Oil Country Tubular Goods (OCTG) Market to Grow at a CAGR of 6.09% over 2025 to 2032; Technological Advancements in Oil Extraction to Drive Market Growth

The global oil country tubular goods (OCTG) market size was valued at USD 35.34 billion in 2024. It is projected to grow from USD 37.82 billion in 2025 and is expected to reach USD 57.20 billion by 2032, exhibiting a CAGR of 6.09% during the forecast period. Fortune Business Insights™ presents this information in its report titled “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), and Regional Forecast, 2025-2032”.

Oil Country Tubular Goods (OCTG) refers to casing, drilling, and tubing essential for oil and gas well operations. API standards such as API ACT (tubing/casing) and API 5DP (drill pipes) ensure safety and durability. These specifications govern material composition, testing, and quality control to maintain industry reliability. The expansion of drilling activities and technological advancements in oil extraction are driving demand for the product.

Vallourec Secured Contract with Petrobras to Supply Premium OCTG and Accessories for Advanced Sepia 2 and Atapu 2 Offshore Projects

Vallourec won a major Petrobras contract in September 2024 to deliver premium OCTG and accessories for the Sepia 2 and Atapu 2 developments, supporting cutting-edge offshore operations.

Increasing Energy Demand to Encourage Market Growth

Rising energy demand from industrialization and urbanization in developing nations drives oil and gas exploration, boosting the market. Despite the shift toward sustainable energy, fossil fuels remain vital in the short to medium term. Government initiatives supporting domestic oil production and ongoing investments in new reserves further strengthen oil country tubular goods (OCTG) market growth.  

However, fluctuations in crude oil prices impact exploration and drilling activities are leading to uncertain demand for OCTG products.

Industry Participants Focus on Securing a Deal to Expand its Storage Capabilities

Key players in the oil country tubular goods (OCTG) market include US Steel, Vallourec, and ArcelorMittal. US steel, through its tubular segment, produces seamless and ERW steel casing and tubing for gas, oil, and petrochemical sectors. In April 2025, Vallourec secured a contract to supply OCTG to Sonatrach, with deliveries spanning 2025 and 2026 and revenue expected to exceed USD 250 million. Tenaris, meanwhile announced a USD 16 million investment in its Midland Center to expand storage by 25,000 tons and improve logistics. 

List of Key Players Mentioned in the Report:

• Tenaris
• Vallourec
• US Steel
• Hunting PLC
• ArcelorMittal
• Voestalpine AG
• Nippon Steel Corporation
• Tubos Reunidos S.A.
• Benteler
• JFE Steel Corporation

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/oil-country-tubular-goods-market-101396

Key Industry Development:

• March 2024- ArcelorMittal strengthened its position in the steel sector by acquiring a strategic stake in Vallourec from Apollo Global Management Inc. for approximately USD 1.04 billion.

Further Report Findings

• North America captures the key oil country tubular goods (OCTG) market share, driven by expanding exploration activities and advanced drilling technologies. The U.S. leads this growth, with hydraulic fracturing and horizontal drilling unlocking cast shale and tight oil reserves. Government policies promoting energy independence and continued innovation in drilling methods further boost OCTG demand in the country.
• Asia Pacific’s growing energy demand, fueled by urbanization and industrialization in China, India, and Southeast Asia, is driving market growth. Expanding exploration and production activities, alongside government policies such as India’s HELP initiatives, are set to accelerate domestic oil and gas development, boosting OCTG demand.
• Latin America’s OCTG market is poised for growth, led by Brazil and Mexico. With the world’s largest ultra-deep oil reserves, Brazil attracts global investments through energy reforms and new discoveries. Rising exploration and production activities will further fuel OCTG demand across the region.   

Table of Segmentation