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Oil Country Tubular Goods (OCTG) Market Report by Product (Well Casing, Product Tubing, Drill Pipe, and Others), Manufacturing Process (Electric Resistance Welded (ERW), Seamless), Grade (API Grade, Premium Grade), Application (Onshore, Offshore), and Region 2024-2032

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    Report

  • 140 Pages
  • March 2024
  • Region: Global
  • IMARC Group
  • ID: 5946735
Description Jump to:
The global oil country tubular goods (OCTG) market size reached US$ 24.5 Billion in 2023. Looking forward, the publisher expects the market to reach US$ 40.7 Billion by 2032, exhibiting a growth rate (CAGR) of 5.8% during 2023-2032.

Oil country tubular goods (OCTG) refers to seamless rolled products used in the oil and gas industry. They consist of drill pipe, casing, and tubing that are used in drilling, equipment, and operation of wells for oil and gas production. Amongst these, drill pipes are heavy seamless tubes that rotate the drill bit and circulate drilling fluid, whereas casing pipelines the borehole and is exposed to axial tension and internal pressure by the pumped oil and gas emulsion. On the other hand, tubing is a pipe through which the gasses and oils are transported from the wellbore. OCTG is manufactured of alloy steel or carbon using electric resistance welded (ERW) or seamless processes, which facilitates the safe and efficient transportation of oil and gas.

OCTG (Oil Country Tubular Goods) Market Trends:

The increasing drilling operations across the globe is one of the key factors driving the growth of the market. OCTG are widely used in drilling activities due to the increase in deep-water exploration in remote areas with complex environments. In line with this, the widespread product adoption for the exploration of the onshore oil fields to develop a wide variety of chemical products and fuel on account of the increasing demand for energy resources are favoring the market growth. Moreover, the large-scale implementation of hydraulic fracturing technology and horizontal drilling to release reserves long held within the shale formations of rock are also providing an impetus to the market growth. Additionally, the widespread adoption of seamless pipes due to their ability to provide uniformity of shape and withstand extremely high pressure without cracking is positively impacting the market growth. Apart from this, rising exploration and production activities (E&P) and the implementation of various government initiatives to promote the discovery and extortion of oil and gas are anticipated to drive the market toward growth.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global oil country tubular goods (OCTG) market report, along with forecasts at the global, regional and country level from 2024-2032. The report has categorized the market based on product, manufacturing process, grade and application.

Breakup by Product:

  • Well Casing
  • Product Tubing
  • Drill Pipe
  • Others

Breakup by Manufacturing Process:

  • Electric Resistance Welded (ERW)
  • Seamless

Breakup by Grade:

  • API Grade
  • Premium Grade

Breakup by Application:

  • Onshore
  • Offshore

Breakup by Region:

  • North America
  • United States
  • Canada
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
  • Latin America
  • Brazil
  • Mexico
  • Others
  • Middle East and Africa

Competitive Landscape:

  • - The competitive landscape of the industry has also been examined along with the profiles of the key players being ArcelorMittal S.A., EVRAZ plc, Iljin Steel Co. Ltd. (ILJIN Group), JFE Steel Corporation, Nippon Steel Corporation, NOV Inc., Oil Country Tubular Limited, Sumitomo Corporation, Tenaris S.A. (Techint), TMK Group, United States Steel Corporation and Vallourec S.A.

Key Questions Answered in This Report

1. What was the size of the global oil country tubular goods (OCTG) market in 2023?
2. What is the expected growth rate of the global oil country tubular goods (OCTG) market during 2024-2032?
3. What are the key factors driving the global oil country tubular goods (OCTG) market?
4. What has been the impact of COVID-19 on the global oil country tubular goods (OCTG) market?
5. What is the breakup of the global oil country tubular goods (OCTG) market based on the product?
6. What is the breakup of the global oil country tubular goods (OCTG) market based on the manufacturing process?
7. What is the breakup of the global oil country tubular goods (OCTG) market based on the grade?
8. What is the breakup of the global oil country tubular goods (OCTG) market based on the application?
9. What are the key regions in the global oil country tubular goods (OCTG) market?
10. Who are the key players/companies in the global oil country tubular goods (OCTG) market?

Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Oil Country Tubular Goods (OCTG) Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Product
6.1 Well Casing
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Product Tubing
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Drill Pipe
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Others
6.4.1 Market Trends
6.4.2 Market Forecast
7 Market Breakup by Manufacturing Process
7.1 Electric Resistance Welded (ERW)
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Seamless
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Grade
8.1 API Grade
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Premium Grade
8.2.1 Market Trends
8.2.2 Market Forecast
9 Market Breakup by Application
9.1 Onshore
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Offshore
9.2.1 Market Trends
9.2.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 United States
10.1.1.1 Market Trends
10.1.1.2 Market Forecast
10.1.2 Canada
10.1.2.1 Market Trends
10.1.2.2 Market Forecast
10.2 Asia-Pacific
10.2.1 China
10.2.1.1 Market Trends
10.2.1.2 Market Forecast
10.2.2 Japan
10.2.2.1 Market Trends
10.2.2.2 Market Forecast
10.2.3 India
10.2.3.1 Market Trends
10.2.3.2 Market Forecast
10.2.4 South Korea
10.2.4.1 Market Trends
10.2.4.2 Market Forecast
10.2.5 Australia
10.2.5.1 Market Trends
10.2.5.2 Market Forecast
10.2.6 Indonesia
10.2.6.1 Market Trends
10.2.6.2 Market Forecast
10.2.7 Others
10.2.7.1 Market Trends
10.2.7.2 Market Forecast
10.3 Europe
10.3.1 Germany
10.3.1.1 Market Trends
10.3.1.2 Market Forecast
10.3.2 France
10.3.2.1 Market Trends
10.3.2.2 Market Forecast
10.3.3 United Kingdom
10.3.3.1 Market Trends
10.3.3.2 Market Forecast
10.3.4 Italy
10.3.4.1 Market Trends
10.3.4.2 Market Forecast
10.3.5 Spain
10.3.5.1 Market Trends
10.3.5.2 Market Forecast
10.3.6 Russia
10.3.6.1 Market Trends
10.3.6.2 Market Forecast
10.3.7 Others
10.3.7.1 Market Trends
10.3.7.2 Market Forecast
10.4 Latin America
10.4.1 Brazil
10.4.1.1 Market Trends
10.4.1.2 Market Forecast
10.4.2 Mexico
10.4.2.1 Market Trends
10.4.2.2 Market Forecast
10.4.3 Others
10.4.3.1 Market Trends
10.4.3.2 Market Forecast
10.5 Middle East and Africa
10.5.1 Market Trends
10.5.2 Market Breakup by Country
10.5.3 Market Forecast
11 SWOT Analysis
11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 ArcelorMittal S.A.
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.1.3 Financials
15.3.1.4 SWOT Analysis
15.3.2 EVRAZ plc
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.2.3 Financials
15.3.2.4 SWOT Analysis
15.3.3 Iljin Steel Co. Ltd. (ILJIN Group)
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.4 JFE Steel Corporation
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.4.3 Financials
15.3.4.4 SWOT Analysis
15.3.5 Nippon Steel Corporation
15.3.5.1 Company Overview
15.3.5.2 Product Portfolio
15.3.5.3 Financials
15.3.5.4 SWOT Analysis
15.3.6 NOV Inc.
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.6.3 Financials
15.3.6.4 SWOT Analysis
15.3.7 Oil Country Tubular Limited
15.3.7.1 Company Overview
15.3.7.2 Product Portfolio
15.3.7.3 Financials
15.3.8 Sumitomo Corporation
15.3.8.1 Company Overview
15.3.8.2 Product Portfolio
15.3.8.3 Financials
15.3.8.4 SWOT Analysis
15.3.9 Tenaris S.A. (Techint)
15.3.9.1 Company Overview
15.3.9.2 Product Portfolio
15.3.9.3 Financials
15.3.10 TMK Group
15.3.10.1 Company Overview
15.3.10.2 Product Portfolio
15.3.10.3 Financials
15.3.11 United States Steel Corporation
15.3.11.1 Company Overview
15.3.11.2 Product Portfolio
15.3.11.3 Financials
15.3.11.4 SWOT Analysis
15.3.12 Vallourec S.A.
15.3.12.1 Company Overview
15.3.12.2 Product Portfolio
15.3.12.3 Financials
List of Figures
Figure 1: Global: Oil Country Tubular Goods Market: Major Drivers and Challenges
Figure 2: Global: Oil Country Tubular Goods Market: Sales Value (in Billion US$), 2018-2023
Figure 3: Global: Oil Country Tubular Goods Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 4: Global: Oil Country Tubular Goods Market: Breakup by Product (in %), 2023
Figure 5: Global: Oil Country Tubular Goods Market: Breakup by Manufacturing Process (in %), 2023
Figure 6: Global: Oil Country Tubular Goods Market: Breakup by Grade (in %), 2023
Figure 7: Global: Oil Country Tubular Goods Market: Breakup by Application (in %), 2023
Figure 8: Global: Oil Country Tubular Goods Market: Breakup by Region (in %), 2023
Figure 9: Global: Oil Country Tubular Goods (Well Casing) Market: Sales Value (in Million US$), 2018 & 2023
Figure 10: Global: Oil Country Tubular Goods (Well Casing) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 11: Global: Oil Country Tubular Goods (Product Tubing) Market: Sales Value (in Million US$), 2018 & 2023
Figure 12: Global: Oil Country Tubular Goods (Product Tubing) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 13: Global: Oil Country Tubular Goods (Drill Pipe) Market: Sales Value (in Million US$), 2018 & 2023
Figure 14: Global: Oil Country Tubular Goods (Drill Pipe) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 15: Global: Oil Country Tubular Goods (Other Products) Market: Sales Value (in Million US$), 2018 & 2023
Figure 16: Global: Oil Country Tubular Goods (Other Products) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 17: Global: Oil Country Tubular Goods (Electric Resistance Welded (ERW)) Market: Sales Value (in Million US$), 2018 & 2023
Figure 18: Global: Oil Country Tubular Goods (Electric Resistance Welded (ERW)) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 19: Global: Oil Country Tubular Goods (Seamless) Market: Sales Value (in Million US$), 2018 & 2023
Figure 20: Global: Oil Country Tubular Goods (Seamless) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 21: Global: Oil Country Tubular Goods (API Grade) Market: Sales Value (in Million US$), 2018 & 2023
Figure 22: Global: Oil Country Tubular Goods (API Grade) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 23: Global: Oil Country Tubular Goods (Premium Grade) Market: Sales Value (in Million US$), 2018 & 2023
