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The Indonesia - oil country tubular goods (OCTG) market size is estimated to grow at a CAGR of 8.42% between 2023 and 2028. The market size is forecast to increase by USD 194.45 million. The growth of the market depends on several factors such as the increase in rig count, increasing focus on unconventional oil and gas exploration & production E and P activities, and the declining prices of raw materials.
This Indonesia oil country tubular goods (OCTG) market report extensively covers market segmentation by product (seamless and welded), application (onshore and offshore), and grade type (premium grade and API grade). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018-2022.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Declining prices of raw materials is the key factor driving market growth. Competitive pricing is essential to the commercial success of any equipment used in the oil and gas industry. For oil country tubular goods, drill pipe, casing, and tubing products, one of the main costs incurred is the cost of raw materials, which mainly includes steel. Consequently, any fluctuations in steel prices in Indonesia have a significant impact on the market. Nowadays, steel prices are low, which is expected to spur the demand for casings significantly.
Moreover, the oil country tubular goods market in Indonesia is expected to benefit significantly from the decline in raw material prices. The reduction in raw material prices will further increase the profits of oil country tubular goods manufacturers and will subsequently drive the growth of the market during the forecast period.
Advances in oil country tubular goods is the primary trend shaping market growth. The growth of oil and gas exploration and production activities through unconventional sources and offshore locations has resulted in a significant demand for oilfield tubular product connections to various specifications. and improved performance levels. Furthermore, as the operators require premium oil country tubular goods connections, vendors are providing advanced, premium oil country tubular goods, which address long laterals, increased torque requirements, and high load limits while maintaining cost-efficiency. The TenarisHydril product line by Tenaris offers premium connection design and technology.
Moreover, some market players are trying to increase the life span of oil country tubular goods. The adoption of high-speed ultrasonic systems has been increasing widely in the non-destructive testing of oil country tubular goods pipes. Such technologically cutting-edge products, which can enhance the oil and gas E&P activities, are likely to drive the Indonesia oil country tubular goods market during the forecast period.
Fluctuations in crude oil prices is a challenge that affects market growth. Falling crude oil and natural gas prices have negatively impacted the upstream oil and gas sector. Upstream companies are affected by crude oil price fluctuations because the selling price of crude oil is determined by the market, while production costs are fixed.
Consequently, expensive and capital-intensive E&P operations will have a negative impact on investment decisions and profits. Fluctuations in crude oil prices result in delayed or cancellation of oil and gas drilling activities, which will reduce the consumption of oil country tubular goods. Hence, fluctuation in crude oil prices may impede the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Indonesia Oil Country Tubular Goods (OCTG) Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ArcelorMittal: The company offers oil country tubular goods products such as casing, tubing and various tubular accessories according to all international standards that are manufactured from seamless hot rolled tubes and fitted with different types of connections.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The seamless segment is estimated to witness significant growth during the forecast period. Seamless oil country tubular goods are made in specialized mills employing round steel billets through hot rolling, cold rolling, or cold drawn processes and specially produced ingots. The excellent self-regulating effects of seamless oil country tubular goods, such as higher tensile strength, have resulted in their higher utilization in high-pressure drilling environments. This makes them more reliable compared to welded oil country tubular goods.
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The seamless segment was the largest segment and was valued at USD 167.65 million in 2018. In order to capitalize on the market opportunity, players such as Tenaris have been supplying seamless oil country tubular goods in Indonesia. Thus, with such helpful product characteristics and a rising number of offshore projects in Indonesia, which demand the use of seamless oil country tubular goods due to the harsh environmental conditions, the seamless segment of the Indonesia - oil country tubular goods market is expected to grow significantly during the forecast period.
The Indonesia oil country tubular goods (OCTG) market report forecasts market growth by revenue and analyzes the latest trends and growth opportunities from 2018 to 2028.
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Indonesia Oil Country Tubular Goods (OCTG) Market Scope |
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Report Coverage |
Details |
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Page number |
142 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.42% |
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Market growth 2024-2028 |
USD 194.45 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
8.12 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ArcelorMittal, Aristirta Elprima Putra, Besmindo Group, Hart Energy, Hunting Plc, JFE Holdings Inc., Nippon Steel Corp., NOV Inc., PAO TMK, PT Citra Tubindo Tbk, PT Indo Kaya Energi, PT Telaga Mas, PT Tridaya Esa Pakarti, PT Tubular Services Indonesia, PT. Bakrie Pipe Industries, Sumitomo Corp., Tenaris SA, Tenergy Equipment and Service Ltd., The Weir Group Plc, and Vallourec SA |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Market Segmentation by Grade Type
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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