OCTG Market to Obtain a CAGR of 5.95% to Reach USD 24.07 billion by 2026 – Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Oil Country Tubular Goods Market Boost by Increasing demand for high-end pipes, as well as the introduction of technologically sophisticated pipes
New York, US, April 27, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), OCTG Market Information by Type, Make, Grade, and Region - Forecast till 2030", Between 2022 and 2030, the OCTG (Oil Country Tubular Goods) Market can obtain a CAGR of 5.95% to reach USD 24.07 billion by 2026.
OCTG (Oil Country Tubular Goods) Market Overview
The world's economic expansion is fundamentally dependent on the production of oil and gas. In many different industrial sectors, including transportation, power generation, and manufacture, hydrocarbons are extensively employed. Exploration and production operations have expanded as a result of the growth in oil and gas demand. To extract hydrocarbon, drilling is a crucial process, and it takes OCTG to complete drilling operations. Oil country tubular goods, which are used to conduct drilling without pause, are a collection of various steel tubular items such well casing, production tubing, and drill pipe. Tubular pipes come in a variety of grades and diameters and can be either seamless or welded. Depending on the borehole's features, several casings are employed, including conductor, surface, and production casing.
Market Competitive Landscape:
The affluent firms in the OCTG (Oil Country Tubular Goods) Market include
Major OCTG (Oil Country Tubular Goods) market participants are strategically focusing on mergers and acquisitions to increase their geographical reach and overall product portfolios. Famous companies are also actively focusing on forming alliances to employ OCTG products in specific critical applications.
OCTG (Oil Country Tubular Goods) Market Segmentation
By Manufacturing
With respect to the manufacturing process, the oil country tubular goods market can be considered for seamless as well as electric resistance welded (ERW).
By Grade
Grade-wise, the oil country tubular goods market segments are API grade along with premium grade.
By Application
Top applications of OCTG are tubing, casing, and drill pipe.
By Propulsion Type
Key propulsion types are premium and API.
Report Scope:
Report Metrics
Details
Market Size 2030
2026: 24.07 Billion USD 2030: Significant Value
CAGR during 2022-2030
5.95% CAGR
Base Year
2021
Forecast
2022-2030
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Market Opportunities
Economic development
Key Market Drivers
Requirement of maintaining the balance in production of crude oil and gas to avoid any loss of money, machinery and resources
Browse In-depth Market Research Report (120 Pages) onOCTG (Oil Country Tubular Goods) Market:
OCTG (Oil Country Tubular Goods) Market USP Covered:
Market Drivers:
Several regions of the world experienced an increase in energy usage as a result of the economic recovery. In terms of global energy prospects, oil and gas are the main sources. The production of power, transportation, processing, and manufacturing are only a few of the processes in which hydrocarbons are widely employed. The significant expenditure by oilfield service providers and operators in exploration and production operations to fulfill the demand for oil and gas is one of the key trends in the OCTG industry. The forecast for the OCTG (Oil Country Tubular Goods) Market is projected to improve as a result of a notable increase in drilling operations around the globe and the industry's consistent expansion.
To satisfy future energy demands, both public and private organizations have expressed a strong interest in finding additional oil well deposits. The market for tubular products in oil-producing countries is expected to be driven by major investments made by well-known corporations in releasing huge oil and gas reserves. More investors also decided to put money into the investigation of unconventional fuel sources as a result of the shale gas revolution in the United States. Also, a lot of nations are working hard to cut back on hydrocarbon imports by finding conventional and unconventional deposits inside their borders, which is propelling the growth of the OCTG (Oil Country Tubular Goods) Market.
Market Restraints:
Surging import taxes in the US are probably going to restrain market growth in the years to come.
Challenges to the market expansion include the depletion of oil and gas reserves, fluctuating crude oil prices, environmental issues, and global political and economic instability.
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Because of lockdowns, company closures, and travel restrictions, the pandemic epidemic has had an impact on the economics and businesses of many different countries. One of the key sectors dealing with significant disruptions is the global construction industry. These disruptions include supply chain breakdowns, decreased production and employee numbers, terminations of technology events, product distribution, and advertising, office closures because of curfews and lockdowns, and a decline in product sales.
With its prevalence and significant raw material suppliers, China is one of the world's leading industrial centers. The collapse of the global economy, supply chain difficulties, and industry closures brought on by the coronavirus outbreak are all having an effect on the growth of the worldwide market. The most recent pandemic outbreak began in Wuhan (a Chinese province) in the year 2019, and it quickly spread around the world. These elements disrupt the global market trend and growth of the OCTG (Oil Country Tubular Goods) Market.
Some oil and gas projects had been put on hold or delayed as a result of the COVID-19 outbreak because of travel restrictions, supply chain problems, and low crude oil prices. Due to many limitations put in place as a result of the epidemic, decreased oil demand in April 2020 caused a fall in crude oil prices. However, the market began to show indications of revival in early 2021 as a result of the nations' economic recovery.
OCTG (Oil Country Tubular Goods) Market Regional Insights
North America has had the fastest market growth over the past ten years, and this trend is anticipated to continue. A number of nations, including China and the United States, are striving to expand their OCTG and manufacturing industries. For example, there are now 135 more rigs in the United States that are run by Baker Hughes than there was the year before. Australia's rig count increased by 15, increasing the total number of rigs in the Asia Pacific by 12%.
The Asia Pacific region will rule over the projected period, with North America leading all other areas in 2018. The effective use of technology, lateral drilling operations, reduced time consumption in well-pipe installation, and the operator's technical competence to drill a well as swiftly and effectively as possible is some likely factors for this increase. According to projections, OCTG would be extensively used in unconventional reserves like coal bed methane.
Exploration and production operations steadily increased thanks to supportive government regulations and a supportive corporate climate. The US shale revolution presents a significant possibility for leveraging drilling operations. Due to increased shale gas production, the United States will eventually become a net exporter of natural gas. The rising global demand for oil and gas stimulates exploration and production activity in the United States. The presence of certain well-known corporations is also expected to increase drilling activities in the area, which will expand the OCTG (Oil Country Tubular Goods) Market. According to a Global Oil executive statistics brief provided in 2018, drilling activity will climb 4.6% globally and by 12% in the United States.
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