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Oil Country Tubular Goods (OCTG) Market Valued at USD 59.98 Billion in 2023, Grow at 7.1% CAGR

12-19-2024 06:22 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: MAXIMIZE MARKET RESEARCH PVT. LTD.

Oil Country Tubular Goods (OCTG) Market

Oil Country Tubular Goods (OCTG) Market

๐Ž๐ข๐ฅ ๐‚๐จ๐ฎ๐ง๐ญ๐ซ๐ฒ ๐“๐ฎ๐›๐ฎ๐ฅ๐š๐ซ ๐†๐จ๐จ๐๐ฌ (๐Ž๐‚๐“๐†) ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐๐จ๐ข๐ฌ๐ž๐ ๐Ÿ๐จ๐ซ ๐’๐ข๐ ๐ง๐ข๐Ÿ๐ข๐œ๐š๐ง๐ญ ๐†๐ซ๐จ๐ฐ๐ญ๐ก

The global Oil Country Tubular Goods (OCTG) market is on a robust growth trajectory, with projections indicating a rise from US$ 59.98 Bn. in 2023 to US $ 96.95 Bn.by 2030, reflecting a compound annual growth rate (CAGR) of 7.1% during the forecast period.

๐Ž๐ข๐ฅ ๐‚๐จ๐ฎ๐ง๐ญ๐ซ๐ฒ ๐“๐ฎ๐›๐ฎ๐ฅ๐š๐ซ ๐†๐จ๐จ๐๐ฌ (๐Ž๐‚๐“๐†) ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐Š๐ž๐ฒ ๐ƒ๐ซ๐ข๐ฏ๐ž๐ซ๐ฌ:

๐ˆ๐ง๐œ๐ซ๐ž๐š๐ฌ๐ข๐ง๐  ๐„๐ง๐ž๐ซ๐ ๐ฒ ๐ƒ๐ž๐ฆ๐š๐ง๐: The escalating global energy consumption is propelling exploration and production activities, thereby boosting the demand for OCTG products.
๐“๐ž๐œ๐ก๐ง๐จ๐ฅ๐จ๐ ๐ข๐œ๐š๐ฅ ๐€๐๐ฏ๐š๐ง๐œ๐ž๐ฆ๐ž๐ง๐ญ๐ฌ: Innovations in drilling technologies and materials are enhancing the efficiency and durability of OCTG, further driving market growth.

๐„๐ฑ๐ฉ๐ฅ๐จ๐ซ๐ž ๐๐ž๐ญ๐š๐ข๐ฅ๐ž๐ ๐๐š๐ญ๐š ๐š๐ง๐ ๐ข๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐›๐ฒ ๐ฏ๐ข๐ž๐ฐ๐ข๐ง๐  ๐ญ๐ก๐ž ๐ฌ๐š๐ฆ๐ฉ๐ฅ๐ž @https://www.maximizemarketresearch.com/request-sample/54208/

๐‘๐ž๐ ๐ข๐จ๐ง๐š๐ฅ ๐ˆ๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐š๐ง๐ ๐ƒ๐ž๐ฏ๐ž๐ฅ๐จ๐ฉ๐ฆ๐ž๐ง๐ญ๐ฌ:

๐Ž๐ข๐ฅ ๐‚๐จ๐ฎ๐ง๐ญ๐ซ๐ฒ ๐“๐ฎ๐›๐ฎ๐ฅ๐š๐ซ ๐†๐จ๐จ๐๐ฌ (๐Ž๐‚๐“๐†) ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐Ž๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐ž๐ฌ ๐ข๐ง ๐•๐ข๐ž๐ญ๐ง๐š๐ฆ:

Vietnam's oil and gas sector is experiencing growth, with increased exploration activities in offshore fields. The government's supportive policies and investment incentives are attracting foreign investments, creating opportunities for OCTG manufacturers to supply high-quality tubular goods to meet the rising demand.

๐Ž๐ข๐ฅ ๐‚๐จ๐ฎ๐ง๐ญ๐ซ๐ฒ ๐“๐ฎ๐›๐ฎ๐ฅ๐š๐ซ ๐†๐จ๐จ๐๐ฌ (๐Ž๐‚๐“๐†) ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐“๐ซ๐ž๐ง๐๐ฌ ๐ข๐ง ๐“๐ก๐š๐ข๐ฅ๐š๐ง๐:

Thailand's focus on energy security has led to sustained investments in oil and gas exploration. The development of new offshore projects is driving the demand for advanced OCTG products capable of withstanding challenging drilling environments.

