Oil Country Tubular Goods (OCTG) Market: was valued at US$ 56.01 Bn. in 2022. The Oil Country Tubular Goods Market size is estimated to grow at a CAGR of 7.1% over the forecast period.
Oil Country Tubular Goods (OCTG) Market Overview:
Oil country tubular goods (OCTG) are a group of seamless rolled products that include casing, drill pipe, and tubing that are exposed to different loading requirements depending on the use. As OCTG industry is very cyclical and volatile, oil and gas production and exploration are complex processes that require specialized equipment and technology. The drop in commodity prices has effects throughout the oil and gas value chain.
The purpose of this report is to provide a thorough examination of the Oil Country Tubular Goods (OCTG) market by segments and geographics. The study goes into great detail on the primary factors influencing the Oil Country Tubular Goods (OCTG) market’s growth. The study also offers a comprehensive analysis of the market’s value chain.
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Market Scope:
The “Global Oil Country Tubular Goods (OCTG) Market Analysis” is a detailed investigation of the Oil Country Tubular Goods (OCTG) market, with a focus on global market trends and analysis. The goal of this research is to provide an overview of the Oil Country Tubular Goods (OCTG) market as well as detailed market segmentation by application, end-use, and geography. The Oil Country Tubular Goods (OCTG) market is expected to develop substantially over the forecast period. The study contains critical information on the market positions of the leading Oil Country Tubular Goods (OCTG) players, as well as noteworthy industry trends and opportunities.
The research method used to assess and anticipate the Oil Country Tubular Goods (OCTG) market begins with secondary research using sources that collect revenue data from key suppliers. When calculating market segment estimation, the vendor offerings are also considered. Using the bottom-up method, the whole size of the Oil Country Tubular Goods (OCTG) market was calculated using the revenue of significant enterprises.
Segmentation:
Based on the manufacturing process, the Oil Country Tubular Goods Market is segmented into Seamless and Welded segments. Because they can withstand extremely high pressure without cracking and preserve shape consistency, seamless pipes are preferred to welded pipes. Due to their suitability for sour gas fields, seamless pipes made over 90% of OCTG utilisation in the Gulf Cooperation Council Region as of 2021.
The Oil Country Tubular Goods Market is segmented into Onshore and Offshore segments based on Application. In 2021, the onshore category accounted for 69% of the market, which was its greatest proportion. Onshore applications are the most common in the market due to the ease of shipping, comparable cost effectiveness, and the straightforward availability of skilled labour.
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Key Players:
The major players covered in the Oil Country Tubular Goods (OCTG) market report are
• Tata Steel
• ACE OCTG
• JFE Steel
• ISMT
• Vallourec SA
• Continental Alloys
• Tenaris SA
• MRC Global
• ILJIN Steel America
• Nippon Steel
• TPCO Enterprise, Inc.
• Steel Tubular Products Inc.
• Jindal Steel & Power
• TMK Ipsco Enterprises Inc.
• National – Oilwell Varco, Inc.
• Benteler International
• Sumitomo Metal Corporation
• Tenergy Equipment and Services Ltd.
Regional Analysis:
Global, North America, Europe, Asia-Pacific, the Middle East, Africa, and South America market share statistics are accessible individually. Analysts at Maximize evaluate competitive strengths and conduct competitive analysis for each competitor individually.
COVID-19 Impact Analysis on Oil Country Tubular Goods (OCTG) Market:
Aerospace and defense, agriculture, automobiles, retail and e-commerce, energy and power, healthcare, packaging, mining, electronics, banking, financial services, and insurance, among other industries, have all been affected by the COVID-19 outbreak. COVID-19 has had an impact on the Oil Country Tubular Goods (OCTG) market in general, as well as the growth rate in 2019-2020, as the impact of COVID-19 spread. Our most recent inquiry, opinions, and bits of knowledge on the market are critical to the businesses and associations in the Oil Country Tubular Goods (OCTG) industry,
Key Questions Answered in the Oil Country Tubular Goods (OCTG) Market Report are:
- Which segment grabbed the largest share in the Oil Country Tubular Goods (OCTG) market?
- What was the competitive scenario of the Oil Country Tubular Goods (OCTG) market in 2021?
- Which are the key factors responsible for the Oil Country Tubular Goods (OCTG) market growth?
- Which region held the maximum share in the Oil Country Tubular Goods (OCTG) market in 2021?