OCTG Market by Product and Geography - Forecast and Analysis 2021-2025

The oil country tubular goods (OCTG) market share is expected to increase by USD 11.67 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 5.39%.

This OCTG market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers OCTG market segmentation by product (seamless and welded) and geography (North America, APAC, Europe, MEA, and South America). The OCTG market report also offers information on several market vendors, including ArcelorMittal SA, Hunting Plc, JFE Holdings Inc., Jindal SAW Ltd., Nippon Steel Corp., PAO TMK, Tenaris SA, The Weir Group Plc, United States Steel Corp., and Vallourec SA among others.

What will the OCTG Market Size be During the Forecast Period?

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OCTG Market: Key Drivers and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing investments in upstream activities are notably driving the oil country tubular goods market growth, although factors such as environmental concerns related to drilling may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the OCTG industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key OCTG Market Driver

Increasing investments in the upstream oil and gas sector will lead to a rise in oil and gas E&P activities, which stimulates the use of OCTG products, such as drill pipes, casing, and tubing. Moreover, with the rising population and industrial development, energy security is becoming crucial for meeting the demand for energy. Additionally, to maximize the revenue for conventional oilfields, oil and gas operators are increasingly investing in mature oil and gas fields. Governments are also increasing oil and gas production as a part of their initiatives to ensure energy security. For instance, the Indian Government notified changes in the New Exploration and Licensing Policy (NELP) to attract private and foreign investments in oil and gas E&P activities. As a result, there is an increase in exploration activities in untapped oil and gas reservoirs. This will significantly influence oil country tubular goods market growth over the forecast period.

Key OCTG Market Challenge

Oil and gas drilling activities cause severe damage to the environment, including oil spills, air and water pollution due to toxic chemical emissions, and climate change due to methane emissions. In the deepwater drilling process, drilling fluids are used to cool and lubricate drill bits and pipes. These fluids release toxic chemicals into the water, which can affect marine life. Fracking also has a negative impact on the environment. Fracking produces large amounts of wastewater containing dissolved chemicals and contaminants. The uncertainty of methane emitted into the atmosphere during the fracking process can have a harmful effect on the climate. Also, improper well construction and handling may result in spills and leaks of fracturing fluids. Violation of laws or international mandates due to spillage of oil or any oil-related products into the environment entails sizeable penalties that vary significantly both at the regional as well as international level. Therefore, environmental concerns related to oil and gas E&P activities will significantly impede the growth of the OCTG market during the forecast period. 

This OCTG market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major OCTG Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

• ArcelorMittal SA
• Hunting Plc
• JFE Holdings Inc.
• Jindal SAW Ltd.
• Nippon Steel Corp.
• PAO TMK
• Tenaris SA
• The Weir Group Plc
• United States Steel Corp.
• Vallourec SA

This statistical study of the OCTG market encompasses successful business strategies deployed by the key vendors. The oil country tubular goods market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The OCTG market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for OCTG Market?

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46% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for OCTG in North America. Market growth in this region will be faster than the growth of the market in Europe, MEA, and South America.

The increase in onshore and offshore oil and gas projects and the rising investments and initiatives undertaken by various governments will facilitate the OCTG market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Product Segments in the OCTG Market?

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The OCTG market share growth by the seamless segment will be significant during the forecast period. Superior mechanical properties of seamless OCTG, such as high tensile strength, have resulted in their increased utilization in high-pressure drilling environments. Seamless OCTG is more reliable than welded OCTG due to the absence of any welded seam, which can be the source of leakage. Furthermore, it is easy to calculate the pressure of seamless pipes accurately. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the oil country tubular goods market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this OCTG Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive OCTG market growth during the next five years
• Precise estimation of the OCTG market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the oil country tubular goods industry across North America, APAC, Europe, MEA, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of oil country tubular goods market vendors

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