"Actionable Insights to Fuel Your Growth"

Oil Country Tubular Goods (OCTG) Market Size, Share & Industry Analysis, By Process (Seamless and Welded), By Product (Well Casing, Production Tubing, Drill Pipe, and Others), By Application (Onshore and Offshore) Regional Forecast, 2019-2026

Region : Global | Format: PDF | Report ID: FBI101396

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version
COVID-19 Cover

We are in process of revamping Oil Country Tubular Goods Market with respect to COVID-19 Impact.

Inquire before buying

Oil and gas is a quintessential part of the economic growth of the world. Hydrocarbons are immensely used in varied industry verticals such as transportation, power generation, production, and process, among others. The rise in the consumption of oil and gas has resulted in increased exploration and production activities. Governments and prominent hydrocarbon operators around the world are consistently investing in the extraction of oil and gas. Drilling is an essential activity to extract hydrocarbon, and OCTG is necessary while carrying out drilling operations. Oil country tubular goods are a consolidation of different steel tubular products such as well casing, production tubing, and drill pipe, which are used to carry out drilling without any interruption. Tubular can be seamless or welded pipes manufactured in various grades and sizes. Well casing is the structural component of the well, providing hole integrity and stability to avoid collapsing of the well while drilling. Different casings are used according to characteristics of the borehole, such as conductor casing, surface casing, and production casing among others. The casing is essential in drilling to avoid contamination of groundwater. On the other hand, production tubing is a hollow pipe through which hydrocarbons are transported to the surface. It also serves as a protection of the well casing against corrosive fluids, paraffin, and wear & tear. Drill pipe is threaded seamless pipe that provides rotation for the downhole assembly and circulates fluids. Oil country tubular goods are used in both onshore and offshore applications. However, the onshore segment accounts for a substantial share in overall drilling operations in the world. Growing consumption of oil and gas may exhibit robust growth for drilling activities that are set to uplift the OCTG market.


Request a sample to learn more about this report.


North America is anticipated to influence the global oil country tubular goods market owing to the rising number of drilling operations in the U.S. and Canada. Favorable government policies and a nourishing business environment saw steady growth in exploration and production activities. The shale revolution in the U.S. adds an impactful scenario in leveraging drilling activities. In the upcoming years, the U.S. will become the net exporter of natural gas due to the heightened extraction of shale gas. Exploration and production activities in the U.S. are stimulated by increasing demand for oil and gas around the world. Simultaneously, the presence of some of the prominent companies in the world is set to boost the drilling operations in the region which set to inflate OCTG market. An executive data summary of World Oil presented in 2018 projected a 12% increase in U.S. drilling activities, with a 4.6% rise in global drilling activity.


MARKET DRIVERS


“Growing Drilling Operations Projected to Inflate the Market


The economic resurgence in many parts of the world resulted in increased consumption of energy. Oil and gas is the primary source in the overall energy outlook of the world. Hydrocarbons are extensively used in several operations such as power generation, transportation, processing, and manufacturing, among others. One of the leading OCTG market trends is the exponential investments by oilfield service providers and operators in exploration and production activities to meet such massive demand for oil and gas. A remarkable growth in drilling operations in various parts of the world and the steady growth of the industry are likely to brighten the OCTG market outlook.


 “Exponential Potential In Discovering Conventional and Unconventional Reserves to Fuel the Market”


Government and private entities are expressing a keen interest in discovering new oil well reserves to meet future energy demands. A large chunk of investment by prominent companies in unlocking significant oil and gas reserves set to drive the oil country tubular goods market. Furthermore, the shale gas revolution in the U.S. attracting more investors to invest in the exploration of unconventional fuel sources. Also, many countries are striving hard to reduce the foreign exchange on imports of hydrocarbons by discovering conventional and unconventional reserves in their territorial boundaries, which is fueling the OCTG market growth.


