Dubai, UAE, Nov. 10, 2023 (GLOBE NEWSWIRE) -- As per the recent report released by Kings Research, the global Oil Country Tubular Goods Market size was recorded at USD 21.42 billion in 2022 and is estimated to grow to USD 36.43 billion by 2030, exhibiting a 6.86% CAGR through the projected period of 2023-2030. The market growth is driven by the rise in drilling operations and the continuous development of products for exploring onshore oil fields. This is done to meet the growing demand for energy resources and create a diverse range of chemical products and fuels. Moreover, market growth is being accelerated by the increasing utilization of hydraulic fracturing technology and horizontal drilling, which allows the extraction of long-trapped reserves within shale formations.
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Oil country tubular goods (OCTG), which include drill pipe, steel casing, and tubing, are pipeline components used in the oil and gas industry. These components are necessary for the drilling, completion, and production of oil and gas wells since they are made to withstand the difficult conditions present in oil and gas operations, including high pressures, extremely high temperatures, and corrosive environments. To assure their dependability and performance, they are frequently constructed from premium steel using exacting production and testing procedures.
Trending Now: Petrobras Partners with French Company for Oil Country Tubular Goods
The Brazilian state-owned company, Petrobras, granted a contract to a French firm Vallourec for providing oil country tubular goods (OCTG) solutions in January 2023. These were to be used in oil and gas exploration and production wells within the Brazilian pre-salt oil region.
Vallourec, the chosen supplier, agreed to provide over 110,000 tons of premium OCTG products, accessories, and services to support Petrobras' offshore oil exploration in Brazil's pre-salt region.
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Competitive Landscape
Leading players in the global oil country tubular goods market are placing a high emphasis on forming alliances as their primary approach to sustain their market standing. For instance, JINDAL SAW Ltd. and Hunting Energy Services formed a new joint venture in January 2022 with the goal of establishing high-quality OCTG connectivity from India to various locations across the globe and serving as an import substitution for companies that operate oil and gas drilling operations. A specialized 130,000 square meter pay-joint tap facility was to be built by Hunting and Jindal in accordance with the provisions of the joint venture agreement.
Prominent companies in the global oil country tubular goods market include:
- Acteon Group Ltd.
- ArcelorMittal
- Continental Steel and Tube Company
- Sumitomo Corporation
- Tenaris S.A.
- Threeway Steel Co., Ltd.
- Metal One Tubular Products Inc.
- TPS-Technitube Röhrenwerke GmbH
- JINDAL SAW Ltd
- NIPPON STEEL CORPORATION
- SHANDONG SAIGAO GROUP CORPORATION
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The global Oil Country Tubular Goods Market is segmented as:
By Type
- Tubing
- Casing
- Drill Pipe
Growing Adoption of Drill Pipe for Transporting Various Fluids to Bolster Market Development
In terms of type, the drill pipe segment accounted for the largest share of the global oil country tubular goods market revenue in 2022. This specific type of OCTG is primarily utilized for the transportation of various fluids, including oil, gas, and water, from underground reservoirs to the surface. It is often put into the wellbore, and its job is to move the generated fluids to the facilities on the surface. High pressure, corrosion, and other challenging production circumstances are all things that the tubes are made to withstand. The drill pipe plays a crucial role in conveying the drilling force and preserving the integrity of the borehole throughout the drilling process since it is subjected to severe torsional and axial loads.
By Manufacturing Process
- Seamless
- Welded
Use of Seamless Tubes to Rise as it Offers High Security Measures
On the basis of manufacturing process, the seamless segment is projected to lead the global oil country tubular goods market over the forecast period. In the oil and natural gas business, the use of seamless tubes has increased significantly, largely given that they can be extruded and drawn from a billet. In comparison to welded tubes, it also offers stronger security measures. A seamless tube is generally relatively short and does not typically show any signs of corrosion unless it is exposed to a very corrosive environment. The market growth is anticipated to be greatly aided by the expansion of exploration operations in off-shore fields and the redevelopment of numerous oil fields.
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Surging Drilling and Production Activities to Drive Oil Country Tubular Goods Market Expansion
Oil and gas drilling and production activities have had a substantial impact on the oil country tubular goods market. Due to complicated drilling procedures, ongoing innovations have created a need for higher quality OCTG materials. Technological development is one of the major factors that contribute to the expansion of drilling and production. Innovations like horizontal drilling and hydraulic fracturing enable access to untapped reservoirs, necessitating OCTG products that can handle high pressures. The discovery of new deposits, both onshore and offshore, further boosts drilling and production. As reserves are found during exploration, the demand for OCTG products for extraction and transportation rises.
North America to Witness Substantial Growth Due to Increase in Shale Drilling Sites
The North America oil country tubular goods market is anticipated to experience significant growth in the forthcoming years. This growth is being propelled by the rise in the implementation of horizontal and directional drilling techniques, leading to an increase in shale drilling sites. Additionally, the growing number of deep sea explorations carried out in remote regions with challenging conditions has created a demand for superior products, thereby stimulating regional market growth.
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Major Points from TOC:
1 Introduction of the Global Oil Country Tubular Goods Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Oil Country Tubular Goods Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter’s Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of Russia-Ukraine War
6 Global Oil Country Tubular Goods Market, By Type
7 Global Oil Country Tubular Goods Market, By Manufacturing Process
8 Global Oil Country Tubular Goods Market, By Application
9 Global Oil Country Tubular Goods Market, By Geography
10 North America
11 Europe
12 Asia Pacific
13 Middle East & Africa
14 Latin America
15 Global Oil Country Tubular Goods Market Competitive Landscape
16 Company Profiles
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