Global Oil Country Tubular Goods Market (OCTG) Outlook to 2028

Global Oil Country Tubular Goods Market (OCTG) Outlook to 2028

Updated on 26th May 2023 | Market Research Reports | Q2 2023 | Report ID: BR0184

About the Report

The market for Oil Country Tubular Goods is expected to witness a rapid growth during the forecast period due to growing production and exploration, especially in North America. Among all the major regions, North America emerges as the largest market.
 

The growing production of oil and gas owing to the advanced technologies such as directional drilling coupled with an increase in CapEx for oil and gas upstream for 2019 is the primary driver for the market. According to IEA, the global upstream CapEx for oil and gas is set to increase by 4% in 2019. Stronger global drilling activity, primarily in the US, Russia and China, is contributing to the increased demand for OCTG. 
 

Seamless OCTG is gaining popularity due to its use in a more harsh drilling environment, such as sour services, shale gas, ultra-deepwater and horizontal/directional drilling, which requires more heat-treated products. In 2019, the significant oil and gas reserve discoveries were in the offshore sector with over half being deep-water finds making high surge demand for seamless OCTG. Around 90% of OCTG consumption in the Gulf Cooperation Council region is seamless pipes as major operator companies such as Saudi Aramco, Qatar’s RasGas, the UAE’s Adnoc and British Petroleum in this region are increasing drilling in sour gas fields.
 

The rising production of oil and gas in areas such as Russia, the US, and the Middle East has surged the demand for oil country tubular goods (OCTG). So, the OCTG leading companies are expanding its geographical presence by acquisitions and mergers to capture the growing market. For instance, in January 2020, Tenaris completed its previously announced acquisition of IPSCO Tubulars, Inc., a U.S. manufacturer of steel pipe from PAO TMK. The acquisition will enhance Tenaris’s position and local manufacturing presence in the US market, extending its product offering and expanding its service footprint.
 

The global Oil Country Tubular Goods market is segmented on the manufacturing process and connection grade. The market is segmented by the manufacturing process into seamless and Welded. By connection grade, it is segmented into API, semi-premium and premium. Further, the market for Oil Country Tubular Goods is segmented by geography into North America, Europe, Asia Pacific, South America, and Middle-East & Africa. North America holds the major market due to the growing production of oil and gas owing to shale reserves taping through advance technologies in hydraulic fracturing and horizontal drilling. and in 2019, the US surpasses Saudi Arabia in oil and gas production and is foreseen to lead in the following period. The rise in US production for oil and gas has surged a moderate increase in the number of operating rigs from the down in 2016. 


                                    

Some of the prominent players in the Oil Country Tubular Goods market are Tenaris, US Steel Tubular Products, Nippon Steel and Sumitomo, ArcelorMittal, TMK, Vallourec, TATA Steel, ILJIN Steel Co, TPCO Enterprise, Inc., and JFE Tubic Corporation.
 

In January 2020, Tenaris S.A. completed its previously announced acquisition of IPSCO Tubulars, Inc., a U.S. manufacturer of steel pipe, from PAO TMK. The acquisition price was determined on a cash-free, debt-free basis, and the final amount paid in cash, following contractual adjustments, was US$1,067 million (including approximately US$220 million in working capital). In connection with the closing of the transaction, the parties entered into a 6-year master distribution agreement whereby, beginning on January 2, 2020, Tenaris will be the exclusive distributor of TMK’s OCTG and line pipe products in the United States and Canada.
 

In December 2019, ArcelorMittal (“AM”) and NIPPON STEEL CORPORATION (“Nippon Steel”) completed the joint acquisition of Essar Steel India Limited (“ESIL”) on December 16, 2019, which was implemented by the joint venture of AM and Nippon Steel. ESIL will start anew as ArcelorMittal Nippon Steel India (“AM/NS India”).

