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Oil Country Tubular Goods (OCTG) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global oil country tubular goods (OCTG) market reached a value of US$ 21.11 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 31.85 Billion by 2027 exhibiting a CAGR of 6.70% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

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.

 

 
 

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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, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on product, manufacturing process, grade and application.

Breakup by Product:

 

 
 

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  • 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:

 

 
 

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  • 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 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
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
Report Price and Purchase Option Single User License: US$ 2499
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Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

1    Preface
2    Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    Global Oil Country Tubular Goods (OCTG) Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Product
    6.1    Well Casing
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Product Tubing
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Drill Pipe
        6.3.1 Market Trends
        6.3.2 Market Forecast
    6.4    Others
        6.4.1 Market Trends
        6.4.2 Market Forecast
7    Market Breakup by Manufacturing Process
    7.1    Electric Resistance Welded (ERW)
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Seamless
        7.2.1 Market Trends
        7.2.2 Market Forecast
8    Market Breakup by Grade
    8.1    API Grade
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Premium Grade
        8.2.1 Market Trends
        8.2.2 Market Forecast
9    Market Breakup by Application
    9.1    Onshore
        9.1.1 Market Trends
        9.1.2 Market Forecast
    9.2    Offshore
        9.2.1 Market Trends
        9.2.2 Market Forecast
10    Market Breakup by Region
    10.1    North America
        10.1.1 United States
           10.1.1.1 Market Trends
           10.1.1.2 Market Forecast
        10.1.2 Canada
           10.1.2.1 Market Trends
           10.1.2.2 Market Forecast
    10.2    Asia-Pacific
        10.2.1 China
           10.2.1.1 Market Trends
           10.2.1.2 Market Forecast
        10.2.2 Japan
           10.2.2.1 Market Trends
           10.2.2.2 Market Forecast
        10.2.3 India
           10.2.3.1 Market Trends
           10.2.3.2 Market Forecast
        10.2.4 South Korea
           10.2.4.1 Market Trends
           10.2.4.2 Market Forecast
        10.2.5 Australia
           10.2.5.1 Market Trends
           10.2.5.2 Market Forecast
        10.2.6 Indonesia
           10.2.6.1 Market Trends
           10.2.6.2 Market Forecast
        10.2.7 Others
           10.2.7.1 Market Trends
           10.2.7.2 Market Forecast
    10.3    Europe
        10.3.1 Germany
           10.3.1.1 Market Trends
           10.3.1.2 Market Forecast
        10.3.2 France
           10.3.2.1 Market Trends
           10.3.2.2 Market Forecast
        10.3.3 United Kingdom
           10.3.3.1 Market Trends
           10.3.3.2 Market Forecast
        10.3.4 Italy
           10.3.4.1 Market Trends
           10.3.4.2 Market Forecast
        10.3.5 Spain
           10.3.5.1 Market Trends
           10.3.5.2 Market Forecast
        10.3.6 Russia
           10.3.6.1 Market Trends
           10.3.6.2 Market Forecast
        10.3.7 Others
           10.3.7.1 Market Trends
           10.3.7.2 Market Forecast
    10.4    Latin America
        10.4.1 Brazil
           10.4.1.1 Market Trends
           10.4.1.2 Market Forecast
        10.4.2 Mexico
           10.4.2.1 Market Trends
           10.4.2.2 Market Forecast
        10.4.3 Others
           10.4.3.1 Market Trends
           10.4.3.2 Market Forecast
    10.5    Middle East and Africa
        10.5.1 Market Trends
        10.5.2 Market Breakup by Country
        10.5.3 Market Forecast
11    SWOT Analysis
    11.1    Overview
    11.2    Strengths
    11.3    Weaknesses
    11.4    Opportunities
    11.5    Threats
12    Value Chain Analysis
13    Porters Five Forces Analysis

    13.1    Overview
    13.2    Bargaining Power of Buyers
    13.3    Bargaining Power of Suppliers
    13.4    Degree of Competition
    13.5    Threat of New Entrants
    13.6    Threat of Substitutes
14    Price Analysis
15    Competitive Landscape

