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.
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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.
- Vallourec (France),
- Nippon Steel & Sumitomo Metal Co. (Japan),
- National Oilwell Varco (U.S.),
- 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.
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.
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