Oil Country Tubular Goods (Octg) Market Size to grow by USD 19.3 billion between 2024-2028
According to a research report “ Oil Country Tubular Goods (Octg) Market” by Product (Seamless, Welded) Application (Onshore, Offshore) Geography (North America, APAC, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 19.3 billion, at a CAGR of 7.3% during the forecast period. In response to the increasing global population and industrial growth, ensuring energy security has become a priority for numerous nations. To meet the escalating energy demands, countries are investing in advanced technologies to explore untapped oil and gas resources. Additionally, the decline in production from conventional oilfields necessitates increased investment in mature oil and gas fields to maximize revenue. Governments worldwide are also boosting oil and gas production as part of their energy security initiatives. For instance, ONGC, India's national oil company, announced a USD4 billion investment plan from 2022-2025 to enhance exploration activities. This strategic approach will not only help meet the energy demands but also contribute significantly to the economies of these countries.
Browse market data tables, figures, and in-depth TOC on “Oil Country Tubular Goods (Octg) Market” by Product (Seamless, Welded) Application (Onshore, Offshore) Geography (North America, APAC, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Product, the Seamless segment is projected to dominate the market size in 2024
The global Oil Country Tubular Goods (OCTG) market is primarily driven by the onshore sector, which encompasses land-based processes related to oil, gas, and condensate production. Notably, onshore operations incorporate large crude oil tanks in oil terminals for the initial storage of oil before processing. These tanks function as a crucial buffer volume for oil delivered via tankers. The escalating demand for oil and gas to produce a diverse array of chemicals and fuel in the automotive sector has fueled the exploration of onshore oil fields. Consequently, the surging requirement for OCTG in the transportation of crude oil is anticipated to generate significant growth opportunities for the onshore segment of the industry throughout the forecast period.
By Application, Onshore segment is expected to hold the largest market size for the year 2024
The seamless segment of the Oil Country Tubular Goods (OCTG) market held the largest market share in 2023, and is projected to expand at a faster rate than the overall market during the forecast period. Seamless OCTG are manufactured in specialized mills utilizing solid cylindrical steel, known as a billet. Through the process of piercing, rolling, and stretching, these billets are transformed to meet the specified dimensions and thickness for customers. Seamless OCTG exhibit superior mechanical properties, including high tensile strength, making them the preferred choice for high-pressure drilling applications. Their reliability is enhanced due to the absence of welded seams, which can potentially cause leakages.
North America is forecasted to hold the largest market size by region in 2024
The Oil Country Tubular Goods (OCTG) market refers to the business sector that manufactures and supplies tubular products, primarily used in the oil and gas industry. These goods include pipes, casings, and tubing, which are essential components in drilling, completing, and producing oil and natural gas wells. The market's growth is influenced by various factors, including oil prices, exploration and production activities, technological advancements, and regulatory policies. Companies in this sector aim to provide high-quality, cost-effective, and innovative solutions to meet the evolving needs of their clients in the energy sector.
The Oil Country Tubular Goods (Octg) Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Oil Country Tubular Goods (OCTG) market is a significant segment of the oil and gas industry, supplying steel tubular products such as casing, tubing, line pipe, and accessories for exploration and production activities. The market's growth is driven by the increased focus on shale gas reserves and the adoption of hydraulic fracturing technology. Companies like Hunting Energy Services and Tenaris are key players in this market, providing seamless tubing and casing for both onshore and offshore drilling. The rig count is a crucial indicator of market demand, with an increase in rig count leading to higher demand for OCTG. The process of drilling and production of hydrocarbons involves the use of well casing and tubing, which are essential for maintaining the integrity of the wellbore and ensuring safe and efficient production. OCTG is also used in power generation and transportation of hydrocarbons. Hydrocarbon operators rely on OCTG for exploration and production activities, and the market caters to various applications such as drilling, exploration, production, and hydrocarbon transportation. The market offers a range of products, including connections, couplings, and line pipe, to meet the diverse needs of the industry. Overall, the Oil Country Tubular Goods market plays a vital role in the oil and gas industry, enabling the exploration, production, and transportation of natural resources.
Market Research Overview
The Oil Country Tubular Goods (OCTG) market has experienced significant growth due to the shale gas reserves revolution in the energy sector. Companies like Hunting Energy Services and Tenaris are key players in this market, providing customized tubular goods for hydraulic fracturing technology and drilling activities. The market demands tubular goods of high qualities to withstand complex geological conditions, extreme temperatures, and high pressures in both onshore and offshore drilling. Hydrocarbon operators require tubing pipes, casing, line pipes, and accessories for drilling rigs to ensure efficiency and safety in exploration and production activities. The annulus and surrounding rocks are exposed to external pressures and high internal pressures, axial tensions, and stabilizing forces. Oil or gas production tubings and liners are essential for borehole stabilization and connections, including couplings and welded pipes. The OCTG market has undergone a paradigm shift due to the shale gas revolution, tight oil, and renewable energy sources like solar and wind. The market caters to various applications, including power generation, transportation, and offshore drilling. The demand for OCTG is driven by energy consumption, energy security, and emerging economies' growing energy demands. The market offers seamless and Electric Resistance Welded (ERW) tubular goods for high-pressure applications, ensuring groundwater contamination prevention and energy efficiency. World Oil reports that the OCTG market will continue to grow, driven by the demand for steel tubular products in the oil and gas industry.
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