Oil Country Tubular Goods (OCTG) Global Market will Exceed $42.11 Billion By 2028 with a Projected CAGR of 9.0% | Tenaris S.A., TMK Group, Vallourec S.A., Tata Steel, Jindal SAW Ltd.

The oil country tubular goods (octg) market size has grown strongly in recent years. It will grow from $27.37 billion in 2023 to $29.88 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to global energy demand, deepwater exploration, infrastructure development, stringent regulatory standards, focus on well integrity, rise in offshore drilling..

The oil country tubular goods (octg) market size is expected to see strong growth in the next few years. It will grow to $42.11 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to continued energy transition, focus on carbon capture and storage (ccs), sustainable practices, strategic reserves and security, resilience in supply chains.. Major trends in the forecast period include digitalization and data analytics in drilling operations, strategic partnerships and collaborations, advancements in drilling technologies, investments in upstream operations, innovations in enhanced oil recovery..

Market Overview -
Oil country tubular goods (OCTG) are components used in the equipment, drilling, and operations of the oil and gas industry. These tubular goods serve as the foundation for oil and gas well and pipeline design, as well as the conduit for the safe and efficient transportation of oil and gas products to market.

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Rising Exploration And Drilling Operations Propel Growth In The Oil Country Tubular Goods Market
An increase in exploration and drilling operations is expected to propel the growth of the oil country tubular goods market going forward. Oil and gas exploration includes the procedures and techniques used to identify potential locations for drilling and extracting hydrocarbons. The surge in demand for energy across the globe has favored the rise in oilfield exploration. Oil country tubular goods such as casing, tubing, piping, and pipelines are used in the oilfields. They serve as important components for the design of pipelines for oil and gas wells and act as a conduit for the efficient and safe extraction of resources. For instance, in July 2022, according to a report published by the US Energy Information Administration a US-based federal statistical agency, the deployment of active well service rig count in the United States increased by 22.23% from 738 in 2020 to nearly 949 in 2021, due to rising oil and gas exploration and drilling operations. Therefore, the increase in exploration and drilling operations will drive the oil country tubular goods (OCTG) market.

Competitive Landscape -
Major companies operating in the oil country tubular goods (octg) market report are ArcelorMittal S.A., Iljin Steel Co. Ltd., JFE Steel Corporation, Nippon Steel Corporation, Tenaris S.A., TMK Group, United States Steel Corporation, EVRAZ PLC., National Oilwell Varco Inc., Oil Country Tubular Limited, Sumitomo Corporation, Vallourec S.A., U.S. Steel Tubular Products Inc., Continental Alloys, Kelly Pipe Co. LLC., Benteler Group, Tata Steel, Jindal SAW Ltd., Chelpipe Group, Sandvik AB, Hunting PLC, OAO Trubnaya Metallurgicheskaya Kompaniya, Wheatland Tube Company, Northwest Pipe Company, American Cast Iron Pipe Company, Berg Pipe, Energex Tube, Jubail Energy Services Company., Praj Industries Limited Limited, SB International Inc. .

Innovative Frac Iron System Marks Trend In Oil Country Tubular Goods (OCTG) Market
Product innovations have emerged as a key trend gaining popularity in the oil country tubular goods (OCTG) market. Major companies operating in the market are developing innovative products to gain a competitive edge in the market. For instance, in May 2022, SPM Oil & Gas launched the SPM Simplified Frac Iron System. It reduces the footprint and amount of iron required for fracing operations, eventually boosting the operating efficiency of frac sites. Instead of multiple tie-in lines on a traditional frac tree, a single large-bore inlet connects to the zipper manifold. Fewer curves and connections result in less rig-up time, labor expenses, fluid turbulence, possible leak pathways, safety issues, and non-productive time (NPT).

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Key Segments -
The oil country tubular goods (octg) market covered in this report is segmented -
1) By Product: Well Casing, Product Tubing, Drill Pipe
2) By Manufacturing Process: Electric Resistance Welded (ERW), Seamless
3) By Grade: API Grade, Premium Grade
4) By Application: Onshore, Offshore

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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