Market Overview
A 8% compound annual growth rate of a CAGR is predicted for the global Oil Country Tubular Goods Market between 2023 and 2032.
Oil country tubular goods are parts used to produce healthy oil and gas. It is possible to lessen the chances of any disaster, danger, or risk by accurately using OTCGs.
There is a rising demand for OCTG due to an increase in EP operations and sour crude output. For the most part, the world's most significant oil production is located in North America and even in the Middle East and Africa.
It is also worth noting that most of the oil extracted from these places is sour crude. Oil output in these locations has been steadily expanding over the last several years due to the global economy's recent improvement. Aside from that, sour crude rates are cheaper than sweet crude pricing, owing to the higher refining expenses of sweet oil. The rise in sour crude output throughout the anticipated timeframe is primarily due.
COVID-19 has significantly impacted the world economy, particularly in the oil and gas, industrial, and chemical sectors. The oil and gas sector's distribution network was not the only thing affected by this epidemic; investigation and output were also affected. COVID-19 has had a detrimental influence on the oil and gas business since tight limitations have been applied by the majority of nations, affecting the inflow and outflow of services and goods and decreasing oil and gas revenues. Oil and gas prices have dropped dramatically due to the COVID-19 epidemic, which has caused significant economic damage.
Market Segmentation
Global Oil Country Tubular Goods market is categorized based on the production method, the product, the application, the grade, and the region in which it operates.
When it comes to oil country tubular goods, the seamless category has a commanding position worldwide. Due to its extrusion and drawing process, seamless tubing is becoming more popular in the oil and gas sector. Compared to welded tubes, it provides a wider variety of safety precautions. Compared to other types of tubes, seamless tubes are comparatively small and compact and, in most cases, do not exhibit any signs of rust unless they are exposed to a very aggressive environment. Many oil fields are scheduled to reopen or be redeveloped, which would raise demand for Oil Country Tubular Goods.
Regional Classification
North American oil and gas sectors will generate significant commercial prospects for Oilfield tubular goods firms. Because oil and gas resources directly impact the need for OCTG, the region's anticipated increase in petroleum industry and gas is predicted to improve OCTG demand in the future.
It has become more common for horizontally and directed drilling techniques to be used for shale mining and hydraulic fracture activities in the United States, extending thousands of feet to formerly vertical drill strings. Over the last decade, as horizontal lateral wells have grown to upwards of 5,000 feet, the number of tubular goods utilized per well has increased significantly.
Industry News
A threading facility for oil country tubular products was introduced in January 2022 by Jindal SAW and Hunting Energy Services as a partnership in Nashik, India. Drilling equipment for oil and gas exploration will be manufactured at the facility. The first spending is expected to be USD 20-25 million, with Jindal, SAW holding a 51:49 stake in the company. There is a projected completion date of December 31, 2022.
Key Players:
· Tenaris S.A. (US)
· TMK Group (Russia)
· Vallourec (France)
· National Oilwell Varco (US)
· Benteler Group (Austria)
· Tata Steel (India)
· Nippon Steel Corporation (Japan)
· JFE Holdings, Inc. (Japan)
· Continental Alloys Services (US)
· ACE O.C.T.G. Ltd (Malta)
· Jindal Saw Ltd. (India)
· United States Steel Corporation (US)
· ISMT LTD (India)
· Corpac Group (US)
· ArcelorMittal (Luxembourg)
More Related Reports
Diaphragm Coupling in Turbo Machinery Market
