Market Snapshot:
Oil country tubular goods are products including drill pipe, casing, and tubing that are used for loading conditions according to their application. These goods are used in Oil and Gas production requires high strength and corrosion resistance against the carbon dioxide and hydrogen sulfide contained in the well. As because of the coronavirus pandemic energy sector is witnessing a major setback, and a slowdown in oil prices is heavily effected the demand for the OCTG. According to expert views the United States is covering major market share in the OCTG industry, the United States has accounted market share around 35% of the global share.
Highlights from Oil Country Tubular Goods Market Study
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The key Manufacturers profiled in the report are Tenaris (Luxembourg), Vallourec (France), TMK group (Russia), United States Steel Corporation (United States), Nippon Steel and Sumitomo Metal Corporation (Japan), Tubos India (India), ArcelorMittal (Luxembourg), U.S. Steel (United States), Jindal Pipes (India) and IPSCO Tubulars Inc. (United States).
Geographic Breakdown and Segment Analysis
The Global Oil Country Tubular Goods market presents a comprehensive analysis of the Oil Country Tubular Goods market by product type (Drill Pipe, Casing {Casing Pipe, Oil Casing, API Casing, Well Casing, Others} and Tubing), by end-user/application (Onshore and Offshore), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Oil Country Tubular Goods industry. Investors and Manufacturers can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Oil Country Tubular Goods market
Analyst at AMA have segmented the market study of Global Oil Country Tubular Goods market by Type, Application and Region.
Influencing Trend:
Highest Demand from the United States Region Followed by China and Increase in Market Competency
Market Growth Drivers:
Shale Uprising, Increase in Ratio of Deep Water Wells and Development in Trend of Horizontal Drilling in Unconventional Reserves
Challenges:
The Slowdown in Demand Because Of Coronavirus Pandemic and Decline in Oil Prices and High Cost Associated With the Production of the Oil Country Tabular Goods Manufacturing
Restraints:
Slowdown in Economy
Opportunities:
The Demand of Oil Country Tabular Goods is Expected to Increase by the Year 2022 Majorly from the United States, and China and Development in Oil Production Activities
Market Developments Activities:
In September 2023, National Oilwell Varco (NOV) partners with Shell on a joint venture to develop next-generation OCTG solutions for deepwater and complex well environments. The partnership between NOV and Shell holds vast potential for revolutionizing deepwater OCTG solutions and shaping the future of the oil and gas industry in challenging environments.
In October 2023, V.M. Tube introduces the next generation of its DuraFit OCTG product line, featuring enhanced corrosion resistance and fatigue strength for improved well performance in harsh environments.
The Market Players are exploring the market in new geographical regions by adopting various business strategies such as mergers & acquisitions, expansions, investments, new product launches and collaborations, and others. The market players are exploring new market growth opportunities to avail a competitive advantage through combined initiatives.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Oil Country tabular Goods Manufacturers, Suppliers, and Distributors, Raw Material Suppliers, Government Regulatory and Research Organizations and End-Use Industries