OCTG (Oil Country Tubular Goods) Market Synopsis:
The
mounting production of sour crude, especially in the lockdown period due to
novel Coronavirus pandemic around the world, has pretentious the global OCTG (Oil Country
Tubular Goods) Market 2020 imperatively.
The current data on the market position of the oil country tubular goods market
by Market Research Future reveals that a high growth rate has been recorded for
future expansion, which could be noted, post the pandemic. Many factors are
being scored behind the growth of the market, which has been discussed below.
The forecasted period of the market’s growth is calculated for the years
2017–2026.
Leading
Players analyzed in the OCTG (Oil Country Tubular Goods) Market report are:
The
forefront players of the global oil country tubular goods market are T.M.K.
Group (Russia), Tenaris S.A. (U.S.),
Vallourec (France), Benteler
Group (Austria), National Oilwell Varco (U.S.),
Tata Steel (India), J.F.E. Holdings, Inc. (Japan), Nippon Steel
Corporation (Japan), Continental Alloys
& Services (U.S.), Jindal Saw Ltd.
(India), A.C.E. O.C.T.G. Ltd (Malta), United States Steel Corporation (U.S.),
Corpac Group (U.S.), ISMT LTD (India), and ArcelorMittal (Luxembourg), and few
others.
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Industry
Highlights
As per
the B.P. Statistical Review of World Energy 2019, the global production of oil
and natural gas had increased significantly, and the production of natural gas
grew by 5.2% in 2018. The number is likely to grow during the forecast period.
Besides, the countries are growing the exploration and production (E&P) and
increasing oil production in the world. The sour crude costs are lesser than
sweet crude prices owing to the high refining costs of the sweet crude price.
This is the most significant factor driving the production of sour crude during
the review period. The OCTG producing companies are inclined on securing a huge
base of energy resources by growing their investment in several regions. The
demand for diesel is increasing because of the rising electricity generation
and motor vehicle production. However,
the propulsion of COVID-19 has affected the expansion considerably and changed
the market dynamics. We will provide COVID-19 impact analysis with the report.
Notable Developments
The
economic revival in many parts of the world resulted in augmented energy
consumption. Oil and gas is a crucial source in the overall energy outlook of
the world. Major factors motivating the market when studied are low oil
breakeven prices owing to the technological advancement, reducing supply-demand
gap, reduced oil services cost, and surged directional drilling. The
premium-grade oil country tubular goods are possible to observe elevated CAGR
over increasing focus on the development of deepwater and offshore reserves,
worldwide. The requirement of premium grade oil country tubular goods is
superior in harsher and challenging upstream operation.
The
oil country tubular goods market is in a growing phase due to the factors of
swelling demand for the same from upstream activities. The premium applications
such as widespread in gas wells, horizontal wells, and high pressure and
temperature wells have been liable for the market’s development in the future.
With this, the boost in offshore rig count during the years 2017-2018 after the
drop in the oil price back in 2014, the demand for the oil country tubular
goods is anticipated to swell during the forecasted period.
Leading Segments:
The global Oil
Country Tubular Goods Market can be segregated on the basis of grade,
manufacturing process, and region.
On the basis of
grade, the global oil country tubular goods market can be classified into
premium grade and API grade.
On the basis of
the manufacturing process, the global OCTG
Market can
be classified into seamless and electric resistance welded (ERW).
On the basis of
region, the global oil country tubular goods market can be classified into five
major regions which are North America, Europe, Asia-Pacific, the Middle East
& Africa, and South America.
Detailed Regional
Analysis:
The regional
assessment of the Oil
Country Tubular Goods (OCTG) Industry has
been segmented into regions such as North America, Europe, South America, the
Middle East, Asia-Pacific, and Africa.
The regional markets
of North America and the Middle East & Africa are the chief oil production
regions in the world. Additionally, a bulk of the oil created in these regions
is sour crude. Oil production is increasing at a steady rate in these regions
in the past few years due to the improving global economy. The regional market
of the North America is estimated to possess the chief market share throughout
the forecast period, due to the escalation in exploration and production
operations in the oil & gas industry, growing well drilling, and emergent
production of sour crude. The collective production of sour crude during the
forecast period in the Middle Eastern region is further likely to promote the
oil country tubular goods market in the impending period.
Access Complete OCTG (Oil Country Tubular
Goods) Market Research Report at: https://www.marketresearchfuture.com/reports/octg-market-1030
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