Press release
Oil Country Tubular Goods (OCTG) Industry is Expected to Reach US$ 34.0 Billion by 2028, CAGR 6.3%
Oil Country Tubular Goods Market
Oil country tubular goods (OCTG) refer to the seamless rolled products that are essential while carrying out drilling operations. They comprise different steel tubular products, such as well casing, production tubing, and drill pipe, which is utilized in drilling, operation, and equipment of wells for oil and gas production. They are manufactured in various grades and sizes to resist cracking and assist drilling without any interruption. Besides this, they aid in preventing unwanted fluids and gases from entering the well. As a result, OCTG finds applications in onshore and offshore exploration and extraction across the globe.
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Oil Country Tubular Goods (OCTG) Market Trends and Drivers:
At present, the increasing exploration and production (E&P) activities represent one of the key factors strengthening the market growth. In addition, the rising discoveries of conventional and unconventional reserves are offering a positive market outlook.
Apart from this, various technological advancements, such as hydraulic technology and horizontal drilling, are offering lucrative growth opportunities to industry investors. Additionally, the growing need to maintain the balance in the production of crude oil and gas to avoid any loss of money, machinery, and resources is positively influencing the market.
Furthermore, the rising demand for premium OCTG around the world is supporting the growth of the market.
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Global Oil Country Tubular Goods (OCTG) Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
The report has segmented the market on the basis of region, product, manufacturing process, grade and application.
Breakup 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:
• 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
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Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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Oil Country Tubular Goods (OCTG) Market : https://www.imarcgroup.com/oil-country-tubular-goods-market
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