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Oil Country Tubular Goods (OCTG) Market Worth $31.54 Bn by 2026; Increasing Hydrocarbon Exploration and Production Activities to Boost Growth: Fortune Business Insights™
Pune, Jan. 10, 2020 (GLOBE NEWSWIRE) — The global oil country tubular goods (OCTG) market size is projected to reach USD 31.54 billion by 2026, exhibiting a CAGR of 7.4% during the forecast period. Steady rise in oil and gas exploration and production activities in North America is anticipated to be a major growth driver for this market in the upcoming decade. According to a report by World Oil, in 2018, the US witnessed 12% increase in its drilling activities from 2017 levels, while the world drilling activities rose by just 4.6% in the same year. The primary factor attributable to this remarkable rise is the discovery of shale gas in the US and Canada. The US and Canadian governments are formulating favorable policies which will put the region at the forefront in the global hydrocarbon scenario. Projections based on the current state of US shale oil production show that in the next decade, the US will become a net exporter of oil. Thus, the OCTG market outlook appears promising.
The above information is shared by Fortune Business Insights™ in its new report, titled “Oil Country Tubular Goods (OCTG) Market Size, Share & Industry Analysis, By Process (Seamless and Welded), By Product (Well Casing, Production Tubing, Drill Pipe, and Others), By Application (Onshore and Offshore) Regional Forecast, 2019-2026”. The report states that the value of this market stood at USD 17.92 billion in 2018. Additionally, the report provides:
Steadfast Pace of Drilling Operations Worldwide to Favor the Market
One of the leading oil country tubular goods market trends is the sustained pace at which drilling activities are being carried out across the globe. Steady population growth, especially in developing countries, has inflated the demand for energy and power globally. In response, governments and private entities across the globe are adopting measures and strategies to meet this demand and are therefore doubling down their investment in E&P ventures. Hydrocarbon reserves-deficient countries such as India are exploring new avenues to increase their oil and gas production and bring down their oil import bills. As a result, many emerging economies are looking for opportunities to enlarge their portion in the OCTG market share.
North America to Occupy a Commanding Position; Latin America to Present High Potential The OCTG market size in North America was at USD 7.72 billion in 2018 and is likely to increase, aiding the region’s dominance on the oil country tubular gas market share in the coming decade. This will be mainly a result of favorable government policies for oil and gas E&P activities, presence of major companies, and discovery of shale gas in the region. Latin American countries such as Venezuela, Brazil, and Mexico are heavily investing in their respective energy sectors and rising exploration activities in the region have yielded promising results. In Europe, a well-established hydrocarbon industry in the UK and Norway will primarily drive the market, while huge oil reserves will augur well for the market in the Middle East and Africa.
According to the OCTG market analysis, key competitors in this market are increasing their R&D expenditure to bring out innovative products and services for customers. Through these efforts, companies are aiming to strengthen their position in the oil country tubular goods market in the forecast period.
Industry Developments: August 2019: A consortium comprising of Vallourec, Tenaris, and Marubeni Corporation was awarded a multi-billion-dollar casing and tubing contract by ANDOC. The contract will empower ANDOC with greater flexibility to meet the needs of its customers worldwide.
June 2019: Romanian OCTG giant, TMK, signed a strategic agreement with Novatek, Russia’s second largest natural gas producer. Under the agreement, TMK will supply Novatek premium casing and tubing pipe products, in line with the formula-based pricing and supply mechanism chalked out in the agreement.
List of Key Players Profiled in the Oil Country Tubular Goods (OCTG) Market Report:
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Table of Content:
Well Intervention Market Size, Share and Global Trend By Type (Light Intervention, Medium Intervention, Heavy Intervention), Service (Logging & Bottom Hole Survey, Tubing/Packer Failure & Repair, Stimulation, Remedial Cementing, Zonal Isolation, Sand Control, Artificial Lift, Fishing, RE-Perforation), Application (Onshore, Offshore) and Geography Forecast till 2026
Well Testing Services Market Size, Share and Industry Analysis By Service (Real Time Testing, Downhole Testing, Reservoir Sampling, Surface Well Testing), By Application (Onshore, Offshore) and Regional Forecast 2019-2026 Artificial Lift System Market Size, Share and Industry Analysis By Type (Electric Submersible Pump (ESP), Sucker Rod Pump (SRP), Progressive Cavity Pump (PCP), Gas Lift, Others), By Application (Onshore, Offshore) and Regional Forecast, 2019-2026 Oilfield Service Market Size, Share and Global Trend by Service (Seismic Service, Drilling Service, Completion & Workover Service Production Service, Processing & Separation Service, Others), By Application (Onshore, Offshore), and Geography Forecast till 2026
Wireline Services Market Size, Share and Global Trend By Type (Electric line, Slick line), By Well Type (OpenHole, CasedHole), By Application (Wireline Logging, Wireline Intervention, Wireline Completion), By Location (Onshore, Offshore), and Geography Forecast till 2026
Directional Drilling Services Market Size, Share and Industry Analysis by Location (Onshore, Offshore), By Type (Conventional, Rotary Steerable Systems (RSS)), By Service (Measurement While Drilling (MWD), Logging While Drilling (LWD), Rotary Steerable Systems (RSS), Mud Motors, Others) and Geography Forecast, 2019 – 2026
Aviation Fuel Market Size, Share and Industry Analysis By Fuel (Jet Fuel (Aviation Turbine Fuel), Avgas, Bio Jet Fuel), By End User (Commercial, Private, Military) And Regional Forecast 2019-2026 Hydraulic Fracturing Market Size, Share & Industry Analysis, By Well Type (Horizontal, and Vertical), By Technology (Plug & Perf, and Sliding Sleeve), and By Application (Onshore, and Offshore), Regional Forecast, 2019-2026. Digital Oilfield Market Size, Share & Industry Analysis, By Process (Production Optimization, Reservoir Optimization, Drilling Optimization, Others), By Solution (Services, Software, Hardware), By Application (Onshore, Offshore), and Regional Forecast, 2019-2026 Well Cementing Market Size, Share & Industry Analysis, By Type (Primary Cementing and Remedial Cementing), By Application (Onshore and Offshore), and Regional Forecast, 2019-2026 About us:
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