Market Synopsis
The data experts at Market Research Future Reports (M.R.F.R.) have analyzed the global oil country tubular goods market. They have established that the market is projected to grow significantly during the assessment period. The increasing production of sour crude and the growing exploration and production (E&P) activities are anticipated to be one of the most imperative factors driving the global oil country tubular good market 2020. Appropriate usage of O.T.C.G.s reduces the possibilities of hazard and risks which help in reducing the cost of a company.
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The disruption of coronavirus has brought a significant impact on the global economy of several sectors. The oil & gas industry has been affected severely, as well. The epidemic has obstructed the supply chain of the oil & gas sector. Additionally, it has also hampered production and exploration activities. The industry has been affected grievously due to the lockdown imposed. The lockdown brought severe implications on the export and import of goods and services and thereby affecting the sales of oil and gas. On the contrary, the B.P. Statistical Review of World Energy 2019, the global production of oil and natural has multiplied from 92,502 thousand barrels per day. However, the outbreak of COVID-19 has adversely affected the propulsion of the market. The data experts at M.R.F.R. are evaluating the market to comprehend the factors augmenting and impeding the market during COVID-19. We will provide an impact analysis report on COVID-19.
Key Players
The Major Players in the Global Oil Country Tubular Goods Market are Tenaris S.A. (US), TMK Group (Russia), Vallourec (France), National Oilwell Varco (US), Benteler Group (Austria), Tata Steel (India), Nippon Steel Corporation (Japan), JFE Holdings, Inc. (Japan), Continental Alloys & Services (US), ACE O.C.T.G. Ltd (Malta), Jindal Saw Ltd. (India), United States Steel Corporation (US), ISMT LTD (India), Corpac Group (US), and ArcelorMittal (Luxembourg).
Segmental Analysis
The global oil country tubular good market can be distinguished on the basis of the manufacturing process, grade, and geography.
On the basis of the manufacturing process, the global oil country tubular good market can be segmented into electric resistance welded, and seamless.
On the basis of grade, the global oil country tubular good market can be segmented into API grade and premium grade.
On the basis of geography, the global oil country tubular good market can be segmented into North America, Asia-Pacific, Europe, the Middle East and Africa, and South America.
Detailed Regional Analysis
The global market for oil country tubular good is projected to soar during the review period. The regional analysis of Asia-Pacific, North America, Europe, Middle East and Africa, and South America have been evaluated thoroughly. As per the study, the global market is likely to be dominated by North America. The region is estimated to acquire the largest market share during the review period. The region has been witnessing a surge in exploration and production activities in the oil and gas industry, along with the rising production of sour crude. In addition, the growing well drilling is another imperative factor leading to market growth.
However, the outbreak of COVID-19 has harmed the market. The most significant players such as Russia, the U.S., and Saudi Arabia have observed a substantial decline in the demand and supply of oil and gas, which has brought severe impact on the global economy. The spread of COVID-19 has devastated the global economy, affecting supply chains and disrupting the demand and supply of oil and gas. It will take some time to recover from the losses incurred during the lockdown.
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