Oil Country Tubular Goods (OCTG) Market Report by Product (Well Casing, Product Tubing, Drill Pipe, and Others), Manufacturing Process (Electric Resistance Welded (ERW), Seamless), Grade (API Grade, Premium Grade), Application (Onshore, Offshore), and Region 2024-2032

Oil Country Tubular Goods (OCTG) Market Report by Product (Well Casing, Product Tubing, Drill Pipe, and Others), Manufacturing Process (Electric Resistance Welded (ERW), Seamless), Grade (API Grade, Premium Grade), Application (Onshore, Offshore), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A5136
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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 
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
USD 24.5 Billion
Market Forecast in 2032
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.

Oil Country Tubular Goods (OCTG) Market

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:

Oil Country Tubular Goods (OCTG) Market By Product

  • Well Casing
  • Product Tubing
  • Drill Pipe
  • Others
     

Breakup by Manufacturing Process:

  • Electric Resistance Welded (ERW)
  • Seamless
     

Breakup by Grade:

  • API Grade
  • Premium Grade
     

Breakup by Application:

  • Onshore
  • Offshore
     

Breakup by Region:

Oil Country Tubular Goods (OCTG) Market By Region

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • 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)

Key Questions Answered in This Report

The global oil country tubular goods (OCTG) market was valued at USD 24.5 Billion in 2023.

We expect the global oil country tubular goods (OCTG) market to exhibit a CAGR of 5.7% during 2024-2032.

The rising utilization of Oil Country Tubular Goods (OCTG) in drilling activities, owing to the increasing deep-water exploration in remote areas with complex environment, is primarily driving the global oil country tubular goods (OCTG) market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary halt in numerous exploration and production activities, thereby hampering the overall demand for OCTG.

Based on the product, the global oil country tubular goods (OCTG) market has been segmented into well casing, product tubing, drill pipe, and others. Among these, well casing holds the majority of the total market share.

Based on the manufacturing process, the global oil country tubular goods (OCTG) market can be divided into Electric Resistance Welded (ERW) and seamless. Currently, Electric Resistance Welded (ERW) exhibits a clear dominance in the market.

Based on the grade, the global oil country tubular goods (OCTG) market has been categorized into API grade and premium grade, where premium grade currently accounts for the majority of the global market share.

Based on the application, the global oil country tubular goods (OCTG) market can be segregated into onshore and offshore. Currently, onshore holds the largest market share.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.

Some of the major players in the global oil country tubular goods (OCTG) market include 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.

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Oil Country Tubular Goods (OCTG) Market Report by Product (Well Casing, Product Tubing, Drill Pipe, and Others), Manufacturing Process (Electric Resistance Welded (ERW), Seamless), Grade (API Grade, Premium Grade), Application (Onshore, Offshore), and Region 2024-2032
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