Middle-East Oil Country Tubular Goods (OCTG) Market Size (2024 - 2029)

Middle-East Oil Country Tubular Goods Market Analysis

The Middle Eastern oil country tubular goods (OCTG) market is projected to register a CAGR of over 4.2% during the forecast period.

The COVID-19 pandemic negatively impacted the market in 2020. Presently, the market has reached pre-pandemic levels.

• Over the medium term, factors such as the reduced supply-demand gap, the low oil breakeven prices due to technological advancements and reduced oil services cost, and increased directional drilling are expected to drive the market.
• On the other hand, factors such as sanctions on several countries in the region, along with geopolitical tensions, are expected to hinder the growth of the market studied.
• Nevertheless, liberalization of the oil and gas industry by major countries in the Middle East to increase foreign investment and help the oil and gas industry may provide an opportunity for the OCTG market in the region.
• Saudi Arabia is one of the major oil producers globally, and the country stood second in the production of crude oil in 2021. The economy of Saudi Arabia is highly dependent on the oil and gas upstream sector, and the oil exports account for 40% of the country's GDP. Hence, Saudi Arabia is expected to be the largest market in the region for OCTG.

Middle-East Oil Country Tubular Goods Industry Segmentation

The oil country tubular goods are a combination of various steel tubular products, including well casings, production tubings, and drill pipes. These tubular products are used to facilitate drilling in a continuous manner. A tubular pipe may be a seamless pipe or a welded pipe manufactured in various grades and sizes. The well casing consists of a tube-shaped structure placed within the well to maintain the opening between the target groundwater and the surface. Together with the grout, the casing prevents dirt from entering the well. 

The Middle Eastern oil country tubular goods market is segmented by manufacturing process, 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 market size and forecasts for the oil country tubular goods (OCTG) market across major countries in the region. The market size and forecasts for each segment have been done in terms of revenue (USD billion).