Figure 24: Global: Oil Country Tubular Goods (Premium Grade) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 25: Global: Oil Country Tubular Goods (Onshore) Market: Sales Value (in Million US$), 2018 & 2023
Figure 26: Global: Oil Country Tubular Goods (Onshore) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 27: Global: Oil Country Tubular Goods (Offshore) Market: Sales Value (in Million US$), 2018 & 2023
Figure 28: Global: Oil Country Tubular Goods (Offshore) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 29: North America: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2018 & 2023
Figure 30: North America: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 31: United States: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2018 & 2023
Figure 32: United States: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 33: Canada: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2018 & 2023
Figure 34: Canada: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 35: Asia-Pacific: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2018 & 2023
Figure 36: Asia-Pacific: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 37: China: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2018 & 2023
Figure 38: China: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 39: Japan: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2018 & 2023
Figure 40: Japan: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 41: India: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2018 & 2023
Figure 42: India: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 43: South Korea: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2018 & 2023
Figure 44: South Korea: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 45: Australia: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2018 & 2023
Figure 46: Australia: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 47: Indonesia: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2018 & 2023
Figure 48: Indonesia: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 49: Others: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2018 & 2023
Figure 50: Others: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 51: Europe: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2018 & 2023
Figure 52: Europe: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 53: Germany: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2018 & 2023
Figure 54: Germany: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 55: France: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2018 & 2023
Figure 56: France: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 57: United Kingdom: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2018 & 2023
Figure 58: United Kingdom: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 59: Italy: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2018 & 2023
Figure 60: Italy: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 61: Spain: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2018 & 2023
Figure 62: Spain: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 63: Russia: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2018 & 2023
Figure 64: Russia: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 65: Others: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2018 & 2023
Figure 66: Others: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 67: Latin America: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2018 & 2023
Figure 68: Latin America: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 69: Brazil: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2018 & 2023
Figure 70: Brazil: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 71: Mexico: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2018 & 2023
Figure 72: Mexico: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 73: Others: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2018 & 2023
Figure 74: Others: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 75: Middle East and Africa: Oil Country Tubular Goods Market: Sales Value (in Million US$), 2018 & 2023
Figure 76: Middle East and Africa: Oil Country Tubular Goods Market: Breakup by Country (in %), 2023
Figure 77: Middle East and Africa: Oil Country Tubular Goods Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 78: Global: Oil Country Tubular Goods Industry: SWOT Analysis
Figure 79: Global: Oil Country Tubular Goods Industry: Value Chain Analysis
Figure 80: Global: Oil Country Tubular Goods Industry: Porter's Five Forces Analysis
List of Tables
Table 1: Global: Oil Country Tubular Goods Market: Key Industry Highlights, 2023 & 2032
Table 2: Global: Oil Country Tubular Goods Market Forecast: Breakup by Product (in Million US$), 2024-2032
Table 3: Global: Oil Country Tubular Goods Market Forecast: Breakup by Manufacturing Process (in Million US$), 2024-2032
Table 4: Global: Oil Country Tubular Goods Market Forecast: Breakup by Grade (in Million US$), 2024-2032
Table 5: Global: Oil Country Tubular Goods Market Forecast: Breakup by Application (in Million US$), 2024-2032
Table 6: Global: Oil Country Tubular Goods Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 7: Global: Oil Country Tubular Goods Market: Competitive Structure
Table 8: Global: Oil Country Tubular Goods Market: Key Players

Companies Mentioned

  • ArcelorMittal S.A.
  • EVRAZ plc
  • Iljin Steel Co. Ltd. (ILJIN Group)
  • JFE Steel Corporation
  • Nippon Steel Corporation
  • NOV Inc.
  • Oil Country Tubular Limited
  • Sumitomo Corporation
  • Tenaris S.A. (Techint)
  • TMK Group
  • United States Steel Corporation and Vallourec S.A

Methodology

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Table Information

Report AttributeDetails
No. of Pages140
PublishedMarch 2024
Forecast Period2023 - 2032
Estimated Market Value ( USD ) in 2023 $ 24.5 Billion
Forecasted Market Value ( USD ) by 2032 $ 40.7 Billion
Compound Annual Growth Rate5.8%
Regions CoveredGlobal
No. of Companies Mentioned11

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