Global Oil Country Tubular Goods (OCTG) Market to Reach US$ 40.7 Billion by 2032, Propelled by Rising Drilling and Exploration Activities

September 13, 2022 | Energy & Mining

According to the latest report by IMARC Group, titled “Oil Country Tubular Goods (OCTG) Market Report by Product (Well Casing, Product Tubing, Drill Pipe, and Others), Manufacturing Process (Electric Resistance Welded (ERW), Seamless), Grade (API Grade, Premium Grade), Application (Onshore, Offshore), and Region 2024-2032”, the global oil country tubular goods (OCTG) market reached a value of US$ 24.5 Billion in 2023. OCTGs are seamless rolled products that are used in drilling and operating wells for oil production in the oil and gas industry. Drill pipe, casing, line pipe, and tubing are some of the most common products from OCTG that are loaded according to their application requirements. Drilling operations are improved by using OCTG products as they aid in rotating the drill, circulating drilling fluid, channeling oil and gas into the borehole, and preventing unwanted fluids and gases from entering the well. These products are made from alloy steel or carbon through resistance welding or seamless processes, which facilitates safe and efficient transportation of oil and gas.

Global Oil Country Tubular Goods (OCTG) Market Trends:

The global market is majorly driven by the increasing number of drilling activities for deep-water exploration and oil-field exploration. Moreover, the significant expansion of oil and gas production activities, along with the growing green energy sector, is acting as a significant growth-inducing factor for the market. In addition to this, the escalating demand for high-performance equipment with improved features of hydraulic fracturing and horizontal drilling technologies is creating lucrative growth opportunities in the market. Besides this, favorable government initiatives supporting the exploration and production (E&P) activities regarding oil and gas extraction are propelling the market. The rising adoption of numerous strategies by the key players, such as product launches, product developments, mergers and acquisitions (M&As), partnerships and collaborations, are also contributing to the market growth. Some of the other factors creating a positive market outlook include considerable growth in the petrochemical industry, the increasing adoption of innovative seamless pipes, rapid industrialization, and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 40.7 Billion by 2032, exhibiting a CAGR of 5.7% during 2024-2032.

Market Summary:

  • Based on the product, the market has been segmented into well casing, product tubing, drill pipe, and others.
  • On the basis of the manufacturing process, the market has been divided into electric resistance welded (ERW) and seamless.
  • Based on the grade, the market has been categorized into API grade and premium grade.
  • On the basis of the application, the market has been classified into onshore and offshore.
  • On the geographical front, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include ArcelorMittal S.A., EVRAZ plc, Iljin Steel Co. Ltd. (ILJIN Group), JFE Steel Corporation, Nippon Steel Corporation, NOV Inc., Oil Country Tubular Limited, Sumitomo Corporation, Tenaris S.A. (Techint), TMK Group, United States Steel Corporation, and Vallourec S.A.

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Global Oil Country Tubular Goods (OCTG) Market to Reach US$ 40.7 Billion by 2032, Propelled by Rising Drilling and Exploration Activities
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