SEGMENTATION


By Process Analysis


“Seamless Pipes Exhibited Exponential Growth Owing To Massive Drilling Activities”


Conventional energy resources represent a sizeable amount in the world energy scenario, especially hydrocarbons that are extensively used in varied industry verticals for various operations. To perform extensive requisition operations for oil and gas, operators are persistently carrying out drilling activities across the world. Seamless pipes are preferred over welded ones because of their ability to withstand extremely high pressure without cracking. Furthermore, they offer uniformity of shape and avoid the possibility of a weak seam that makes it suitable for high-pressure applications such as hydrocarbon exploration and production. On the other hand, welded pipes are more cost-effective than their counterparts and can be easily customized according to operational requirements.


By Product Analysis


“Well Casing is Quintessential to Isolate Groundwater and Minimize Formation Contact”


Well casing is a quintessential component in drilling as it helps to avoid contamination of groundwater and provides stabilization for uninterrupted drilling operations. It also supports the wall of the well so that unconsolidated sand or rock fragments, through which the well is penetrated, do not collapse into the well shaft. Casing is very essential in protecting electrical wires, pull cable, and water tubing or piping that is connected to the submersible pump.


To know how our report can help streamline your business, Speak to Analyst


Different types of casing are used to control well pressure during the drilling, production, and workover operations such as conductor casing, surface casing, intermediate casing, production casing, liner, and liner tieback casing. In addition, the cost of the casing is a major part of the overall well cost. Hence, the selection of a suitable casing is very important. Subsequently, production tubings are deployed to transfer oil and gas from primary formation to the surface field, while drill pipe provides an effective connection to the rig surface equipment.


By Application Outlook


“Prodigious Investment Likely To Underpin Onshore Segment”


Key oil and gas operators around the globe are majorly investing in onshore drilling operations to produce a substantial amount of hydrocarbons. Onshore drilling has been carried out over several decades with much ease than its counterpart. The transportation of oilfield equipment from one place to another is much easier as compared with the offshore applications. Besides, the cost of land-based drilling is quite low as compared to offshore operations owing to the easy availability of work fore and excellent flexibility over planning. However, even though the onshore segment continues to dominate the global energy outlook, the offshore drilling segment will experience steady growth during the forecasted period owing to substantial potential in recovering hydrocarbons.  


REGIONAL ANALYSIS


Global economic progress in 2019 exhibited relatively slow progress due to the US-China trade war and economic slowdown in emerging economies. North America is projected dominate the OCTG market share owing to enormous drilling activities across the region. Favorable government policies and investment by some of the notable players in the market are likely to ensure robust growth for the oil country tubular goods market. The U.S. has continuously focused on leveraging the production of oil and gas to balance the supply-demand ratio. Also, the shale revolution and huge potential in unlocking new reserves are expected to drive the market.


North America Oil Country Tubular Goods (OCTG) Market Size, 2018

To get more information on the regional analysis of this market, Request a sample


Furthermore,  Latin America demonstrated substantial growth over the years as Brazil, Mexico, Argentina, and Venezuela among others, are extensively investing in discovering new reserves for future energy requisition. Consequently, several key industrial players are showing keen interest in the region for investing in exploration activities that are likely to expand the OCTG market size. Steady growth is observed in European countries even though most of the countries are switching towards renewable energy sources. However, there is enough potential for the hydrocarbon industry as UK, Germany, Norway, and Russia, among others, are focusing on increasing their domestic production. On the other hand, Asia-Pacific will experience slower growth owing to a lack of technological advancement and slowdown of economies. Oil-rich nations in the Middle East & Africa continue to expand their projects to increase oil and gas production. Saudi Arabia, UAE, Oman, Kuwait, Algeria, Angola, and Egypt, among others, are extensively investing in drilling operations to meet the increasing demand for oil and gas.


INDUSTRY KEY PLAYERS


“Tenaris and TMK Expected to Dominate the Market”


Tenaris is one of the established players in the oil country tubular goods market, which supplies steel pipe products and related services for the hydrocarbon industry and other industrial applications. The customer portfolio of the company includes some of the eminent oil and companies along with engineering companies engaged in utility operations, transportation, and constructing oil and gas gatherings. Furthermore, other players in the market offer a comprehensive product range for a number of applications, according to the OCTG market analysis.


