Oil Country Tubular Goods Market Outlook
According to a new report by Expert Market Research titled, “Global Oil Country Tubular Goods Market Trends, Size, Share, Analysis, Report and Forecast 2023-2028″, the oil country tubular goods market reached a value of USD 23.77 billion in 2022. Aided by the rising demand for oil and gas and the expanding applications of oil country tubular goods in various sectors, the market is projected to further grow at a CAGR of 6.80% between 2023 and 2028 to reach a value of USD 35.27 billion by 2028.
Oil country tubular goods refer to a family of steel tubes and related products used in oil and gas explorations and productions. The increasing demand for oil country tubular goods for ensuring efficient, safe, and environmentally sound drilling and completion of oil and gas wells is boosting the oil country tubular goods market growth. They include products like casing, tubing, and drill pipes, each playing a vital role in wellbore formation, protection of groundwater reserves, and transportation of hydrocarbons to the surface.
The increasing global energy demands are accelerating the global oil country tubular goods market expansion. With industrialisation and urbanisation in emerging economies leading to higher energy consumption, there has been a significant shift towards enhanced oil and gas exploration activities, resulting in increased demand for oil country tubular goods. Additionally, the rising investment in unconventional hydrocarbon resources, such as shale gas and tar sands, further propels the popularity and usage of oil country tubular goods.
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The broadening applications of oil country tubular goods across multiple segments of the oil and gas sector also significantly contribute to oil country tubular goods market development. In the drilling and completion of wells, oil country tubular goods are used as structural components and conduits for oil and gas flow. The offshore sector employs oil country tubular goods for its high-strength and corrosion-resistant properties crucial in extreme environmental conditions. Moreover, the need for oil country tubular goods in well intervention activities, such as hydraulic fracturing and well maintenance, underscores its essential role in the oil and gas sector.
Additionally, the growing demand for advanced and efficient drilling technologies has led to increased focus on oil country tubular goods as an indispensable part of the oil and gas sector. With the advent of digitalisation and increasing adoption of smart drilling technologies, oil country tubular goods market has been witnessing a heightened growth in the enhancement of drilling efficiency and minimisation of environmental impact.
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Oil Country Tubular Goods Market Segmentation
The market can be divided based on product, manufacturing process, grade, application, and region.
Market Breakup by Product
- Well Casing
- Product Tubing
- Drill Pipe
- Others
Market Breakup by Manufacturing Process
- Electric Resistance Welded (ERW)
- Seamless
Market Breakup by Grade
- API Grade
- Premium Grade
Market Breakup by Application
- Onshore
- Offshore
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global oil country tubular goods companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- TMK Group
- Sumitomo Corporation
- Nippon Steel Corporation
- Iljin Steel Co., Ltd.
- Tenaris S.A
- U. S. Steel Tubular Products, Inc.
- Vallourec Group
- Oil Country Tubular Limited
- ArcelorMittal S.A.
- JFE Steel Corporation
- Others
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