๐Ž๐ข๐ฅ ๐‚๐จ๐ฎ๐ง๐ญ๐ซ๐ฒ ๐“๐ฎ๐›๐ฎ๐ฅ๐š๐ซ ๐†๐จ๐จ๐๐ฌ (๐Ž๐‚๐“๐†) ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐†๐ซ๐จ๐ฐ๐ญ๐ก ๐ข๐ง ๐‰๐š๐ฉ๐š๐ง:

Japan's involvement in international oil and gas projects, coupled with its technological expertise, is contributing to the growth of the OCTG market. Japanese companies are investing in research and development to produce high-grade tubular goods for both domestic use and export.

๐†๐ž๐ญ ๐š ๐œ๐ฅ๐จ๐ฌ๐ž๐ซ ๐ฅ๐จ๐จ๐ค ๐š๐ญ ๐ญ๐ก๐ž ๐ ๐š๐ฆ๐ž-๐œ๐ก๐š๐ง๐ ๐ข๐ง๐  ๐ฉ๐ซ๐จ๐๐ฎ๐œ๐ญ๐ฌ ๐๐ซ๐ข๐ฏ๐ข๐ง๐  ๐ฌ๐ฎ๐œ๐œ๐ž๐ฌ๐ฌ :https://www.maximizemarketresearch.com/request-sample/54208/

๐Ž๐ข๐ฅ ๐‚๐จ๐ฎ๐ง๐ญ๐ซ๐ฒ ๐“๐ฎ๐›๐ฎ๐ฅ๐š๐ซ ๐†๐จ๐จ๐๐ฌ (๐Ž๐‚๐“๐†) ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐‚๐จ๐ง๐ฌ๐จ๐ฅ๐ข๐๐š๐ญ๐ข๐จ๐ง ๐ข๐ง ๐’๐จ๐ฎ๐ญ๐ก ๐Š๐จ๐ซ๐ž๐š:

South Korea's steel manufacturers are consolidating their positions in the OCTG market through strategic partnerships and technological advancements. Companies like ๐ˆ๐‹๐‰๐ˆ๐ ๐’๐ญ๐ž๐ž๐ฅ ๐‚๐จ., ๐‹๐ญ๐. are focusing on producing high-quality OCTG products to cater to both domestic and international markets.

๐Ž๐ข๐ฅ ๐‚๐จ๐ฎ๐ง๐ญ๐ซ๐ฒ ๐“๐ฎ๐›๐ฎ๐ฅ๐š๐ซ ๐†๐จ๐จ๐๐ฌ (๐Ž๐‚๐“๐†) ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐”๐ฉ๐๐š๐ญ๐ข๐จ๐ง ๐ข๐ง ๐’๐ข๐ง๐ ๐š๐ฉ๐จ๐ซ๐ž:

Singapore serves as a strategic hub for the oil and gas industry in Southeast Asia. The country's emphasis on technological innovation and skilled workforce is facilitating the development and distribution of advanced OCTG products across the region.

๐Ž๐ข๐ฅ ๐‚๐จ๐ฎ๐ง๐ญ๐ซ๐ฒ ๐“๐ฎ๐›๐ฎ๐ฅ๐š๐ซ ๐†๐จ๐จ๐๐ฌ (๐Ž๐‚๐“๐†) ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐†๐ซ๐จ๐ฐ๐ญ๐ก ๐ข๐ง ๐”๐ง๐ข๐ญ๐ž๐ ๐’๐ญ๐š๐ญ๐ž๐ฌ:

The United States continues to lead in oil and gas production, with significant investments in shale exploration. The OCTG market in the U.S. is projected to grow at a CAGR of 7.2% between 2024 and 2030, driven by increased drilling activities and technological advancements.

