OCTG (Oil Country Tubular Goods) Market Synopsis:
The mounting production of sour crude, especially in the lockdown period due to novel Coronavirus pandemic around the world, has pretentious the global OCTG (Oil Country Tubular Goods) Market2020 imperatively. The current data on the market position of the oil country tubular goods market by Market Research Future reveals that a high growth rate has been recorded for future expansion, which could be noted, post the pandemic. Many factors are being scored behind the growth of the market, which has been discussed below. The forecasted period of the market’s growth is calculated for the years 2017–2026.
Leading Players analyzed in the OCTG (Oil Country Tubular Goods) Market report are:
The forefront players of the global oil country tubular goods market are T.M.K. Group (Russia), Tenaris S.A. (U.S.), Vallourec (France), Benteler Group (Austria), National Oilwell Varco (U.S.), Tata Steel (India), J.F.E. Holdings, Inc. (Japan), Nippon Steel Corporation (Japan), Continental Alloys & Services (U.S.), Jindal Saw Ltd. (India), A.C.E. O.C.T.G. Ltd (Malta), United States Steel Corporation (U.S.), Corpac Group (U.S.), ISMT LTD (India), and ArcelorMittal (Luxembourg), and few others.
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As per the B.P. Statistical Review of World Energy 2019, the global production of oil and natural gas had increased significantly, and the production of natural gas grew by 5.2% in 2018. The number is likely to grow during the forecast period. Besides, the countries are growing the exploration and production (E&P) and increasing oil production in the world. The sour crude costs are lesser than sweet crude prices owing to the high refining costs of the sweet crude price. This is the most significant factor driving the production of sour crude during the review period. The OCTG producing companies are inclined on securing a huge base of energy resources by growing their investment in several regions. The demand for diesel is increasing because of the rising electricity generation and motor vehicle production. However, the propulsion of COVID-19 has affected the expansion considerably and changed the market dynamics. We will provide COVID-19 impact analysis with the report.
The economic revival in many parts of the world resulted in augmented energy consumption. Oil and gas is a crucial source in the overall energy outlook of the world. Major factors motivating the market when studied are low oil breakeven prices owing to the technological advancement, reducing supply-demand gap, reduced oil services cost, and surged directional drilling. The premium-grade oil country tubular goods are possible to observe elevated CAGR over increasing focus on the development of deepwater and offshore reserves, worldwide. The requirement of premium grade oil country tubular goods is superior in harsher and challenging upstream operation.
The oil country tubular goods market is in a growing phase due to the factors of swelling demand for the same from upstream activities. The premium applications such as widespread in gas wells, horizontal wells, and high pressure and temperature wells have been liable for the market’s development in the future. With this, the boost in offshore rig count during the years 2017-2018 after the drop in the oil price back in 2014, the demand for the oil country tubular goods is anticipated to swell during the forecasted period.
The global Oil Country Tubular Goods Market can be segregated on the basis of grade, manufacturing process, and region.
On the basis of grade, the global oil country tubular goods market can be classified into premium grade and API grade.
On the basis of the manufacturing process, the global OCTG Marketcan be classified into seamless and electric resistance welded (ERW).
On the basis of region, the global oil country tubular goods market can be classified into five major regions which are North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Detailed Regional Analysis:
The regional assessment of the Oil Country Tubular Goods (OCTG) Industryhas been segmented into regions such as North America, Europe, South America, the Middle East, Asia-Pacific, and Africa.
The regional markets of North America and the Middle East & Africa are the chief oil production regions in the world. Additionally, a bulk of the oil created in these regions is sour crude. Oil production is increasing at a steady rate in these regions in the past few years due to the improving global economy. The regional market of the North America is estimated to possess the chief market share throughout the forecast period, due to the escalation in exploration and production operations in the oil & gas industry, growing well drilling, and emergent production of sour crude. The collective production of sour crude during the forecast period in the Middle Eastern region is further likely to promote the oil country tubular goods market in the impending period.
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