Safe Transport of Oil to Drive Global Oil Country Tubular Goods MarketGlobal OCTG Market Fueled by Shale Gas Extraction

Oil country tubular goods (OCTG) are rolled products consisting of drill pipes, casings, and tubings used in oil and gas production. Corrosion resistance and capacity for handling harsh environments are two prerequisites for OCTG components. The products are formed to increase their hardness and strength. The global oil country tubular goods market report by Market Research Future (MRFR) contains an exhaustive analysis by outlining drivers and challenges to be faced by the industry for the period of 2019 to 2026 (forecast period). The COVID-19 outbreak and its impact on the industry are highlighted in the report.

Market Scope

The global oil country tubular goods market is driven by the number of domestic rigs, high flat-rolled prices, season drilling, and surge in energy prices. Investments in oil fields and safe delivery of resources with low chances of risk can drive the demand for OCTG during the forecast period.  The increasing rate of oil production and demand by consumers and dipping prices of sour crude can influence the market. According to BP Statistical Review of World Energy 2019, the production of crude oil production in North America has risen to 22,857 thousands of barrels per day (TBPD).

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Improvements in well drilling for extraction of oil & gas resources and demand for OCTG products in recovery of unconventional resources can bode well for the market. Implementation of hydraulic fracturing and demand for diesel in vehicles and power generation can open up opportunities for the oil country tubular goods market. Utilization of chromium and manganese alloys for their cohesiveness and durability and improve the hardness of OCTG pipes can spur the demand.

The COVID-19 outbreak has negatively impacted the market growth. It has halted the oil and gas production owing to imposition of restrictions and disruptions in demand for end products. Drilling programs have been suspended due to the decline in energy demand during the pandemic.

Segmentation

Based on the manufacturing process, the global market has been divided into electric resistance welded (ERW) and seamless.

Based on grade, the global market has been divided into API grade and premium grade.

Regional Analysis

Geographically, the global oil country tubular goods market has been segmented into five major regions, namely North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.

North America is expected to hold the major market share (33.04%) during the forecast period owing to the increasing well drilling, rise in exploration and production activities in the oil & gas industry, and growing production of sour crude. Offshore drilling in the Gulf of Mexico and extraction of shale gas can fuel the regional OCTG market growth.

The MEA OCTG market is driven by the collection of sour crude oil. Rapid urbanization and modernization of energy infrastructure to cater to energy demands of consumers can drive the market. Growth in horizontal and vertical drilling, rise in rig counts, and rising exploration and production activities can facilitate market growth. Technological advances in manufacture of pipes and casings, initiatives to raise E&P activities, and

Competitive Landscape

Corpac Group, ACE O.C.T.G. Ltd, ArcelorMittal, Continental Alloys & Services, ISMT LTD, TMK Group, Vallourec, JFE Holdings, Inc., Tata Steel, Jindal Saw Ltd., United States Steel Corporation, Tenaris S.A., Benteler Group, National Oilwell Varco, and Nippon Steel Corporation are key suppliers of the global oil country tubular goods market.