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Global Oil Country Tubular Goods Market Share, Trends, Outlook: By Product: Well Casing, Product Tubing, Drill Pipe; Others; By Manufacturing Process: Electric Resistance Welded (ERW), Seamless; By Grade: API Grade, Premium Grade; By Application: Onshore, Offshore; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032

Global Oil Country Tubular Goods Market Outlook

The global oil country tubular goods market size reached approximately USD 25.39 billion in 2023. The market is further projected to grow at a CAGR of 6.8% between 2024 and 2032, reaching a value of USD 45.89 billion by 2032.

Key Trends in the Market

Oil country tubular goods refers to products such as piping, casing, pipelines, and tubing that are used in the production of oil and gas. They are subjected to loading conditions, axial tension, high torque, and internal pressure based on their specific applications.

Integration of various technologies such as remote monitoring, automation, and data analytics has helped in improving the efficiency and safety of oil country tubular good operations including inspection, installation, and maintenance, resulting in an increased oil country tubular goods market demand.

Manufacturers are focussing on improving the operational efficiency of the oil country tubular goods to offer longer lifespan and better performance and deploying advanced materials such as high strength steel alloys, aiding the market expansion.

Technological advancements in the drilling techniques such as hydraulic fracturing and horizontal drilling have fuelled the requirement for specialised oil country tubular products as they provide better finishing. Additionally, these products have the ability to withstand high pressure and corrosive environments, further boosting their demand.

Global Oil Country Tubular Goods Market Analysis

Based on product, the market is divided into well casing, product tubing, and drill pipe, among others. By manufacturing process, the market is bifurcated into electric resistance welded (ERW) and seamless. On the basis of grade, the market is classified into API grade and premium grade. By application, the market is categorised into onshore and offshore. Based on region, the oil country tubular goods market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

TMK Group

Sumitomo Corporation

Nippon Steel Corporation

Iljin Steel Co., Ltd.

Tenaris S.A

U.S. Steel Tubular Products, Inc.

Vallourec Group

Oil Country Tubular Limited

ArcelorMittal S.A.

JFE Steel Corporation

Others

Market Share by Manufacturing Process

The seamless segment accounts for a significant oil country tubular goods market share owing to the rising demand for seamless tubes from oil and natural gas industries across the globe. High range of safety along with high pressure and strength offered by seamless tubes in comparison to the electric resistance welded tubes has boosted the segment growth. Additionally, rise in exploration activities in the offshore fields and development of several new oil fields is expected to further boost the requirement for seamless oil country tubular goods.

Market Share by Region

North America held a significant share of the market over the historical period and is expected to grow further over the forecast period owing to the increasing crude oil production in countries such as Mexico, United States, and Canada. The demand for premium quality oil country tubular goods increased in the region due to rising deep water exploration activities in remote areas with harsh environmental conditions. Moreover, the presence of major offshore deep-water reserves in Mexico are expected to aid the oil country tubular goods market growth.

Competitive Landscape

TMK Group was founded in 2001 and is headquartered in Moscow, Russia. The company manufactures and supplies steel pipes, tubular solutions, pipeline systems for oil and gas, chemical, and construction industries.

Nippon Steel Corporation is a steelmaking company that was founded in 1950 and is headquartered in Tokyo, Japan and the company is known for manufacturing and providing its consumers with steel sheets, steel plates, and pipes and tubes.

Iljin Steel Co., Ltd. was established in 1982 and has its headquarters located in Anyang, South Korea. The company offers power generation parts, mechanical tubes, stainless tubes, and textile, among others.

Other oil country tubular goods market key players include Sumitomo Corporation, Tenaris S.A, U.S. Steel Tubular Products, Inc., Vallourec Group, Oil Country Tubular Limited, ArcelorMittal S.A., and JFE Steel Corporation, among others.

Key Highlights of the Report

REPORT FEATURES	DETAILS
Base Year	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Scope of the Report	Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment: Product Manufacturing Process Grade Application Region
Breakup by Product	Well Casing Product Tubing Drill Pipe Others
Breakup by Manufacturing Process	Electric Resistance Welded (ERW) Seamless
Breakup by Grade	API Grade Premium Grade
Breakup by Application	Onshore Offshore
Breakup by Region	North America United States of America Canada Europe United Kingdom Germany France Italy Others Asia Pacific China Japan India ASEAN Australia Others Latin America Brazil Argentina Mexico Others Middle East and Africa Saudi Arabia United Arab Emirates Nigeria South Africa Others
Market Dynamics	SWOT Analysis Porter's Five Forces Analysis Key Indicators for Demand Key Indicators for Price
Competitive Landscape	Market Structure Company Profiles Company Overview Product Portfolio Demographic Reach and Achievements Certifications
Companies Covered	TMK Group Sumitomo Corporation Nippon Steel Corporation Iljin Steel Co., Ltd. Tenaris S.A U.S. Steel Tubular Products, Inc. Vallourec Group Oil Country Tubular Limited ArcelorMittal S.A. JFE Steel Corporation Others