๐”๐ง๐ฅ๐จ๐œ๐ค ๐œ๐ซ๐ข๐ญ๐ข๐œ๐š๐ฅ ๐ฆ๐š๐ซ๐ค๐ž๐ญ ๐ข๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐›๐ฒ ๐ž๐ฑ๐ฉ๐ฅ๐จ๐ซ๐ข๐ง๐  ๐ญ๐ก๐ž ๐ฌ๐š๐ฆ๐ฉ๐ฅ๐ž ๐ฏ๐ข๐š ๐ญ๐ก๐ž ๐ฅ๐ข๐ง๐ค @https://www.maximizemarketresearch.com/request-sample/54208/

๐Ž๐ข๐ฅ ๐‚๐จ๐ฎ๐ง๐ญ๐ซ๐ฒ ๐“๐ฎ๐›๐ฎ๐ฅ๐š๐ซ ๐†๐จ๐จ๐๐ฌ (๐Ž๐‚๐“๐†) ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐“๐ซ๐ž๐ง๐๐ฌ ๐ข๐ง ๐„๐ฎ๐ซ๐จ๐ฉ๐ž:

European countries are investing in both conventional and renewable energy sources. The OCTG market in Europe is expected to grow at a CAGR of 7.0% during the forecast period, supported by ongoing exploration activities and the need for energy security.

๐’๐ž๐ ๐ฆ๐ž๐ง๐ญ๐š๐ญ๐ข๐จ๐ง:

๐›๐ฒ ๐๐ซ๐จ๐๐ฎ๐œ๐ญ ๐“๐ฒ๐ฉ๐ž

Casing
Drill Pipe
Tubing
Others

๐›๐ฒ ๐๐ซ๐จ๐œ๐ž๐ฌ๐ฌ

Seamless
Electric resistance welding

Based on the manufacturing process, the Oil Country Tubular Goods Market is separated into two segments: Seamless and Welded. Because they can withstand extremely high pressure without cracking and retain shape consistency, seamless pipes are preferred over welded pipes. Because seamless pipes can handle sour gas fields, they accounted for 90% of OCTG utilization in the Gulf Cooperation Council Region as of 2023.

๐›๐ฒ ๐†๐ซ๐š๐๐ž

Premium grade
API grade

๐›๐ฒ ๐€๐ฉ๐ฉ๐ฅ๐ข๐œ๐š๐ญ๐ข๐จ๐ง

Onshore
Offshore

The Oil Country Tubular Goods Market is separated into Onshore and Offshore segments based on application. With 69% of the market in 2023, the onshore segment had the biggest share. Onshore applications are the most often used in the market due to their ease of shipping, relative cost-effectiveness, and easy access to skilled labor.

๐†๐ž๐ญ ๐š ๐๐ž๐ญ๐š๐ข๐ฅ๐ž๐ ๐š๐ง๐š๐ฅ๐ฒ๐ฌ๐ข๐ฌ:https://www.maximizemarketresearch.com/market-report/global-octg-market/54208/

๐Š๐ž๐ฒ ๐๐ฅ๐š๐ฒ๐ž๐ซ๐ฌ:

Tata Steel
ACE OCTG
JFE Steel
ISMT
Vallourec SA
Continental Alloys
Tenaris SA
MRC Global
ILJIN Steel America
Nippon Steel
TPCO Enterprise, Inc.
Steel Tubular Products Inc.
Jindal Steel & Power
TMK Ipsco Enterprises Inc.
National - Oilwell Varco, Inc.
Benteler International
Sumitomo Metal Corporation
Tenergy Equipment and Services Ltd.

๐‚๐ก๐ž๐œ๐ค ๐จ๐ฎ๐ญ ๐จ๐ฎ๐ซ ๐ญ๐ซ๐ž๐ง๐๐ข๐ง๐  ๐ฌ๐ญ๐ฎ๐๐ข๐ž๐ฌ ๐ญ๐จ ๐ฎ๐ง๐๐ž๐ซ๐ฌ๐ญ๐š๐ง๐ ๐ข๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐ฌ๐ก๐ข๐Ÿ๐ญ๐ฌ :

โ™ฆ Global Rotary Slasher Market https://www.maximizemarketresearch.com/market-report/global-rotary-slasher-market/116560/

โ™ฆ Global Spherical Sun Power Generator Market https://www.maximizemarketresearch.com/market-report/global-spherical-sun-power-generator-market/84293/

โ™ฆ Brazil Nuts Market https://www.maximizemarketresearch.com/market-report/brazil-nuts-market/188370/

โ™ฆ Global Anti-fog Coatings Market https://www.maximizemarketresearch.com/market-report/anti-fog-coatings-market/122372/

โ™ฆ Global Stainless-Steel Round Bar Market https://www.maximizemarketresearch.com/market-report/global-stainless-steel-round-bar-market/71063/

