Global Oil Country Tubular Goods (OCTG) Market Size To Worth USD 50.14 Billion By 2033 | CAGR of 7.07%

Oct 25, 2024

The Global Oil Country Tubular Goods (OCTG) Market Size was Valued at USD 25.33 Billion in 2023 and the Worldwide Oil Country Tubular Goods Market Size is Expected to Reach USD 50.14 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered: ArcelorMittal, EVRAZ plc, ILJIN STEEL CO. LTD., JFE Steel Corporation, National Oilwell Varco, NIPPON STEEL CORPORATION, NOV Inc., Schlumberger, Tenergy Equipment & Service Ltd, Oil Country Tubular Limited, Sumitomo Corporation, Zekelman Industries, Tenaris, SB International, Inc., and Others

New York, United States , July 22, 2024 (GLOBE NEWSWIRE) -- The Global Oil Country Tubular Goods (OCTG) Market Size is to Grow from USD 25.33 Billion in 2023 to USD 50.14 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.07% during the projected period.

Get a Sample PDF Brochure: https://www.sphericalinsights.com/request-sample/5188

Pipeline materials used in the oil and gas sector, including drill pipe, steel casing, and tubing, are referred to as oil country tubular goods (OCTG). Oil country tubular goods are the foundation of the modern oil and gas industry. They are used in the discovery and production of petroleum-based products, and they provide the basic components required to extract one of the world's most significant energy sources. They are also involved in the efficient and safe transportation of gas and oil products to their final locations. Definitions that oil country tubular goods have identified are provided by the International Standards Organization (ISO), the American Petroleum Institute (API) requirements, and other sources. Energy consumption increased in several areas as a result of the global economic recovery. Oil and gas are the main energy sources in the global energy sector. Hydrocarbons are used extensively in a variety of processes, including manufacturing, energy production, and processing. In an attempt to fulfill the enormous demand for gas and oil, operators and oilfield service providers are investing rapidly in exploration and production activities. This is one of the most significant developments in the oil-country tubular goods market. However, the oil country tubular goods (OCTG) market is going to be restricted by the high cost of the early stages of material acquisition and development. Additionally, OCTG has very expensive operating costs.

Browse key industry insights spread across 214 pages with 110 Market data tables and figures & charts from the report on the "Global Oil Country Tubular Goods (OCTG) Market Size, Share, and COVID-19 Impact Analysis, By Process (Seamless and Welded), By Product (Well Casing, Production Tubing, Drill Pipe, and Others), By Application (Onshore and Offshore), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."

Buy Now Full Report: https://www.sphericalinsights.com/checkout/5188

The seamless segment is anticipated to hold the greatest share of the global oil country tubular goods market during the projected timeframe. On the basis of the process, the global oil country tubular goods market is divided into seamless and welded. Among these, the seamless segment is anticipated to hold the greatest share of the global oil country tubular goods market during the projected timeframe. Conventional energy resources, especially hydrocarbons, are important in the global energy landscape as they are frequently utilized for several operations in a wide range of industries. Seamless pipes are preferred over welded ones because they can withstand extremely high pressure without cracking.

The well-casing segment is anticipated to hold the largest share of the global oil country tubular goods market during the projected timeframe. On the basis of product, the global oil country tubular goods market is divided into well casing, production tubing, drill pipe, and others. Among these, the well-casing segment is anticipated to hold the largest share of the global oil country tubular goods market during the projected timeframe. Well, casing plays a crucial role in the drilling process as it helps avoid groundwater pollution and stabilizes the drill bit. It also prevents unconsolidated sand or rock fragments from collapsing into the well shaft by stabilizing the well's wall.

The offshore segment is predicted to hold the greatest share of the global oil country tubular goods market during the estimated period.On the basis of application, the global oil country tubular goods market is divided into onshore and offshore. Among these, the offshore segment is predicted to hold the greatest share of the global oil country tubular goods market during the estimated period. When comparing offshore applications to oilfield equipment transportation, the former is much more straightforward. Additionally, land-based drilling is significantly less expensive than offshore operations due to the easy availability of manpower and the high degree of planning flexibility.

