In the recent past, the oil country tubular goods market has been on an upward trajectory. The rise in demand for OCTG products is ascribed to the discovery of deepwater and offshore reserves in challenging environments, rig counts, and proliferation in upstream oil & gas operations. Fairfield Market Research foresees positive trends for the Oil country tubular goods (OCTG) market. Projection points out that the global OCTG market value is likely to reach US$65,940.3 Mn by 2026 from US$34,286.8 Mn in 2020, exhibiting a robust growth rate of 12.6% CAGR.
The government and private entities across the globe are shoring up the market expansion with tangible investments and tactical development of policies. Widespread use of hydrocarbons across the spectrum of industry has accelerated the pace of exploration and production activities. Therefore, the demand for oil country tubular goods is envisaged to observe a sharp incline and create extensive growth opportunities for the market
In the post-pandemic era, the report envisions a wave of new and backlog oil & drilling projects. To this end, the worldwide OCTG market is prophesied to flourish with growth and developments by the end of the forecasted phase.
Robust Investments in Offshore Exploration & Production and Viability Quotient Open New Revenue Streams for Premium OCTG Grade
Oil country tubular goods market classification on the basis of grade is bifurcated as premium grade and API grade. Amongst these, the API segment led the global OCTG market with a lion’s share of 69.9% in 2020. Recently, the API grades were a more preferred grade by leading oil and gas companies owing to their lower costs and accessibility.
Considering the viability and efficacy, the premium grade is a more appropriate choice for more complex applications, which require gas-tight sealing. Augmented demand from upstream oil and gas activities and increased investments in offshore exploration and production have elevated the demand for premium grade OCTG products. The rising preference for premium grade OCTG products coupled with the growing activities which require more robust OCTG products is set to elevate the sales of premium grades of OCTG exponentially by the end of the forecasted period.
North America Reigns Supreme in Oil Country Tubular Goods Market; Asia Pacific to Witness Upsurge in Sales for OCTG products
World over, North America is anticipated to hold a major share of 41.9% in the oil country tubular goods market. Presence of major market players, remunerative investments, and favorable government initiatives are setting the momentum for OCTG market expansion. Besides, the rising exploitation of shale gas reserves and soaring drilling activities are fueling the demand for OCTG products throughout the North American region.
On the flip side, Asia Pacific is projected to grow at a stellar CAGR of 9.1% during the forecasted period.
China is predicted to be the major economy steering the OCTG market growth. Investments by key players are creating tremendous growth opportunities throughout the region. Moreover, rise in sales of OCTG products coupled with up-ticking offshore drilling activities and drilling tenders are set to provide impetus to market growth.
Competitive players across the global oil country tubular goods market include United States Steel, ArcelorMittal, TMK Group, CONTINENTAL ALLOYS & SERVICES, Tianjin Pipe Corporation, NIPPON STEEL CORPORATION, Henan Anson Steel Corporation, Tenaris S.A, and GE Steel Resources.
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