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OCTG Market is projected to rise with CAGR of 7.09% through 2027.
Oil country tubular goods (OCTG) market are components used in the production of oil and gas from wells. Proper use of OTCGs may help to reduce the probability of mishaps, hazards, and risks that eventually reduce the cost of production of a company. OCTGs are tubular products used in the production and exploration activities on offshore and onshore reserves. OCTGs are a group of seamless rolled products consisting of drill pipes, casings, and tubing, which are subject to loading conditions in accordance with their particular applications. These products are some of the critical tools used in the oil and gas exploration process.
Market Research Future (MRFR) report on the global oil country tubular goods market is a detailed assessment that provides a holistic overview of the industry. The report examines the COVID-19 overview of the global Oil Country Tubular Goods Market and offers a detailed summary of market segments, recent developments, growth forecasts, and market challenges from 2018 to 2026 (forecast period) to identify business opportunities.
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Market Dynamics
Increased exploration & production (E&P) activities and increased production of sour crude are factors propelling the growth of the OCTG market. North America and the Middle East and Africa are the regions with the world's highest oil production. Moreover, the majority of the oil produced in these regions is sour crude. Oil production in these regions has increased steadily over the last few years due to the improvement of the global economy.
In addition, the sour crude prices are lower than the sweet crude prices due to the high refining costs of the latter. This is a crucial factor driving the increasing production of sour crude during the forecast period. As stated by the BP Statistical Review of World Energy in 2019, crude oil production in North America rose from 20,157 TBPD in 2017 to 22,587 TBPD in 2018. This figure is projected to increase further during the forecast period. In addition, the demand for diesel is increasing due to the rise in electricity generation and motor vehicle production. Sour crude is extremely corrosive, and high-quality OCTGs are used to mitigate the possibility of leakage into the surroundings. Owing to the highly corrosive nature, premium grade products that will be operable for a longer period in the oil well are mostly used to produce sour crude.
Market Segmentation
The global Oil Country Tubular Goods Market Size has been segmented based on the manufacturing process and grade.
Regional Analysis
Region-wise, the global oil country tubular goods market has been segmented into five major regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
North America is projected to retain a large market share during the forecast period due to increased well-drilling, increased exploration, and production activities in the oil and gas industry, and increased sour crude production.
Key Players
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Tables Of Contents
1 Executive Summary
2 Research Methodology
3 Market Dynamics
4 Global Oil Country Tubular Goods Market, By Reactor Type
5 Global Oil Country Tubular Goods Market, By Strategy
6 Global Oil Country Tubular Goods Market, By Capacity
7 Regional Market Analysis
8 Competitive Analysis
9 List of Tables
10 List of Figures
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