Press release
Global Oil Country Tubular Goods (OCTG) Market: Strong Growth Driven by Rising Energy Demand, Deepwater Exploration, and Technological Advancements.
Oil Country Tubular Goods (OCTG) Market Size
What Is The Projected Market Size Of The Global Oil Country Tubular Goods (OCTG) Market And Its Growth Rate?
The global OCTG market has been witnessing a strong growth, with key figures as follows:
• Growth from $29.47 billion in 2024 to $32.02 billion in 2025 (CAGR of 8.7%).
• Expect to reach $46.19 billion in 2029 (CAGR of 9.6%).
Key growth drivers include continued energy transition, focus on carbon capture and storage (CCS), sustainable practices, strategic reserves and security, resilience in supply chains.
What Is Driving The Growth In The Oil Country Tubular Goods (OCTG) Market?
The surge in exploration and drilling operations is driving the growth of the OCTG market. As demand for energy increases worldwide, oilfields are employing tubular goods like casing, tubing, piping, and pipelines for efficient extraction of resources. For instance, reportedly, the United States onshore market is projected to have 676 active drilling rigs in Q4 2023, reflecting a 4% rise from Q4 2022.
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Who Are the Key Players Driving Oil Country Tubular Goods (OCTG) Market Growth?
Principal players in the OCTG market include:
• 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.
What Are The Key Trends In The Oil Country Tubular Goods (OCTG) Market?
Major trends encompass:
• Digitalization and data analytics in drilling operations
• Strategic partnerships and collaborations
• Advancements in drilling technologies
• Investments in upstream operations
• Innovations in enhanced oil recovery
What Are The Segments Of The Global Oil Country Tubular Goods (OCTG) Market?
The global OCTG market is segmented into:
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
Which Region Leads The Oil Country Tubular Goods (OCTG) Market?
North America ruled the OCTG market in 2024 and is expected to witness the fastest growth during the forecast period. The report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, South America, and Middle East Africa.
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What Is Covered In The Oil Country Tubular Goods (OCTG) Market Global Market Report?
The multiple segments within the report provide a detailed analysis of the OCTG market, focusing on key players, individual growth trends, market contribution, and potential growth drivers. In addition, the report addresses industry challenges, risks affecting the market, and crucial competitive developments.
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