The OCTG (oil country tubular goods) market witnesses a rapid increase in revenues. OCTG prices are rising profusely from the beginning of 2021, following a year of depressed pricing due to the drop in drilling activity. The rapidly growing oil and gas industry is witnessing an automation revolution. Besides, increasing investments and integration of advanced technologies in OG offshore and onshore drilling activities substantiate the market size.
Substantial investments in product development and to verify pipeline defects in different oil and gas lifecycle stages foster the market value. According to Market Research Future (MRFR), the global oil country tubular goods market is poised to garner vast traction by 2027, with an impressive CAGR during the forecast period (2020-2027). Increase in the volume of subject imports creates vast market demand.
Oil country tubular goods boost underutilization of capacity and reduce negative impacts on financial performance. Moreover, the ability of OCTG technologies to raise capital and return on investments positively influences its adoption in the oil and gas industries. Additionally, rising environmental concerns and efforts to improve pipelines energy infrastructure safety are key growth drivers for the market.
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Significant investments in pipeline businesses in oil and gas companies act as key tailwinds for the growth of the market. Furthermore, stringent government regulations for improved pipeline assessment and focus on remote management, process optimization, and automation of OG pipelines propel the market size. Oilfield companies invest considerably in technology upgrades that act as significant tailwinds for the market rise.
Global Oil Country Tubular Goods Market - Segments
The market forecast is segmented into manufacturing processes, grades, and regions. The manufacturing process segment is sub-segmented into electric resistance welded (ERW) and seamless. The grade segment is sub-segmented into API grade and premium grade. The region segment is sub-segmented into Europe, Americas, Asia Pacific, and the rest-of-the-world.
Global Oil Country Tubular Goods Market - Regional Analysis
North America dominates the global oil country tubular goods market. The region houses vast numbers of OG pipelines than other regions. Factors such as the increasing well drilling activities, rise in oil and gas exploration production activities, and growing production of sour crude increase the region’s oil country tubular goods market shares. The increasing demand for fossil fuels in the region bolsters the tubular goods market value.
Besides, increased investments in renewable energy installations and increased government regulations for pipeline assessment drive the oil country tubular goods market growth. The strong presence of notable players integrating robotics in oilfields and increasing drilling activities fostering the uptake of OCTG technologies in oilfields increases the size of oil country tubular goods.
Global Oil Country Tubular Goods Market - Competitive Analysis
Highly competitive, the OCTG market appears fragmented, with several well-established players forming a competitive landscape. Mergers acquisitions, expansion, collaboration, and product/ technology launch are key strategic initiatives of these players to gain a larger competitive advantage. They also focus on product development and geographical expansion.
Major Players:
Players leading the global OCTG market include TMK Group (Russia), Tenaris SA (US), Vallourec (France), Benteler Group (Austria), National Oilwell Varco (US), Tata Steel (India), JFE Holdings, Inc. (Japan), Nippon Steel Corporation (Japan), Continental Alloys Services (US), Jindal Saw Ltd. (India), ACE OCTG Ltd (Malta), United States Steel Corporation (US), Corpac Group (US), ISMT LTD (India), and ArcelorMittal (Luxembourg), among others.
Industry/ Innovation/ Related News
Aug.06, 2021 --- Evraz North America announced its plans to restart its steel oil country tubular goods mill in Colorado. Given the continually picking up demand for OCTG, the company decided to restart the plant with the plan to resume production by mid-April. The demand for steel oil country tubular goods has picked up amid the recovery in US drilling activity. Besides, energy markets have started to recover, which boosts the demand for OCTG pipe products.
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