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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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