Inquire Before Buying
Speak to an Analyst
Request Brochure
IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.
Read More- Home
- |
- Press Release
- |
- Global Oil Country Tubular Goods (OCTG) Market
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.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact Us:
IMARC Group
30 N Gould St, Ste R
Sheridan, WY 82801, USA
Website: https://www.imarcgroup.com/
Email: sales@imarcgroup.com
Americas: +1 631 791 1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800
Need more help?
- Speak to our experienced analysts for insights on the current market scenarios.
- Include additional segments and countries to customize the report as per your requirement.
- Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
- For further assistance, please connect with our analysts.
Purchase options
Benefits of Customization
Personalize this research
Triangulate with your data
Get data as per your format and definition
Gain a deeper dive into a specific application, geography, customer, or competitor
Any level of personalization
Get in Touch With Us
UNITED STATES
Phone: +1-631-791-1145
INDIA
Phone: +91-120-433-0800
UNITED KINGDOM
Phone: +44-753-713-2163
Email: sales@imarcgroup.com
Client Testimonials
The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required
Read More
We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra
Read More
Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.
Read More.webp)
We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.
Read More
The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.
Read More
The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.
Read More
My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.
Read More
I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.
Read More.webp){kind=logo}
We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.
Read More
IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.
Read More