Market Research Future Insights:
The OCTG market is expected to register a CAGR of 5.95% during the forecast period (2023 – 2032). The market size was valued at USD 17.6 billion in 2022 and is projected to grow to USD 29.61 billion by 2032.
OCTG are seamless rolled products that include casing, drill pipe, and tubing that are exposed to different loading requirements depending on the use.
OCTG is used in oil and gas exploration and production activities to transport oil and gas from the reservoir to the surface, to support the wellbore, and to protect the well from collapse.
The demand for oil and gas services is stimulated by increased oil and gas investment in the prospective region, including the Middle East and Africa. The main obstacles to market expansion, however, are the rising emphasis on the generation of renewable energy sources and the fluctuating price of crude oil.
The global market for oil country tubular products is anticipated to grow quickly over the forecast period as a result of increased drilling and production operations. The introduction of technologically advanced pipes and rising demand for high-end pipes. The choice of an appropriate OCTG during drilling operations saves money and lowers the possibility of creating dangers. The advancement of well-drilling technology and efficiency improvements that increase the recoverability of oil and gas resources are also essential for the market expansion of OCTG.
Key Players:
- 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)
Market Segmentation:
The two primary segments of the global oilfield services market are service type and application. The market has been divided into well completion equipment & services, well intervention services, coiled tubing services, pressure pumping services, OCTG, wireline services, and drilling waste management services based on the kind of service provided. The oilfield services market has been divided into two categories based on application: offshore and onshore.
Regional Analysis:
The market for oilfield services has been divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa based on region. US, Canada, and Mexico comprise the three segments of the North American oilfield services market. Germany, France, Spain, the United Kingdom, Italy, Russia, and the rest of Europe comprise the segments of the European market. China, Japan, India, Southeast Asia, and the rest of Asia-Pacific are all included in the Asia-Pacific market. Brazil, Argentina, Chile, and the rest of Latin America are included in the region's market. Iraq, Iran, Egypt, Saudi Arabia, and the rest of the Middle East and Africa make up the region's market.
North America held a 41.39% market share in 2020 and is anticipated to grow at a CAGR of 5.50% to reach a market value of USD 1,74,585.6 million by 2028. Due to the rising amount of drilling and production, North America is one of the top markets for oilfield services. Improvements in hydraulic fracturing technologies in the US have aided the operators in this area in increasing shale production.
For the firms involved in the European and global markets, the presence of significant shale gas reserves and the availability of natural gas reserves in the North Sea, Black Sea, Caspian Sea, Mediterranean, Norwegian Sea, and Barents Sea present profitable opportunities.
The OCTG market is highly competitive, with a number of global and regional players operating in the market. The key players are focusing on expanding their product portfolio, developing new technologies, and increasing their geographic presence.
The OCTG market Size is expected to grow steadily in the coming years, driven by the increasing demand from the oil and gas industry. The market is also expected to benefit from the technological advancements in OCTG manufacturing and design.
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