Which is the fastest growing region in Oil Country Tubular Goods Market?

South America is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Oil Country Tubular Goods Market?

In 2024, the North America accounts for the largest market share in Oil Country Tubular Goods Market. Read More

What years does this Oil Country Tubular Goods Market cover?

The report covers the Oil Country Tubular Goods Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Oil Country Tubular Goods Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Oil Country Tubular Goods Market Size

Market Size of Oil Country Tubular Goods Industry

Oil Country Tubular Goods Market Summary

Study Period	2019 - 2029
Base Year For Estimation	2023
CAGR	> 4.50 %
Fastest Growing Market	South America
Largest Market	North America
Market Concentration	Low
Major Players *Disclaimer: Major Players sorted in no particular order

Oil Country Tubular Goods (OCTG) Market Analysis

The oil country tubular goods (OCTG) market is expected to register a CAGR of more than 4.5% during the forecast period.

The market was negatively impacted by COVID-19 due to regional lockdowns and the 2020 crude oil price crash. Currently, the market has reached a pre-pandemic level.

Major factors driving the market study include increasing exploration and production activities, low oil breakeven prices due to rising non-oil revenues and technological advancements, reduced oil service costs, and increased directional drilling.
On the other hand, the increased import duty in countries like the United States, the volatile nature of oil prices in recent years, and environmental concerns could hamper the growth of the OCTG market during the forecast period.
There has been liberalization of oil and gas by major countries across the world to increase foreign investments, thereby helping the growth of the oil and gas industry. This will likely provide immense opportunities for the global OCTG market in the coming years.
North America is expected to dominate the global OCTG market, with the majority of the demand coming from countries like the United States, Mexico, etc.

Oil Country Tubular Goods (OCTG) Industry Segmentation

Oil country tubular goods, or OCTG, are tubes and pipes used in oil and gas activities such as drilling and production. OCTG is used both onshore and offshore for oil and gas production. The Oil Country Tubular Goods Market is segmented by manufacturing, grade, and geography. By manufacturing process, the market is segmented into seamless and electric resistance welded. By grade, the market is segmented into premium grade and API grade. The report also covers the size and forecasts of the OCTG market across the region. The market size and forecasts are based on revenue (in USD billions) for each segment.

Manufacturing Process
		Seamless
		Electric Resistance Welded

Grade
		Premium Grade
		API Grade

Geography
		North America
		Asia-Pacific
		Europe
		South America
		Middle-East and Africa

Need A Different Region Or Segment?

Customize Now

Oil Country Tubular Goods Market Size Summary

The oil country tubular goods (OCTG) market is poised for growth, driven by increasing exploration and production activities, technological advancements, and reduced oil service costs. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19 and the 2020 crude oil price crash. Key factors such as low oil breakeven prices and the liberalization of oil and gas sectors in major countries are expected to bolster the market. However, challenges like increased import duties in countries such as the United States, volatile oil prices, and environmental concerns may impede growth. North America is anticipated to lead the global OCTG market, with significant demand from the United States and Mexico.

The premium-grade OCTG segment is experiencing robust growth due to its application in complex and high-demand drilling environments, such as gas wells and deepwater exploration. The development of shale reserves and horizontal directional drilling has further propelled the demand for premium-grade OCTG. The Middle East, with its vast offshore deepwater reserves, is expected to contribute significantly to market expansion. Notable industry activities, such as Vallourec's major order with ExxonMobil Guyana and Jindal SAW's joint venture in India, highlight the market's dynamic nature. The fragmented market features key players like National-Oilwell Varco Inc., ILJIN Steel Co., and Tenaris SA, who are actively engaging in strategic partnerships and investments to capitalize on emerging opportunities.

Explore More

Oil Country Tubular Goods Market Size - Table of Contents

1. MARKET OVERVIEW
1. 1.1 Introduction
2. 1.2 Market Size and Demand Forecast in USD billion, till 2028
3. 1.3 Recent Trends and Developments
4. 1.4 Market Dynamics
  1. 1.4.1 Drivers
  2. 1.4.2 Restraints
5. 1.5 Supply Chain Analysis
6. 1.6 Porter's Five Forces Analysis
  1. 1.6.1 Bargaining Power of Suppliers
  2. 1.6.2 Bargaining Power of Consumers
  3. 1.6.3 Threat of New Entrants
  4. 1.6.4 Threat of Substitutes Products and Services
  5. 1.6.5 Intensity of Competitive Rivalry
2. MARKET SEGMENTATION
1. 2.1 Manufacturing Process
  1. 2.1.1 Seamless
  2. 2.1.2 Electric Resistance Welded
2. 2.2 Grade
  1. 2.2.1 Premium Grade
  2. 2.2.2 API Grade
3. 2.3 Geography
  1. 2.3.1 North America
  2. 2.3.2 Asia-Pacific
  3. 2.3.3 Europe
  4. 2.3.4 South America
  5. 2.3.5 Middle-East and Africa

Oil Country Tubular Goods Market Size FAQs

What is the current Oil Country Tubular Goods Market size?

The Oil Country Tubular Goods Market is projected to register a CAGR of greater than 4.5% during the forecast period (2024-2029)

Who are the key players in Oil Country Tubular Goods Market?

ILJIN Steel Co., Nippon Steel & Sumitomo Metal Corporation, Tenaris SA, ArcelorMittal SA and National-Oilwell Varco Inc. are the major companies operating in the Oil Country Tubular Goods Market.