 

  Table of Contents

1. Executive Summary

2. Research Scope and Methodology

3. Market Analysis

  • 3.1 Introduction
  • 3.2 Market Dynamics
    • 3.2.1. Drivers
    • 3.2.2 Restraints
  • 3.3 Market Trends & Developments
  • 3.4 Market Opportunities
  • 3.5 Market Size and Forecast
  • 3.6 List of Projects

4. Industry Analysis

  • 4.1 Value Chain Analysis
  • 4.2 Porter’s Five Forces Analysis

5. Market Segmentation & Forecast

  • 5.1 By Manufacturing Process
    • 5.1.1 Seamless
    • 5.1.2 Welded
  • 5.2 By Connection Grade
    • 5.2.1 API
    • 5.2.2 Semi Premium
    • 5.2.3 Premium

6. Regional Market Analysis

  • 6.1 North America
  • 6.2 Europe
  • 6.3 Asia-Pacific
  • 6.4 South America
  • 6.5 Middle East & Africa

7. Key Company Profiles

  • 7.1 Tenaris
  • 7.2 US Steel Tubular Products
  • 7.3 Nippon Steel and Sumitomo
  • 7.4 ArcelorMittal
  • 7.5 TMK
  • 7.6 Vallourec
  • 7.7 TATA Steel
  • 7.8 ILJIN Steel Co
  • 7.9 TPCO Enterprise, Inc.
  • 7.10 JFE Tubic Corporation
  • *List of companies not exhaustive

8. Competitive Landscape

  • 8.1 List of Notable Players in the Market
  • 8.2 M&A, JV, and Agreements
  • 8.3 Market Share Analysis
  • 8.4 Strategies of Key Players

9. Conclusions and Recommendations

List of Tables & Figures

Abbreviations

Additional Notes

Disclaimer

  This report helps to:-

• Equip yourself with rigorous analysis and forward-looking insight into the oil country tubular goods market across various regions. 

• Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development. 

• Examine industry themes and trends, evaluate opportunities to maintain and enhance your competitive position.

• Capitalize on growth opportunities to build a strong market position.

• Gain a comprehensive view of the emerging market trends and developments to assess market opportunities.

• Be better informed of your competition by gaining access to detailed information and analysis of key industry players.

• Keep on top of M&A developments, JV’s and other agreements to assess the evolving competitive landscape and enhance your competitive position. 

 

  Who need this report?

• OCTG manufacturers & suppliers
• Steel providers
• Oil & gas upstream companies
• Investor Community
• Financing Companies
• Government Bodies & Industry Organizations
• Energy Engineering, Procurement, and Construction (EPC) firms
• Others

  Tables and charts

Global Oil Country Tubular Goods Market Revenue, in USD billion, 2019-2025

Global Oil Country Tubular Goods Market Revenue Share, by Manufacturing Process, 2019

Global Oil Country Tubular Goods Market Revenue Share, by Connection Grade, 2019

Global Oil Country Tubular Goods Market Revenue Share, by Region, 2019

Seamless - Market Revenue, in USD billion, 2019-2025

Welded - Market Revenue, in USD billion, 2019-2025

API - Market Revenue, in USD billion, 2019-2025

Semi Premium - Market Revenue, in USD billion, 2019- 2025

Premium - Market Revenue, in USD billion, 2019-2025

Others

Global Production Indicator map, 2019

Continued US drilling activity, 2013-2020

List of top 10 discovered offshore Oil and Gas reserve, 2019 (in Million Barrels of Oil Equivalent)

USA upstream oil and gas capital expenditures, 2017-2019

Detailed list of Tables and Charts are available in the full report.

  What's included

Report - Global Oil Country Tubular Goods Market Outlook to 2028.pdf
Market Data - Global Oil Country Tubular Goods Market Outlook to 2028.xls

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  • Gain a deeper understanding of the impact of Covid-19 on the <Global Oil Country Tubular Goods Market>.
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  • Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development.
  • Assess market size data and forecasts to understand how the demand across various segments evolves over the next few years.
  • Gain a comprehensive view of the emerging market trends and developments to assess market opportunities.
  • Be better informed of your competition by gaining access to detailed information and analysis of key industry players.
  • Keep on top of M&A developments, JVs, and other agreements to assess the evolving competitive landscape and enhance your competitive position

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