List Of Key Companies Covered:



REPORT COVERAGE


Over the years, the oil and gas industry has expanded at a rapid pace owing to the increasing demand for hydrocarbons in almost every sector. In a bid to cope with such an extensive requisition for oil and gas, the operators across the world are continually investing in exploration and production activities. Drilling activities are continuously increasing across the globe to meet the growing demand for oil and gas. Oil country tubular goods are an essential component used while drilling. It helps in isolating groundwater from the rock formation, stabilizing well structure, transporting oil and gas from primary formation field to surface, etc. The report elaboratively delineates different aspects of the report like process, product, and technologies that will set boost the market.


An Infographic Representation of Oil Country Tubular Goods Market

To get information on various segments, share your queries with us



The OCTG market report offers an elaborative analysis of numerous factors affecting the global oil country tubular goods market. These include opportunities, growth drivers, threats, key developments, and restraints. In addition to this, it further helps in analyzing, segmenting, and defining the market based on different segments such as process, product, and application, among others. It strategically analyzes several strategies such as product innovations, mergers, alliances, joint ventures, and acquisitions adopted by players in the industry.


Report Scope & Segmentation











































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD Billion)



Segmentation



By Process



  • Seamless

  • Welded



By Product



  • Well Casing

  • Production Tubing

  • Drill Pipe

  • Others



By Application



  • Onshore

  • Offshore



By Geography



  • North America (U.S. and Canada)

  • Latin America (Brazil, Mexico, Argentina, Venezuela, and Rest of Latin America)

  • Europe (UK, Germany, Norway, Russia, and Rest of Europe)

  • Asia-Pacific (China, India, Indonesia, Thailand, Australia, and Rest of Asia-Pacific)

  • Middle East & Africa (Saudi Arabia, UAE, Oman, Kuwait, Algeria, Angola, Egypt, and Rest of Middle East & Africa)



INDUSTRY DEVELOPMENT:



  • In August 2019, A multi-billion contract has been awarded by ANDOC to a consortium representing Tenaris, Vallourec, and Marubeni Corporation for procurement of casing and tubing. The combined worth of the contract is around AED 13.2 billion (USD 3.6 billion). The agreement will provide ANDOC more flexibility to promptly respond to its customers around the world.

  • In March 2019, Tenaris entered into a definitive agreement to acquire IPSCO tubular from Russian company PAO TMK, manufacturer of steel pipe for USD 1,209 million. With this acquisition, Tenaris will enhance its position in the market. 

  • In March 2019, Vallourec has secured a contract from Thailand's national oil company PTTEP to deliver more than 3,000 tonnes of oil country tubular goods (OCTG) for its Myanmar M9 west exploration project


Frequently Asked Questions

Fortune Business Insights says that the oil country tubular goods (OCTG) market was valued at USD 17.92 billion in 2018.

The global oil country tubular goods (OCTG) market is projected to reach USD 31.54 billion in 2026.

The oil country tubular goods market is anticipated to grow at a CAGR 7.4% in the forecast period.

The Oil Country Tubular Goods (OCTG) market in North America was valued at USD 7.72 billion in 2018.

Well casing segment is likely to dominate the oil country tubular goods market due to rising exploration activities during the forecast period.

Unprecedented drilling activities across the world to meet the rising demand for oil and gas likely to boost the market, while uncertainties in the international crude oil prices might inhibit the growth of the oil country tubular goods market.

Tenaris, TMK, Vallourec, United States Steel Corporation, and National Oilwell Varco, among others, are some of the top companies in the oil country tubular goods (OCTG) market.

Oil country tubular goods (OCTG) are necessary to carry out drilling operations safely and efficiently with minimum possible hazards to the surrounding environment and groundwater.

Oil Country Tubular Goods Market  Size, Share and Global Industry Trend Forecast till 2026
  • Jan, 2020
  • 2018
  • 2015-2017
  • 130

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . More info.
X