Market Overview:
The global oil country tubular goods (OCTG) market size reached USD 24.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 40.7 Billion by 2032, exhibiting a growth rate (CAGR) of 5.7% during 2024-2032. At present, North America dominates the global oil country tubular goods market by region, driven by significant drilling activities.
Report Attribute
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Key Statistics
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Base Year
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2023
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Forecast Years
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2024-2032
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Historical Years
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2018-2023
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Market Size in 2023
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USD 24.5 Billion |
Market Forecast in 2032
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USD 40.7 Billion |
Market Growth Rate 2024-2032 |
5.7% |
Oil country tubular goods (OCTG) refers to seamless rolled products used in the oil and gas industry. They consist of drill pipe, casing, and tubing that are used in drilling, equipment, and operation of wells for oil and gas production. Amongst these, drill pipes are heavy seamless tubes that rotate the drill bit and circulate drilling fluid, whereas casing pipelines the borehole and is exposed to axial tension and internal pressure by the pumped oil and gas emulsion. On the other hand, tubing is a pipe through which the gasses and oils are transported from the wellbore. OCTG is manufactured of alloy steel or carbon using electric resistance welded (ERW) or seamless processes, which facilitates the safe and efficient transportation of oil and gas.
OCTG are widely used in drilling activities due to the increase in deep-water exploration in remote areas with complex environments. The increasing drilling operations across the globe is one of the key factors driving the growth of the market. Apart from this, rising exploration and production activities (E&P) and the implementation of various government initiatives to promote the discovery and extortion of oil and gas are anticipated to drive the market toward growth.
Oil Country Tubular Goods (OCTG) Market Trends:
Significant Technological Advancements
The widespread product adoption for the exploration of the onshore oil fields to develop a wide variety of chemical products and fuel on account of the increasing demand for energy resources are favoring the market growth. Moreover, the large-scale implementation of hydraulic fracturing technology and horizontal drilling to release reserves long held within the shale formations of rock are also providing an impetus to the market growth. Additionally, the widespread adoption of seamless pipes due to their ability to provide uniformity of shape and withstand extremely high pressure without cracking is positively impacting the oil country tubular goods market growth.
Expanding Opportunities in Conventional and Unconventional Reserves
There is a significant interest from both government and private sectors in the discovery of new oil reserves for catering to the demands of energy in the future. Increasing investments by leading companies in the market are helping unlock significant reserves of oil and gas, thereby driving the global market. In addition, the US shale gas revolution is attracting numerous investors in the exploration of alternative sources of fuel. Further, several countries across the world are focusing on reducing the foreign exchange on hydrocarbon imports by identifying both conventional and unconventional reserves within their territories, which is opportunistic for the market demand.
Increasing Focus on Sustainability and Environmental Impact
The growing emphasis on reducing environmental impact and supporting sustainability efforts is projected to revolutionize the market dynamics. With the evolving global energy demands, there is an increasing push toward the adoption of greener technologies and approaches in the oil & gas industry. This shift comprises the development of efficient products to alleviate the environmental risks, such as products with improved resistance to wear and corrosion, resulting in fewer spills and leaks. In addition, companies are increasingly investing in research and development activities for developing highly sustainable materials and enhancing the overall efficiency in drilling activities. This is encouraging innovation and feeling the demand for greener OCTG solutions.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global oil country tubular goods (OCTG) market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on product, manufacturing process, grade and application.
Breakup by Product:
- Well Casing
- Product Tubing
- Drill Pipe
- Others
Breakup by Manufacturing Process:
- Electric Resistance Welded (ERW)
- Seamless
Breakup by Grade:
Breakup by Application:
Breakup by Region:
- North America
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being ArcelorMittal S.A., EVRAZ plc, Iljin Steel Co. Ltd. (ILJIN Group), JFE Steel Corporation, Nippon Steel Corporation, NOV Inc., Oil Country Tubular Limited, Sumitomo Corporation, Tenaris S.A. (Techint), TMK Group, United States Steel Corporation and Vallourec S.A. These companies collectively hold the majority of the oil country tubular goods market share.
Report Coverage:
Report Features |
Details |
Base Year of the Analysis |
2023 |
Historical Period |
2018-2023 |
Forecast Period |
2024-2032 |
Units |
Billion USD |
Segment Coverage |
Product, Manufacturing Process, Grade, Application, Region |
Region Covered |
Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
Countries Covered |
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
Companies Covered |
ArcelorMittal S.A., EVRAZ plc, Iljin Steel Co. Ltd. (ILJIN Group), JFE Steel Corporation, Nippon Steel Corporation, NOV Inc., Oil Country Tubular Limited, Sumitomo Corporation, Tenaris S.A. (Techint), TMK Group, United States Steel Corporation and Vallourec S.A |
Customization Scope |
10% Free Customization |
Post-Sale Analyst Support |
10-12 Weeks |
Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |