Oil Country Tubular Goods Market by Type, Materials, Manufacturing Process, Grade, Application

Description

List of Tables

[182 Pages Report] The Oil Country Tubular Goods Market size was estimated at USD 25.39 billion in 2023 and expected to reach USD 26.99 billion in 2024, at a CAGR 6.22% to reach USD 38.75 billion by 2030.

Oil country tubular goods (OCTG) is a specialized category of equipment that is utilized in various stages of oil and gas exploration, drilling, and production processes. These tubular goods are essential components for the safe and efficient extraction of hydrocarbons from onshore and offshore wells, thereby playing a critical role in the global energy industry. OCTGs cater to a diverse range of end-use applications such as drilling activities (including vertical & horizontal drilling), deep-water projects, and enhanced oil recovery projects. Increasing global demand for energy sources and supportive government policies promoting oil and gas exploration and production (E&P) activities have propelled the demand for oil-country tubular goods. However, volatility in oil & gas prices and fluctuations in prices of raw materials used in oil-country tubular goods production can hamper the growth and adoption of the goods. Furthermore, the chances of corrosion and susceptibility of the oil country tubular goods to adverse environmental conditions reduce end-use preference for the goods. However, efforts by major manufacturers to develop innovative materials with improved mechanical properties that can withstand extreme conditions present in deeper wells or highly corrosive environments can expand the scope and applicability of oil-country tubular goods. Furthermore, the expansion of oil-country tubular goods into untapped emerging economies facilitated by collaborative efforts between key players, regulatory bodies, and local governments can create new avenues of opportunities for oil-country tubular goods.

KEY MARKET STATISTICS
Base Year [2023]	USD 25.39 billion
Estimated Year [2024]	USD 26.99 billion
Forecast Year [2030]	USD 38.75 billion
CAGR (%)	6.22%

Type: Ability of casing to protect integrity and structural capacity of the wellbore during drilling operations

The casing is the large-diameter pipe installed to line wellbores during drilling operations. It provides structural support to the wellbore walls, isolates different pressure zones, and helps maintain borehole integrity. Drill pipes are essential components used to transmit rotational torque and axial force from the drilling rig surface equipment down to the drilling space deep below the Earth's surface. These tubular goods are designed to withstand various drilling conditions and are typically made from high-strength steel alloys, providing fatigue resistance, torsional strength, and bending capability. Tubing is a smaller diameter pipe installed within the casing that serves as a conduit for transporting produced oil or gas from reservoirs to surface facilities. It plays an essential role in controlling well production rates, maintaining pressure integrity during operations, and reducing chances of formation damage.

Material: Growing preference for stainless steel materials to tackle corrosive environmental conditions during oil and gas drilling operations

Alloy steel is a popular material choice for OCTG due to its excellent strength, durability, and resistance to harsh environments. This type of steel comprises several elements, such as chromium, nickel, and molybdenum, that enhance its mechanical properties and corrosion resistance. Carbon steel is another commonly used material for OCTG applications due to its cost-effectiveness and versatility. It exhibits similar qualities of strength and durability as alloy steel but with lower corrosion resistance capabilities. Stainless steel material is the preferred option for many OCTG applications where high levels of corrosion resistance are critical.

Manufacturing Process: Superior mechanical properties and increased pressure resistance of seamless OCTG

Seamless OCTG pipes are manufactured through a solid round billet heating process that involves piercing followed by drawing or rolling without any seam or weld joints. These pipes offer improved mechanical properties, increased resistance to high pressures, and superior performance in demanding applications. Due to their higher strength and durability, seamless OCTG products are often preferred in high-pressure wells where there is an increased risk of failure. Welded OCTG pipes are created by bending steel plates into cylindrical shapes followed by welding along the seam using electric resistance welding (ERW), submerged arc welding (SAW), or other advanced welding techniques. These pipes are generally more cost-effective due to their simpler production process and reduced material usage. Welded OCTG products are suitable for applications with lower pressure requirements, such as shallow wells and onshore operations.

Application: Use of OCTG for harsh operating environments in offshore projects

Offshore oil and gas production is a rapidly growing category in the energy sector, requiring highly specialized equipment and infrastructure. The harsh environment and unique challenges of offshore projects demand oil country tubular goods (OCTG) that offer high performance, excellent corrosion resistance, and increased durability. Offshore OCTG materials typically comprise advanced metallurgical compositions such as high alloy steel grades or corrosion-resistant alloys, which enable them to withstand extreme pressure, temperature fluctuations, and saline conditions. Onshore oil and gas operations represent a significant portion of the global energy mix as they continue to be a cost-effective solution for meeting rising energy demands. Compared to offshore projects, onshore applications often involve less complex operational settings; however, they still require reliable and efficient OCTG materials to ensure safe extraction processes.

Regional Insights

The Americas is a major player in the global OCTG market due to its vast shale reserves and robust oil and gas drilling activities. The region has experienced steady growth in recent years as operators continue to invest in advanced drilling technologies such as horizontal drilling and hydraulic fracturing. Major player manufacturers have strategically expanded their production capacities to meet increasing domestic demand for high-quality OCTG products. Asian countries such as China, India, Indonesia, Malaysia, and Thailand are experiencing rapid expansion of their oil & gas sectors due to rising energy demands from growing populations and industrialization. Consequently, there has been an upsurge in demand for quality OCTGs, which attract both local and international manufacturers into these markets. In response to the increasing demand for quality products from both domestic and foreign companies operating within Asia's O&G space. Europe remains an important player in the global OCTG market, primarily supported by extensive oil and gas production activities in some growing economies. The European Union (EU) has stringent environmental regulations that encourage operators to prioritize safety measures and utilize high-quality tubular goods for oil & gas drilling activities. These standards foster increased investment in research & development, driving technological advancements in manufacturing OCTGs that conform to these requirements.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Oil Country Tubular Goods Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Oil Country Tubular Goods Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Oil Country Tubular Goods Market, highlighting leading vendors and their innovative profiles. These include Alleima, ArcelorMittal S.A., Arvedi Group, AUTOBLOK S.P.A., Benteler Automobiltechnik GmbH, Continental Steel and Tube Company, Evraz PLC, Hunting PLC, ILJIN STEEL CO., LTD., JD Rush Company, Inc., JFE Holdings, Inc., Jindal Group, Nippon Steel Corporation, NOV Inc., Sandvik AB, Sanjack Group Co.,Ltd., SB International, Inc., Shandong Saigao Group Corporation, Shengji Group, Sumitomo Corporation, Tata Steel Limited, Techint Group, Tenaris S.A., Tenergy Equipment & Service Ltd., Threeway Steel Co.,Ltd., Tianjin Pipe Corporation, TMK Group, TPS-Technitube Rohrenwerke GmbH, Tubos India., United States Steel Corporation, Vallourec Group, and Voestalpine Tubulars GmbH & Co KG.

Market Segmentation & Coverage

This research report categorizes the Oil Country Tubular Goods Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
- Casing
- Drill Pipes
- Tubing

Materials
- Alloy Steel
- Carbon Steel
- Stainless Steel

Manufacturing Process
- Seamless
- Welded

Grade
- API Grade
- Premium Grade

Application
- Offshore
- Onshore

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Oil Country Tubular Goods Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Oil Country Tubular Goods Market?

3. What are the technology trends and regulatory frameworks in the Oil Country Tubular Goods Market?

4. What is the market share of the leading vendors in the Oil Country Tubular Goods Market?

5. Which modes and strategic moves are suitable for entering the Oil Country Tubular Goods Market?

Product Code: MRR-431752EA4573

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing energy consumption and demand for oil & gas drilling
  - 5.1.1.2. Growing prevalence of unconventional resource extraction methods
- 5.1.2. Restraints
  - 5.1.2.1. Requirement of frequent maintenance and complex installation of OCTG
- 5.1.3. Opportunities
  - 5.1.3.1. Introduction of specialized OCTG that can withstand difficult downhole conditions
  - 5.1.3.2. Rising public-private investments in upstream oil & gas activities
- 5.1.4. Challenges
  - 5.1.4.1. Limitations associated with corrosion and qualitative issues of OCTG
5.2. Market Segmentation Analysis
- 5.2.1. Type: Ability of casing to protect integrity and structural capacity of the wellbore during drilling operations
- 5.2.2. Material: Growing preference for stainless steel materials to tackle corrosive environmental conditions during oil and gas drilling operations
- 5.2.3. Manufacturing Process: Superior mechanical properties and increased pressure resistance of seamless OCTG
- 5.2.4. Application: Use of OCTG for harsh operating environments in offshore projects
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Oil Country Tubular Goods Market, by Type

6.1. Introduction
6.2. Casing
6.3. Drill Pipes
6.4. Tubing

7. Oil Country Tubular Goods Market, by Materials

7.1. Introduction
7.2. Alloy Steel
7.3. Carbon Steel
7.4. Stainless Steel

8. Oil Country Tubular Goods Market, by Manufacturing Process

8.1. Introduction
8.2. Seamless
8.3. Welded

9. Oil Country Tubular Goods Market, by Grade

9.1. Introduction
9.2. API Grade
9.3. Premium Grade

10. Oil Country Tubular Goods Market, by Application

10.1. Introduction
10.2. Offshore
10.3. Onshore

11. Americas Oil Country Tubular Goods Market

11.1. Introduction
11.2. Argentina
11.3. Brazil
11.4. Canada
11.5. Mexico
11.6. United States

12. Asia-Pacific Oil Country Tubular Goods Market

12.1. Introduction
12.2. Australia
12.3. China
12.4. India
12.5. Indonesia
12.6. Japan
12.7. Malaysia
12.8. Philippines
12.9. Singapore
12.10. South Korea
12.11. Taiwan
12.12. Thailand
12.13. Vietnam

13. Europe, Middle East & Africa Oil Country Tubular Goods Market

13.1. Introduction
13.2. Denmark
13.3. Egypt
13.4. Finland
13.5. France
13.6. Germany
13.7. Israel
13.8. Italy
13.9. Netherlands
13.10. Nigeria
13.11. Norway
13.12. Poland
13.13. Qatar
13.14. Russia
13.15. Saudi Arabia
13.16. South Africa
13.17. Spain
13.18. Sweden
13.19. Switzerland
13.20. Turkey
13.21. United Arab Emirates
13.22. United Kingdom

14. Competitive Landscape

14.1. Market Share Analysis, 2023
14.2. FPNV Positioning Matrix, 2023
14.3. Competitive Scenario Analysis
- 14.3.1. Jindal Hunting Energy Services Ltd. (JHESL) Unveils State-of-the-Art Facility in India
- 14.3.2. Hunting PLC Signs a Collaboration Agreement With CRA
- 14.3.3. Frontier Tubular Solutions Announces Acquisition of Lincoln Manufacturing, Enhancing its Product Offering and Expanding its Geographic Footprint
14.4. Strategy Analysis & Recommendation

15. Competitive Portfolio

15.1. Key Company Profiles
15.2. Key Product Portfolio