Oil Country Tubular Goods (OCTG) Market 2020 Report offers a professional and in-depth study on the current state of the Global Oil Country Tubular Goods (OCTG) Market along with competitive landscape, Oil Country Tubular Goods (OCTG) Market share and revenue forecasts 2023.
OCTG (Oil Country Tubular Goods) Market -
Overview
OCTG, aka Oil Country Tubular Goods, is used as a
key component for the production of oil and gas from the well. The precise
usage of OCTG can aid in curbing down the probabilities of any eventual hazard,
mishap, and risks, thereby eventually saving the production cost of the
company.
The global OCTG market is expected to attain a
decent CAGR of 7.14% during the forecast period. The report published by Market
Research Future (MRFR), also reveals that the market valuation is slated to
reach a striking USD 43 billion by the end of the forecast period in 2023. With
the oil and gas industry being capital intensive, it is imperative for the
sector to maintain the balance in the production of crude oil and gas to dodge
any instances of losing machinery, money, and resources. This subsequently
drives the global OCTG market.
Industry Highlights
The Oil Country Tubular Goods are the constituents
that find wide application in the production of oil and gas from the well. The
acronym for Oil Country Tubular Goods is OCTG. Appropriate usage of OCTG could
aid in reducing the probabilities of any hazard, risks, and mishaps that
eventually save the cost of production of the company. It encompasses tubing,
casing, drill pipe, etc. Oil and gas sector being extremely capital intensive,
needs to strike balance in the production of gas and crude oil to prevent any
loss of equipment, resources, and money. This propels the worldwide OCTG
market.
It is also reported that reservoir contracts are
improving to stand tall in the market, whereas advancements in technology and
development of innovative tools are expected to evolve the market. The market
is driven by the increment in oil and gas production activities, rising
investment in upstream sector by the operators, and exponential growth in shale
gas reserves. The market is further calculated to be driven due to the surge in
offshore activities. Additionally, it has been noticed that the oil industry is
trying to expand its rig count across regions such Asia Pacific and North
America. This is expected to help ameliorate the production in wells and expand
the global OCTG market footprints.
Prominent Players:
·
Vallourec (France),
·
Nippon Steel & Sumitomo Metal Co. (Japan),
·
National Oilwell Varco (U.S.),
·
Tenaris(Europe),
·
Steel Tubular Products Inc (NA).,
·
TMK (U.S.),
·
Anhui Tianna Oil Pipe Company (China), and
·
Continental Alloys (Malaysia),
·
ILJIN STEEL CO (S. Korea).
Oil Country Tubular Goods
(OCTG) Industry Segmentation:
Global OCTG (Oil Country Tubular Goods) Market has been segmented based on make,
grade, type, and region.
Based on type, the market has been segmented into
casing, drill pipe, and tubing. Casing safeguards the layer of groundwater,
perforating fluid, and soil contamination by drilling mud. Drill pipes are
sturdy steel pipes that carry the force to drill bits. Tubing is the central
wall of well. It assists in the transportation of fluid from bottom to top.
Based on make, the market has been segmented into
seamless or welded materials. The seamless pipe segment is likely to dominate
the market owing to its mechanical attributes such as pressure handling
capability and tensile strength in offshore drilling, which facilitate
operational efficacy.
Based on grade, the market has been segmented into
API and premium, that have been categorized based on their attributes such as
temperature, thermal compatibility, and ductility.
Finally, based on region, the global OCTG market
has been segmented into Europe, North America, Latin America, Middle East, and
Asia Pacific.
Regional Analysis
The global OCTG market is regionally segmented into
the following regions: North America, Europe, Asia Pacific, Middle East and
Africa, and Latin America.
The global market is led by North America, which for
the last decade or so has maintained its standing as the highest growing
market. The region is expected to grow further during the forecast period. In North
America, the US holds a majority of the market share is expected to be one of
the global leaders of OCTG by the end of the forecast period. The US rig count
has strikingly increased by 135 from last year.
Amidst the dominance of North America, the market is
expected to be propelled over by Asia Pacific during the forecast period. The
reason being the same is the proper application and usage of technology, less
consumption of time in well-pipe installation, lateral drilling activities, and
the requisite technicality of an operation to drill the well with optimal speed
and efficiency.
The Asia Pacific region is a notable and lucrative
market for OCTG. It boasts massive potential and opportunities for market
players, if tapped properly. China is identified as the major driver of the
market here. Also, within Asia Pacific, the rig count in Australia is reported
to have increased by 15% from last year, thereby aiding in increasing the rig
count of the region by 12%
Industry Related News:
March
19th, 2019, Thailand’s national oil exploration & production
organization, PTTEP, announced in a statement that it has selected Vallourec
for delivering over 3,000 tonnes of OCTG for its M9 West exploration well in
Myanmar.
Browse Complete OCTG Market Research Report at: https://www.marketresearchfuture.com/reports/octg-market-1030
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