Inquire Before Buying This Research Report: https://www.sphericalinsights.com/inquiry-before-buying/5188

North America is expected to hold the largest share of the global oil country tubular goods market over the forecast period.

North America is expected to hold the largest share of the global oil country tubular goods market over the forecast period. The United States was the largest producer of crude oil in the world. Over the past decade, directional and horizontal drilling procedures have been used more often in the shale drilling regions of the United States. Foreign investment increased as a result of the loosening of rules about the oil and gas industry in Canada and Mexico, driving the growth of the market.

Asia Pacific is predicted to grow at the fastest pace in the global oil country tubular goods market during the projected timeframe. The Asia Pacific region is seeing remarkable economic expansion, concomitant with an increase in urbanization and the expansion of the middle class. Energy consumption rises as a result, particularly for gas and oil.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global oil country tubular goods market include ArcelorMittal, EVRAZ plc, ILJIN STEEL CO. LTD., JFE Steel Corporation, National Oilwell Varco, NIPPON STEEL CORPORATION, NOV Inc., Schlumberger, Tenergy Equipment & Service Ltd, Oil Country Tubular Limited, Sumitomo Corporation, Zekelman Industries, Tenaris, SB International, Inc., and Others.

Get Discount At @ https://www.sphericalinsights.com/request-discount/5188

Recent Developments

In November 2023, Nippon Steel Corporation received EcoLeaf Environmental Product announcements for three distinct kinds of high-alloy OCTG and line pipe products through the Japan EPD Program, which is managed by the Sustainable Management Promotion Organization (SuMPO). These are the first EPDs for stainless steel items in Japan.

Market SegmentThis study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global oil country tubular goods market based on the below-mentioned segments:

Global Oil Country Tubular Goods Market, By Process

Seamless

Welded

Global Oil Country Tubular Goods Market, By Product

Well Casing

Production Tubing

Drill Pipe

Others

Global Oil Country Tubular Goods Market, By Application

Onshore

Offshore

Global Oil Country Tubular Goods Market, By Regional Analysis

North America

US

Canada

Mexico

Europe

Germany

Uk

France

Italy

Spain

Russia

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

Australia

Rest of Asia Pacific

South America

Brazil

Argentina

Rest of South America

Middle East & Africa

UAE

Saudi Arabia

Qatar

South Africa

Rest of the Middle East & Africa

Browse Related Reports

Global EV Solar Modules Market Size, Share, and COVID-19 Impact Analysis, By Solar Panel Type (Monocrystalline and Polycrystalline), By Battery Type (Lithium-ion, Lead-Acid, and Lead-Carbon), By Application (Passenger Vehicles and Commercial Vehicles), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033.

Global Remote Power Panel Market Size, Share, and COVID-19 Impact Analysis, By Type (Floor-standing, Wall-mounted), By Application (Commercial Buildings, Data Centers, Hospitals), By End User (BFSI, IT & Telecom, Healthcare, Government & Defense), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033.

Global Carbon Offset/Carbon Credit Market Size, Share, and COVID-19 Impact Analysis, By Type (Voluntary Market, Compliance Market), By Project Type (Avoidance/Reduction Projects, Removal/Sequestration Projects [Nature-based Projects and Technology-based Projects]), By End User (Energy, Power, Transportation, Industrial, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033.

Global Hydrogen Fueling Station Market Size, Share, and COVID-19 Impact Analysis, By Type (Fixed Station and Mobile Station), By Size (Small & Medium Size and Large Size), By End User (Railways, Marine, Commercial Vehicle and Aviation), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033.

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.

CONTACT US:

For More Information on Your Target Market, Please Contact Us Below:

Phone: +1 303 800 4326 (the U.S.)

Phone: +91 90289 24100 (APAC)

Email: [email protected], [email protected]

Contact Us: https://www.sphericalinsights.com/contact-us

Follow Us: LinkedIn | Facebook | Twitter