โ™ฆ Global Power Tiller Market https://www.maximizemarketresearch.com/market-report/global-power-tiller-market/105051/

โ™ฆ Global Drum Motor Market https://www.maximizemarketresearch.com/market-report/global-drum-motor-market/73449/

โ™ฆ Global Pitching Machine Market https://www.maximizemarketresearch.com/market-report/global-pitching-machine-market/97584/

โ™ฆ Global Pumpkin Seed Market https://www.maximizemarketresearch.com/market-report/global-pumpkin-seed-market/81364/

โ™ฆ Global High Bay Lighting Market https://www.maximizemarketresearch.com/market-report/global-high-bay-lighting-market/31124/

๐‚๐จ๐ง๐ญ๐š๐œ๐ญ ๐”๐ฌ:

MAXIMIZE MARKET RESEARCH PVT. LTD.
3rd Floor, Navale IT park Phase 2,
Pune Banglore Highway, Narhe
Pune, Maharashtra 411041, India.
+91 9607365656
sales@maximizemarketresearch.com

๐€๐›๐จ๐ฎ๐ญ ๐”๐ฌ:

Maximize Market Research is one of the fastest-growing market research and business consulting firms serving clients globally. Our revenue impact and focused growth-driven research initiatives make us a proud partner of majority of the Fortune 500 companies. We have a diversified portfolio and serve a variety of industries such as IT & telecom, chemical, food & beverage, aerospace & defense, healthcare and others.

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11-29-2023 | Business, Economy, Finances, B โ€ฆ
Eastern steel Manufacturing Co.,Ltd
Types of OCTG casing
Types of OCTG casing OCTG casing is a steel pipe used to support the wall of oil and gas wells to ensure the normal operation of the entire oil well after the drilling process and completion. Each well uses several layers of casing according to different drilling depths and geological conditions. Cement is used to cement the well after the casing is run down. It is different from tubing and drillโ€ฆ
02-14-2019 | Business, Economy, Finances, B โ€ฆ
QYResearch CO.,LIMITED
Global Production Tubing (OCTG) Market Size, Trends, and Forecast 2019
The report represents the statistical data in the form of tables, charts, and info-graphics to assess the market, its growth and development, and market trends of the global Production Tubing (OCTG) market during the projected period. ย QY Research has used a framework of primary and secondary research to make this report a full-proof one. Request Sample Report and Full Report TOC: : ย  https://www.qyresearch.com/sample-form/form/973052/global-production-tubing-octg-market The following manufacturers are covered: ย ย ย ย Sandvik (Kanthal) ย ย ย ย Tejas Tubular ย ย ย ย Tenaris ย ย ย ย Jindal Pipes ย ย ย ย U. S.โ€ฆ
04-05-2017 | Leisure, Entertainment, Miscel โ€ฆ
QYresearchreports
Global Oil Country Tubular Goods(OCTG) Market Research Report 2017
This report studies Oil Country Tubular Goods(OCTG) in Global market, especially in North America, Europe, China, Japan, Southeast Asia and India, focuses on top manufacturers in global market, with capacity, production, price, revenue and market share for each manufacturer, covering Vallourec Tenaris TMK USS NSSMC JFE TPCO Arcelor Mittal Chelyabinsk Pipe Evraz HUSTEEL SANDVIK Energex Tube Northwest Pipe SB international Continental Alloys&Services Jiangsu Yulong Steel Pipe Jiuli KINGLAND PIPELINE Anhui Tianda Oil Pipe Company BOHAI STEEL GROUP CNPC BAOJI PETROLEUM STEEL PIPE Get sample report @ http://www.qyresearchreports.com/sample/sample.php?rep_id=929371&type=E Market Segment by Regions, this report splitsโ€ฆ
01-30-2017 | Business, Economy, Finances, B โ€ฆ
QYresearchreports
Global OCTG Market: Economic Growth of Developing Countries Stimulating Demand
A new report on the global OCTG market has been recently added to the repository of QYResearchReports.com. The research study, titled โ€œGlobal OCTG (Oil Country Tubular Goods) Market 2016 Industry, Analysis, Research, Share, Growth, Sales, Trends, Supply, Forecast to 2021,โ€ presents an unbiased analysis of this market in view of its historical and current scenario. Key trends and growth prospects in the global market for OCTG have been carefully observedโ€ฆ