    15.1    Market Structure
    15.2    Key Players
    15.3    Profiles of Key Players
        15.3.1    ArcelorMittal S.A.
           15.3.1.1 Company Overview
           15.3.1.2 Product Portfolio
           15.3.1.3 Financials
           15.3.1.4 SWOT Analysis
        15.3.2    EVRAZ plc
           15.3.2.1 Company Overview
           15.3.2.2 Product Portfolio
           15.3.2.3 Financials
           15.3.2.4 SWOT Analysis
        15.3.3    Iljin Steel Co. Ltd. (ILJIN Group)
           15.3.3.1 Company Overview
           15.3.3.2 Product Portfolio
        15.3.4    JFE Steel Corporation
           15.3.4.1 Company Overview
           15.3.4.2 Product Portfolio
           15.3.4.3 Financials
           15.3.4.4 SWOT Analysis
        15.3.5    Nippon Steel Corporation
           15.3.5.1 Company Overview
           15.3.5.2 Product Portfolio
           15.3.5.3 Financials
           15.3.5.4 SWOT Analysis
        15.3.6    NOV Inc.
           15.3.6.1 Company Overview
           15.3.6.2 Product Portfolio
           15.3.6.3 Financials
           15.3.6.4 SWOT Analysis
        15.3.7    Oil Country Tubular Limited
           15.3.7.1 Company Overview
           15.3.7.2 Product Portfolio
           15.3.7.3 Financials
        15.3.8    Sumitomo Corporation
           15.3.8.1 Company Overview
           15.3.8.2 Product Portfolio
           15.3.8.3 Financials
           15.3.8.4 SWOT Analysis
        15.3.9    Tenaris S.A. (Techint)
           15.3.9.1 Company Overview
           15.3.9.2 Product Portfolio
           15.3.9.3 Financials
        15.3.10    TMK Group
           15.3.10.1 Company Overview
           15.3.10.2 Product Portfolio
           15.3.10.3 Financials
        15.3.11    United States Steel Corporation
           15.3.11.1 Company Overview
           15.3.11.2 Product Portfolio
           15.3.11.3 Financials
           15.3.11.4 SWOT Analysis
        15.3.12    Vallourec S.A.
           15.3.12.1 Company Overview
           15.3.12.2 Product Portfolio
           15.3.12.3 Financials

