Oil Country Tubular Goods Market Outlook 2023-2028: Industry Share, Trends, Analysis and Forecast

IMARC Group, a leading market research company, has recently releases a report titled "Oil Country Tubular Goods Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The study provides a detailed analysis of the industry, including the global oil country tubular goods market report , share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big is the Oil Country Tubular Goods Market?

The global oil country tubular goods (OCTG) market size reached US$ 23.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 34.0 Billion by 2028, exhibiting a growth rate (CAGR) of 6.3% during 2023-2028.

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Oil country tubular goods (OCTG) refers to a range of steel tubular products designed for use in the harsh and demanding conditions of oil and gas wells. They include casing, tubing, and drill pipes, each with specific functions vital to the extraction of hydrocarbons from deep beneath the surface of the Earth, wherein the casing is installed in the wellbore to provide structural support. It also isolates various geological formations and ensures the integrity of the well. On the other hand, tubing is used to transport oil or gas from the reservoir to the surface. It allows for the efficient flow of hydrocarbons while protecting the well from corrosive substances and high-pressure conditions. Besides this, drill pipes are employed during the drilling process, providing the means to transmit drilling fluid and torque to the drill bit. They are subjected to extreme conditions, including high-pressure environments and corrosive liquids.

What are the growth prospects and trends in the oil country tubular goods industry?

Rapid industrialization and the escalating demand for energy consumption represent one of the key factors positively driving the need for OCTG products to access new reserves and maintain existing wells. Apart from this, the development of horizontal drilling and hydraulic fracturing is catalyzing the demand for specialized OCTG products designed to withstand the complex conditions associated with these methods.

Furthermore, various countries with substantial oil and gas reserves are increasing their exploration and production efforts, which is driving the demand for OCTG products. Moreover, regulatory bodies, such as the American Petroleum Institute (API), are continually updating and refining standards to ensure the safety and environmental responsibility of oil and gas operations, which is offering a favorable market outlook.

Besides this, various OCTG manufacturing companies are increasingly focusing on eco-friendly practices like recycling and reusing OCTG products and developing coatings and materials with reduced environmental impact, which is strengthening the growth of the market. In addition, continuous investments in energy infrastructure, including pipelines, refineries, and storage facilities are facilitating the market growth.

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Report Segmentation:

The report has segmented the market into the following categories:

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

Some of the Top Key players in the Oil Country Tubular Goods 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.

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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This release was published on openPR.