The global oil country tubular goods (OCTG) market was valued at USD 22 billion in 2022 and grew at a CAGR of 7% from 2023 to 2032. The market is expected to reach USD 43.27 billion by 2032. The increasing energy demand will drive the growth of the global oil country tubular goods (OCTG) market.
"Oil Country Tubular Goods" (OCTG) describes the pipes, casing, and tubing utilized in the petroleum sector. Oil Country Tubular Goods come in three primary varieties: Drill pipe, Casing pipe, and Tubing pipe. The safe and effective transportation of oil and gas products to markets is made possible by these tubular components. OCTG products are applied in various ways at various phases of the oil and gas industry. Oil Country Tubular Goods (OCTG) are essential parts of the oil and gas sector involved in production, drilling, and completion. For the production of gas and oil, this pipe is utilized both offshore and onshore. Drilling and Exploration: Drill pipe and casing are necessary. The casing offers the well structural stability and prevents it from collapsing. The drill bit is rotated, and the drill pipe moves the drilling fluid. The whole oil and gas sector depends on OCTG. Casing pipes are essential for preserving the structural integrity of a well because they stop fluid migration across formations and keep the well from collapsing under the weight of the surrounding rocks. They form the cornerstone of the oil and gas industry.
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The increasing offshore oil and gas exploration – the technological advancements have led to the discovery of untapped oil and gas field reserves in the Atlantic, south China Sea and the Arctic region. These offshore fields offer a lucrative opportunity for the growth of the global oil country tubular goods market. The increasing energy demands and the importance of oil, petroleum and gas for economies make offshore exploration an untapped market. Furthermore, countries are driving exploration activities to reduce the dependence on imports in the face of global volatility following wars, trade disputes, sanctions and fiscal instability.
The stringent government regulations – the consistent campaign against the oil, petroleum and gas industry, given their harmful and irreversible effects on the environment, have prompted governments to introduce stringent government regulations governing the industry. The non-renewable nature and limited quantity in the face of unlimited wants have also encouraged stringent government regulations. Therefore, the stringent government regulations will hamper the market's growth.
Technological advancements – the increasing energy demands and offshore oil and gas exploration have led to the introduction of more effective, functional and improved oil country tubular goods for efficient, faster and optimal drilling and extraction processes. Therefore, technological advancements will contribute to the market's growth during the forecast period.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global oil country tubular goods (OCTG) market, with a 39% market revenue share in 2022.
The shale gas exploration industry has boomed in the past decade in the United States of America. This development has positively impacted the regional oil country tubular goods market. Furthermore, the increasing exploration activities in Canada and Mexico, especially offshore drilling, will augment the market's growth. The presence of significant market players and the increasing demand for US oil and gas given the global geopolitical tensions and trade sanctions on oil-producing countries, will also benefit the regional market.
North America Region Oil Country Tubular Goods (OCTG) Market Share in 2022 - 39%
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The manufacturing process segment is divided into electric resistance welding and seamless. The electric resistance welding segment dominated the market, with a market share of around 54% in 2022. electric resistance welding (ERW) is a type of welding that joins metal components permanently. It heats the metal components in contact with an electric current. For instance, electric resistance welding is frequently employed in the assembly of cars or automobiles. It is also extensively used in the production of steel pipes. The deformation and stress with the electric resistance welding process are less, given the short heating period and concentrated heat. After welding, it is typically not required to set up rectification and heat treatment techniques, another added advantage of the said process. Resistance welding also has the significant benefit of consistency in addition to speed. Electrical resistance regulates the heat produced during the welding process, making it a highly reproducible technique that consistently yields welds of excellent quality.
The product type segment is divided into well casing, drill pipe, production tubing and others. The well casing segment dominated the market, with a market share of around 34% in 2022. Once an oil well is dug, a lining known as a well casing is placed inside it to completely enclose it. Casings support the well since it would collapse on its own if it didn't have any support. The casing isolates the well's contents from the nearby rock and soil and offers support. The water tubing/piping, pull cable, and electrical wires attached to the submersible pump are all shielded by the casing. Well casing is a highly effective way to lower hazards, particularly those associated with using a traditional drill string in the borehole.
The grade segment is divided into API grade and premium grade. The premium-grade segment dominated the market, with a market share of around 52% in 2022. Premium grade is widely known and used OCTG in the market, given its exceptional strength.
The application segment is divided into onshore and offshore. The offshore segment dominated the market, with a share of around 51% in 2022. The discovery of offshore petroleum and gas-rich fields will drive the segment's growth.
|Market Size||Revenue (USD Billion)|
|Market size value in 2022||USD 22 Billion|
|Market size value in 2032||USD 43.27 Billion|
|CAGR (2023 to 2032)||7%|
|Region||The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East and Africa. Furthermore, the regions are further analyzed at the country level.|
|Segments||Manufacturing Process, Product Type, Grade and Application|
As per The Brainy Insights, the size of the global oil country tubular goods (OCTG) market was valued at USD 22 billion in 2022 to USD 43.27 billion by 2032.
Global oil country tubular goods (OCTG) market is growing at a CAGR of 7% during the forecast period 2023-2032.
The market's growth will be influenced by the increasing offshore oil and gas exploration.
The stringent government regulations could hamper the market growth.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global oil country tubular goods (OCTG) market based on below mentioned segments:
Global Oil Country Tubular Goods (OCTG) Market by Manufacturing Process:
Global Oil Country Tubular Goods (OCTG) Market by Product Type:
Global Oil Country Tubular Goods (OCTG) Market by Grade:
Global Oil Country Tubular Goods (OCTG) Market by Application:
Global Oil Country Tubular Goods (OCTG) Market by Region:
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