, the market has been segmented into API and premium, that have been categorized based on their attributes such as temperature, thermal compatibility, and ductility. Based on type, the market has been segmented into casing, drill pipe, and tubing. Casing safeguards the layer of groundwater, perforating fluid, and soil contamination by drilling mud. Drill pipes are sturdy steel pipes that carry the force to drill bits. Tubing is the central wall of well. It assists in the transportation of fluid from bottom to top. Finally, based on region, the global OCTG market has been segmented into Europe, North America, Latin America, Middle East, and Asia Pacific.
North America represented the largest market share over the last decade and the trend is likely to prevail over the forecast period. Markets such as China and the U.S. are also estimated to drive the demand for oil country tubular goods. Specifically, in the U.S., the rig count has surged by 135 in comparison to the last year run by Baker Hughes. Within the Asia Pacific market, the number of rigs in Australia has expanded by 15 making the rig count of Asia Pacific surge by 12%. China is also developing their production and drilling operations to bring about the wellbeing of the economy. The key factors influencing the growth of oil country tubular goods within the APAC market include innovative drilling activities, appropriate usage of technology, skill of the operator to drill a well efficiently, and reduced time consumption in well-pipe installation. OCTG expects extensive application within the contemporary reserves such as coal bed methane.
The global OCTG market has been dominated by key players such as Vallourec (France), Nippon Steel & Sumitomo Metal Co. (Japan), National Oilwell Varco (U.S.), Tenaris(Europe), Steel Tubular Products Inc(NA)., TMK (U.S.), Anhui Tianda Oil Pipe Company(China), and Continental Alloys (Malaysia), ILJIN STEEL CO (S. Korea).
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.Also See: Octg Market, Tubular Goods, Oil Country, Country Tubular, Oil, Octg, Market
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