Market Scenario
Global OCTG Market are the components that are used in the production of oil and gas from the well. The proper use of OCTG could help reduce the probabilities of any mishap, hazard, and risks that ultimately save the production cost of the company. It includes, casing, drill pipe, tubing etc.
The oil and gas industry is capital intensive. So, it requires maintaining the balance in production of crude oil and gas to avoid any loss of money, machinery and resources This drives the Global OCTG Market. The Global OCTG Market is very lucrative. Reservoir contracts are improving to sustain in the market while, technological developments, innovative tools could help the market, evolve. It is driven by increment in oil and gas production activities, exponential growth in shale gas reserves, and rising investment in upstream sector by operators
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The Global OCTG Market is expected to grow further because of the surge in offshore activities. Additionally, the oil industry is trying to increase their rig count in region like North America and Asia Pacific and which ultimately help accelerate the production in wells. The Global OCTG Market is estimated to be valued at USD 24.07 Billion by 2027; with a CAGR of 5.95%.
Regionally, North America has been the highest growth market in last decade, is likely to grow further. Countries such as U.S. and China are also in the inline to drive the production and Global OCTG Markets. Particularly, in U.S. the rig count has increased by 135 than last year operated by Baker Hughes. Within Asia Pacific, the rig count in Australia has increased by 15; increasing the rig count of Asia Pacific by 12%.
Global OCTG Market is segmented on the basis of four major segments. On the basis of type, the segments are tubing, casing, and drill pipe. Tubing is the inner wall of well, which helps transport the fluid from bottom to top. Casing protects the layer of soil, groundwater contamination by drill mud or fracking fluid and lastly. Drill pipes are durable steel pipes that conduct the force to drill bits. On the basis of make, the segments include welding or seamless. On the basis of grade, is the segments are premium and API, which are the grades of steel pipe that require on the basis of their properties like ductility, temperature and thermal compatibility. Lastly, the global OTCG market is segmented by region North America, Europe, Asia Pacific, Middle East and Latin America.
The Global OCTG Market is further segmented on the basis of type, make, grade and regions.
Global OCTG Market
Economic development is the prime concern of any developing country and the upsurge in production activities will lead to fulfillment of the demand for natural resources. This will ramp up the production and exploration activities in oil and gas sector, which will eventually lead to the growth of Global OCTG Market. China is also increasing their drilling and production activities for improvement of the economy. As drilling activities ramp up, there will be a rise in the manufacture of tools related to drilling activity, especially for the service providers.
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In 2018, North America had been leading among all regions while Asia Pacific region will lead during the forecast period. Some of the possible reasons behind this growth is the proper application of technology, lateral drilling activities, less time consumption in well-pipe installation, and the technicality of operator to drill a well as fast and efficient as possible. Within the unconventional reserves such as coal bed methane, OCTG is expected to be extensively used.
In make segment, seamless pipe would dominate the market due to its mechanical properties, such as tensile strength and pressure handling ability in offshore drilling, which ensure operational efficiency.
Key Players
The key players in Global OCTG Market7 are 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), Anhui Tianda Oil Pipe Company(China).
