OCTG (Oil Country Tubular Goods) Market– Overview:-
The OCTG market is expected to grow further because of the surge in offshore activities. Additionally, the oil industry is trying to increase their rig count in region like North America and Asia Pacific and which ultimately help accelerate the production in wells. The OCTG market is estimated to be valued at~ USD 43 billion by 2023; with a CAGR of ~7.14%.
It is driven by increment in oil and gas production activities, exponential growth in shale gas reserves, and rising investment in upstream sector by operators.The proper use of OTCG could help reduce the probabilities of any mishap, hazard, and risks that ultimately save the production cost of the company. It includes, casing, drill pipe, tubing etc.
Industry Segment Overview:-
The global OCTG market is further segmented on the basis of type, make, grade and regions.
On the basis of type, the segments are tubing, casing, and drill pipe. Tubing is the inner wall of well, which helps transport the fluid from bottom to top. Casing protects the layer of soil, groundwater contamination by drill mud or fracking fluid and lastly. Drill pipes are durable steel pipes that conduct the force to drill bits. On the basis of make, the segments include welding or seamless. On the basis of grade, is the segments are premium and API, which are the grades of steel pipe that require on the basis of their properties like ductility, temperature and thermal compatibility. Lastly, the global OTCG market is segmented by region North America, Europe, Asia Pacific, Middle East and Latin America.
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Some of the key players in OCTG global market are Tenaris(Europe), National Oilwell Varco (U.S.),Nippon Steel & Sumitomo Metal Co. (Japan), Vallourec (France), TMK (U.S.), Steel Tubular Products Inc(NA)., ILJIN STEEL CO (S. Korea), Continental Alloys (Malaysia), Anhui Tianda Oil Pipe Company(China).
Regional Analysis of OCTG Market:-
In make segment, seamless pipe would dominate the market due to its mechanical properties, such as tensile strength and pressure handling ability in offshore drilling, which ensure operational efficiency.
In 2016, North America had been leading among all regions while Asia Pacific region will lead during the forecast period. Some of the possible reasons behind this growth is the proper application of technology, lateral drilling activities, less time consumption in well-pipe installation, and the technicality of operator to drill a well as fast and efficient as possible. Within the unconventional reserves such as coal bed methane, OCTG is expected to be extensively used.
Major Points From Table Of Content:-
1 Executive Summary
2 Scope Of The Report
3 Market Landscape
4 Market Dynamics
6 Global OCTG Market, By Make
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7 Global OCTG Market, By Grade
7.2.1 Market Estimates & Forecast, 2018-2023
7.2.2 Market Estimates & Forecast By Region, 2017-2023
7.3.1 Market Estimates & Forecast, 2018-2023
7.3.2 Market Estimates & Forecast By Region, 2018-2023
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