Global Oil Country Tubular Goods (OCTG) Market (Value, Volume): World Market Review By Pipe Type, Manufacturing Process, Grade, Application - By Region, By Country (2019 Edition): Opportunities and Forecast (2019-2024)

Date: 1 November 2019

According to a research report published by Azoth Analytics in October 2019, the Oil Country Tubulars Good Market was valued at USD 28.9 billion in the year 2018 and Global production volume of 15,100.21 Thousand tonnes. 

Increase in drilling and production activities, growing energy demand to fulfil the consumption needs, rise in offshore drilling activities, need for alternative technologies, exploration of shale resources as well as CAPEX improvement in upstream sector are the basic reasons behind increased demand for the Oil Country Tubulars Good Market. Global Oil Country Tubular Goods market has gained importance as increasing consumption requirement influences the exploration of offshore oilfields and increase in capital investment by the operators in the upstream sector. These markets are influenced by many factors including fluctuating crude oil and natural gas prices, changing consumer preferences, growing concern to reduce greenhouse emission and the overall strength of the economy.

Leading Oil Country Tubular Goods manufacturers are focusing on the most attractive steel markets by investing in their customers, with an emphasis on creating differentiated, innovative and value-added solutions that will help them succeed.

According to the Azoth Analytics Research Report titled “Global Oil Country Tubulars Good Market: World Market Review By Type (Drill Pipe, Casing Pipe, Tubing Pipe), By Manufacturing Process (Seamless, Welded), By Grade (API, Premium), By Application (Offshore & Onshore), By Region (Americas, Europe, APAC, MEA), By Country (US, Canada, Brazil, Norway, Russia, China, India, Saudi Arabia, Kuwait, UAE) - 2019 Edition: Opportunities and Forecast (2014-2024)”, Americas currently leads the Oil Country Tubular Goods market owing to considerable investments planned in offshore deep water and ultra-deep water drilling activities and growing number of oil and gas wells. 

Further, improvement in oil prices has led the companies to invest more and more in exploration and production of oil and gas from offshore fields. Implementation of hydraulic fracturing is the technological engine behind surging U.S oil and natural gas output. Moreover, the OCTG market is expected to grow because of the surge in offshore activities and also strategies followed by oil companies to increase their rig counts in regions like North America and Asia Pacific and this is expected to result in accelerated pace of production in wells.