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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
Report Format: PDF+Excel | Report ID: SR112024A5136
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Market Overview:
The global oil country tubular goods (OCTG) market size reached USD 24.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 40.7 Billion by 2032, exhibiting a growth rate (CAGR) of 5.7% during 2024-2032.
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Report Attribute
|
Key Statistics
|
|---|---|
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Base Year
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2023
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|
Forecast Years
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2024-2032
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Historical Years
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2018-2023
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Market Size in 2023
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USD 24.5 Billion |
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Market Forecast in 2032
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USD 40.7 Billion |
| Market Growth Rate 2024-2032 | 5.7% |
Oil country tubular goods (OCTG) refers to seamless rolled products used in the oil and gas industry. They consist of drill pipe, casing, and tubing that are used in drilling, equipment, and operation of wells for oil and gas production. Amongst these, drill pipes are heavy seamless tubes that rotate the drill bit and circulate drilling fluid, whereas casing pipelines the borehole and is exposed to axial tension and internal pressure by the pumped oil and gas emulsion. On the other hand, tubing is a pipe through which the gasses and oils are transported from the wellbore. OCTG is manufactured of alloy steel or carbon using electric resistance welded (ERW) or seamless processes, which facilitates the safe and efficient transportation of oil and gas.
OCTG (Oil Country Tubular Goods) Market Trends:
The increasing drilling operations across the globe is one of the key factors driving the growth of the market. OCTG are widely used in drilling activities due to the increase in deep-water exploration in remote areas with complex environments. In line with this, the widespread product adoption for the exploration of the onshore oil fields to develop a wide variety of chemical products and fuel on account of the increasing demand for energy resources are favoring the market growth. Moreover, the large-scale implementation of hydraulic fracturing technology and horizontal drilling to release reserves long held within the shale formations of rock are also providing an impetus to the market growth. Additionally, the widespread adoption of seamless pipes due to their ability to provide uniformity of shape and withstand extremely high pressure without cracking is positively impacting the market growth. Apart from this, rising exploration and production activities (E&P) and the implementation of various government initiatives to promote the discovery and extortion of oil and gas are anticipated to drive the market toward growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global oil country tubular goods (OCTG) market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on product, manufacturing process, grade and application.
Breakup by Product:
- Well Casing
- Product Tubing
- Drill Pipe
- Others
Breakup by Manufacturing Process:
- Electric Resistance Welded (ERW)
- Seamless
Breakup by Grade:
- API Grade
- Premium Grade
Breakup by Application:
- Onshore
- Offshore
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | Billion USD |
| Segment Coverage | Product, Manufacturing Process, Grade, Application, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | 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 |
| Customization Scope | 10% Free Customization |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global oil country tubular goods (OCTG) market was valued at USD 24.5 Billion in 2023.
We expect the global oil country tubular goods (OCTG) market to exhibit a CAGR of 5.7% during 2024-2032.
The rising utilization of Oil Country Tubular Goods (OCTG) in drilling activities, owing to the increasing deep-water exploration in remote areas with complex environment, is primarily driving the global oil country tubular goods (OCTG) market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary halt in numerous exploration and production activities, thereby hampering the overall demand for OCTG.
Based on the product, the global oil country tubular goods (OCTG) market has been segmented into well casing, product tubing, drill pipe, and others. Among these, well casing holds the majority of the total market share.
Based on the manufacturing process, the global oil country tubular goods (OCTG) market can be divided into Electric Resistance Welded (ERW) and seamless. Currently, Electric Resistance Welded (ERW) exhibits a clear dominance in the market.
Based on the grade, the global oil country tubular goods (OCTG) market has been categorized into API grade and premium grade, where premium grade currently accounts for the majority of the global market share.
Based on the application, the global oil country tubular goods (OCTG) market can be segregated into onshore and offshore. Currently, onshore holds the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global oil country tubular goods (OCTG) market 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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