OCTG Market expected to witness a significant growth rate of 6.90% by 2029.

According to the latest research report published by Market Data Forecast, the global oil country tubular goods (OCTG) market was valued at US$ 25 billion in 2023 and is anticipated to reach US$ 37.31 billion in 2029, registering a CAGR of 6.90% during the foreseen period from 2024 to 2029.

The oil-based tubular products market is predicted to experience strong expansion throughout 2024 -2029 due to increased drilling and production activities. The growing call for high-end pipes coupled with the advent of technologically advanced pipes. Proper selection of OCTG during drilling operations can lower overall costs and reduce the risk of causing hazards. Market expansion is also dependent on improved efficiency and advancement of well-drilling technology to improve the recoverability of oil and gas resources.

Global OCTG Market Report Scope:

• Market Size (2029): USD 37.31 billion
• Market Size (2023): USD 25 billion
• CAGR (2024 to 2029): 6.90%
• Base Year: 2023
• Forecast Period: 2024 to 2029
• Segments Analysed: Product, Grade, Product, and Geography
• Geographies Covered: North America, Europe, APAC, Latin America, and Middle East & Africa
• Key Market Players Profiled: Nippon Steel & Sumitomo Metal Co. (Japan), Vallourec (France), Tenaris (Europe), National Oilwell Varco (U.S.), TMK (U.S.), Steel Tubular Products Inc (NA)., Iljin Steel Co (S. Korea), Continental Alloys (Malaysia), and Anhui Tianda Oil Pipe Company (China), and Others.

Market Drivers:

The OCTG market is gaining momentum due to the increasing use of Oil Country Tubular Goods in deep-water exploration in challenging locations.
The global increase in drilling activities is a significant factor driving market expansion. This is due to the rise in deep-water exploration in isolated locations with challenging surroundings. So, these are frequently employed in drilling operations. The market for onshore oil field exploration is expanding due to increasing energy resource demand, the use of horizontal drilling and hydraulic fracturing technologies, and the widespread use of seamless pipes. This growth is accelerated by government programs.
The rapid growth of shale reserves is providing a major incentive for natural gas exploration. Additionally, the market for premium-grade OCTG has benefited greatly from the increased natural gas output from shale reservoirs brought about by horizontal directional drilling.
Also, the market has expanded because of the rise in the use of high-end drilling equipment brought about by the expansion of deepwater exploration in isolated and hostile locations. One of the largest offshore deepwater deposits is in the Middle East, and production there is anticipated to rise over the projection period.
Additionally, the demand for Oil Country Tubular Goods (OCTG) is greatly impacted by geopolitical concerns and global energy security. For Example, the conflict between Russia and Ukraine. So, the crisis between Russia and Ukraine has raised geopolitical tensions. This has raised the price of crude oil and fueled the expansion of the OCTG market.

Market Restraints:

The fluctuations in oil prices limit the growth of the market. The demand for OCTG products is impacted by changes in oil prices since oil and gas companies modify their drilling operations accordingly. Furthermore, the market's expansion is being hampered by the increased competition from alternative materials and technologies as well as the rising need for more sophisticated and affordable materials that can resist challenging drilling conditions. As a result, substitute materials have been developed, such composite pipes, which are lighter and more corrosion resistant. The advent of these substitute materials puts pressure on established OCTG manufacturers to maintain their competitiveness and adjust to shifting consumer needs.
Technological developments provide the Oil Country Tubular Goods business both growth and efficiency prospects as well as a considerable challenge. Because of the rapid advancement of technology, especially in the fields of drilling and extraction, OCTG manufacturers must constantly develop and adjust in order to remain competitive. Finding the ideal balance between adopting new technologies and handling their accompanying expenses and complications is the problem.

Browse full details of the report @ https://www.marketdataforecast.com/market-reports/octg-market

SEGMENTATION INCLUDED IN THIS REPORT:

By Grade:
• API
• Premium

By Product:
• Seamless
• ERW

By Region:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Key Insights from The Report:

• Based on grade, the API segment led the market and accounted for the largest share of the global market in 2023.
• Based on product, the ERW segment captured the highest share of the global market in 2023.
• Asia-Pacific dominated the OCTG Market in 2023. North America accounted for the second-highest share of the global market in 2023 and on the other hand, the Europe region is estimated to grow at the fastest CAGR during the forecast period.

TABLE OF CONTENTS:

1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year, and Forecast Periods

2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline

3. Report Overview
3.1 Executive Summary
3.2 Key Inferences

4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends

5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquisition Landscape
5.3 Joint Ventures & Collaborations

6. Market Segmentation
6.1 OCTG Market, By Grade
6.1.1 API
6.1.2 Premium
6.1.3 Market Size Estimations & Forecasts (2024-2029)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 OCTG Market, By Product
6.2.1 Seamless
6.2.2 ERW
6.2.3 Market Size Estimations & Forecasts (2024-2029)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index

7. Geographical Landscape
7.1 Global OCTG Market, by Region
7.2 North America - Market Analysis (2024-2029)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Grade
7.2.3 By Product
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Grade
7.3.3 By Product
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Grade
7.4.3 By Product
7.5 Latin America
7.5.1 By Country
7.5.1.1 brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Grade
7.5.3 By Product
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Grade
7.6.3 By Product

8. Key Player Analysis
8.1 Nippon Steel & Sumitomo Metal Co
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Vallourec
8.3 Tenaris
8.4 National Oilwell Varco
8.5 TMK
8.6 Steel Tubular Products Inc
8.7 Iljin Steel Co
8.8 Continental Alloys
8.9 Anhui Tianda Oil Pipe Company

9. Market Outlook & Investment Opportunities

10. Appendix
List of Tables
List of Figures

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