List of Figures

Figure 1: Global: Oil Country Tubular Goods Market: Major Drivers and Challenges
Figure 2: Global: Oil Country Tubular Goods Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Oil Country Tubular Goods Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Oil Country Tubular Goods Market: Breakup by Product (in %), 2021
Figure 5: Global: Oil Country Tubular Goods Market: Breakup by Manufacturing Process (in %), 2021
Figure 6: Global: Oil Country Tubular Goods Market: Breakup by Grade (in %), 2021
Figure 7: Global: Oil Country Tubular Goods Market: Breakup by Application (in %), 2021
Figure 8: Global: Oil Country Tubular Goods Market: Breakup by Region (in %), 2021
Figure 9: Global: Oil Country Tubular Goods (Well Casing) Market: Sales Value (in Million US$), 2016 & 2021
Figure 10: Global: Oil Country Tubular Goods (Well Casing) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 11: Global: Oil Country Tubular Goods (Product Tubing) Market: Sales Value (in Million US$), 2016 & 2021
Figure 12: Global: Oil Country Tubular Goods (Product Tubing) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 13: Global: Oil Country Tubular Goods (Drill Pipe) Market: Sales Value (in Million US$), 2016 & 2021
Figure 14: Global: Oil Country Tubular Goods (Drill Pipe) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 15: Global: Oil Country Tubular Goods (Other Products) Market: Sales Value (in Million US$), 2016 & 2021
Figure 16: Global: Oil Country Tubular Goods (Other Products) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 17: Global: Oil Country Tubular Goods (Electric Resistance Welded (ERW)) Market: Sales Value (in Million US$), 2016 & 2021
Figure 18: Global: Oil Country Tubular Goods (Electric Resistance Welded (ERW)) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 19: Global: Oil Country Tubular Goods (Seamless) Market: Sales Value (in Million US$), 2016 & 2021
Figure 20: Global: Oil Country Tubular Goods (Seamless) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 21: Global: Oil Country Tubular Goods (API Grade) Market: Sales Value (in Million US$), 2016 & 2021
Figure 22: Global: Oil Country Tubular Goods (API Grade) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 23: Global: Oil Country Tubular Goods (Premium Grade) Market: Sales Value (in Million US$), 2016 & 2021
Figure 24: Global: Oil Country Tubular Goods (Premium Grade) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 25: Global: Oil Country Tubular Goods (Onshore) Market: Sales Value (in Million US$), 2016 & 2021
Figure 26: Global: Oil Country Tubular Goods (Onshore) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 27: Global: Oil Country Tubular Goods (Offshore) Market: Sales Value (in Million US$), 2016 & 2021
Figure 28: Global: Oil Country Tubular Goods (Offshore) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 29: North America: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2016 & 2021
Figure 30: North America: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 31: United States: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2016 & 2021
Figure 32: United States: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 33: Canada: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2016 & 2021
Figure 34: Canada: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 35: Asia-Pacific: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2016 & 2021
Figure 36: Asia-Pacific: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 37: China: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2016 & 2021
Figure 38: China: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 39: Japan: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2016 & 2021
Figure 40: Japan: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 41: India: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2016 & 2021
Figure 42: India: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 43: South Korea: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2016 & 2021
Figure 44: South Korea: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 45: Australia: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2016 & 2021
Figure 46: Australia: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 47: Indonesia: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2016 & 2021
Figure 48: Indonesia: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 49: Others: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2016 & 2021
Figure 50: Others: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 51: Europe: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2016 & 2021
Figure 52: Europe: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 53: Germany: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2016 & 2021
Figure 54: Germany: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 55: France: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2016 & 2021
Figure 56: France: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 57: United Kingdom: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2016 & 2021
Figure 58: United Kingdom: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 59: Italy: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2016 & 2021
Figure 60: Italy: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 61: Spain: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2016 & 2021
Figure 62: Spain: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 63: Russia: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2016 & 2021
Figure 64: Russia: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 65: Others: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2016 & 2021
Figure 66: Others: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 67: Latin America: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2016 & 2021
Figure 68: Latin America: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 69: Brazil: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2016 & 2021
Figure 70: Brazil: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 71: Mexico: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2016 & 2021
Figure 72: Mexico: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 73: Others: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2016 & 2021
Figure 74: Others: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 75: Middle East and Africa: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2016 & 2021
Figure 76: Middle East and Africa: Oil Country Tubular Goods Market: Breakup by Country (in %), 2021
Figure 77: Middle East and Africa: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 78: Global: Oil Country Tubular Goods Industry: SWOT Analysis
Figure 79: Global: Oil Country Tubular Goods Industry: Value Chain Analysis
Figure 80: Global: Oil Country Tubular Goods Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Oil Country Tubular Goods Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Oil Country Tubular Goods Market Forecast: Breakup by Product (in Million US$), 2022-2027
Table 3: Global: Oil Country Tubular Goods Market Forecast: Breakup by Manufacturing Process (in Million US$), 2022-2027
Table 4: Global: Oil Country Tubular Goods Market Forecast: Breakup by Grade (in Million US$), 2022-2027
Table 5: Global: Oil Country Tubular Goods Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 6: Global: Oil Country Tubular Goods Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 7: Global: Oil Country Tubular Goods Market: Competitive Structure
Table 8: Global: Oil Country Tubular Goods Market: Key Players

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Key Questions Answered in This Report

The global oil country tubular goods (OCTG) market was valued at US$ 21.11 Billion in 2021.

We expect the global oil country tubular goods (OCTG) market to exhibit a CAGR of 6.70% during 2022-2027.

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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