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1   Preface
2   Report Coverage – Key Segmentation and Scope
3   Report Description
   3.1   Market Definition and Outlook
   3.2   Properties and Applications
   3.3   Market Analysis
   3.4   Key Players
4   Key Assumptions
5   Executive Summary
   5.1   Overview
   5.2   Key Drivers
   5.3   Key Developments
   5.4   Competitive Structure
   5.5   Key Industrial Trends
6   Market Snapshot
   6.1   Global
   6.2   Regional
7   Opportunities and Challenges in the Market
8   Global Oil Country Tubular Goods Market Analysis
   8.1   Key Industry Highlights
   8.2   Global Oil Country Tubular Goods Historical Market (2018-2023)
   8.3   Global Oil Country Tubular Goods Market Forecast (2024-2032)
   8.4   Global Oil Country Tubular Goods Market by Product
       8.4.1   Well Casing
           8.4.1.1   Historical Trend (2018-2023)
           8.4.1.2   Forecast Trend (2024-2032)
       8.4.2   Product Tubing
           8.4.2.1   Historical Trend (2018-2023)
           8.4.2.2   Forecast Trend (2024-2032)
       8.4.3   Drill Pipe
           8.4.3.1   Historical Trend (2018-2023)
           8.4.3.2   Forecast Trend (2024-2032)
       8.4.4   Others
   8.5   Global Oil Country Tubular Goods Market by Manufacturing Process
       8.5.1   Electric Resistance Welded (ERW)
           8.5.1.1   Historical Trend (2018-2023)
           8.5.1.2   Forecast Trend (2024-2032)
       8.5.2   Seamless
           8.5.2.1   Historical Trend (2018-2023)
           8.5.2.2   Forecast Trend (2024-2032)
   8.6   Global Oil Country Tubular Goods Market by Grade
       8.6.1   API Grade
           8.6.1.1   Historical Trend (2018-2023)
           8.6.1.2   Forecast Trend (2024-2032)
       8.6.2   Premium Grade
           8.6.2.1   Historical Trend (2018-2023)
           8.6.2.2   Forecast Trend (2024-2032)
   8.7   Global Oil Country Tubular Goods Market by Application
       8.7.1   Onshore
           8.7.1.1   Historical Trend (2018-2023)
           8.7.1.2   Forecast Trend (2024-2032)
       8.7.2   Offshore
           8.7.2.1   Historical Trend (2018-2023)
           8.7.2.2   Forecast Trend (2024-2032)
   8.8   Global Oil Country Tubular Goods Market by Region
       8.8.1   North America
           8.8.1.1   Historical Trend (2018-2023)
           8.8.1.2   Forecast Trend (2024-2032)
       8.8.2   Europe
           8.8.2.1   Historical Trend (2018-2023)
           8.8.2.2   Forecast Trend (2024-2032)
       8.8.3   Asia Pacific
           8.8.3.1   Historical Trend (2018-2023)
           8.8.3.2   Forecast Trend (2024-2032)
       8.8.4   Latin America
           8.8.4.1   Historical Trend (2018-2023)
           8.8.4.2   Forecast Trend (2024-2032)
       8.8.5   Middle East and Africa
           8.8.5.1   Historical Trend (2018-2023)
           8.8.5.2   Forecast Trend (2024-2032)
9   North America Oil Country Tubular Goods Market Analysis
   9.1   United States of America
       9.1.1   Historical Trend (2018-2023)
       9.1.2   Forecast Trend (2024-2032)
   9.2   Canada
       9.2.1   Historical Trend (2018-2023)
       9.2.2   Forecast Trend (2024-2032)
10   Europe Oil Country Tubular Goods Market Analysis
   10.1   United Kingdom
       10.1.1   Historical Trend (2018-2023)
       10.1.2   Forecast Trend (2024-2032)
   10.2   Germany
       10.2.1   Historical Trend (2018-2023)
       10.2.2   Forecast Trend (2024-2032)
   10.3   France
       10.3.1   Historical Trend (2018-2023)
       10.3.2   Forecast Trend (2024-2032)
   10.4   Italy
       10.4.1   Historical Trend (2018-2023)
       10.4.2   Forecast Trend (2024-2032)
   10.5   Others
11   Asia Pacific Oil Country Tubular Goods Market Analysis
   11.1   China
       11.1.1   Historical Trend (2018-2023)
       11.1.2   Forecast Trend (2024-2032)
   11.2   Japan
       11.2.1   Historical Trend (2018-2023)
       11.2.2   Forecast Trend (2024-2032)
   11.3   India
       11.3.1   Historical Trend (2018-2023)
       11.3.2   Forecast Trend (2024-2032)
   11.4   ASEAN
       11.4.1   Historical Trend (2018-2023)
       11.4.2   Forecast Trend (2024-2032)
   11.5   Australia
       11.5.1   Historical Trend (2018-2023)
       11.5.2   Forecast Trend (2024-2032)
   11.6   Others
12   Latin America Oil Country Tubular Goods Market Analysis
   12.1   Brazil
       12.1.1   Historical Trend (2018-2023)
       12.1.2   Forecast Trend (2024-2032)
   12.2   Argentina
       12.2.1   Historical Trend (2018-2023)
       12.2.2   Forecast Trend (2024-2032)
   12.3   Mexico
       12.3.1   Historical Trend (2018-2023)
       12.3.2   Forecast Trend (2024-2032)
   12.4   Others
13   Middle East and Africa Oil Country Tubular Goods Market Analysis
   13.1   Saudi Arabia
       13.1.1   Historical Trend (2018-2023)
       13.1.2   Forecast Trend (2024-2032)
   13.2   United Arab Emirates
       13.2.1   Historical Trend (2018-2023)
       13.2.2   Forecast Trend (2024-2032)
   13.3   Nigeria
       13.3.1   Historical Trend (2018-2023)
       13.3.2   Forecast Trend (2024-2032)
   13.4   South Africa
       13.4.1   Historical Trend (2018-2023)
       13.4.2   Forecast Trend (2024-2032)
   13.5   Others
14   Market Dynamics
   14.1   SWOT Analysis
       14.1.1   Strengths
       14.1.2   Weaknesses
       14.1.3   Opportunities
       14.1.4   Threats
   14.2   Porter’s Five Forces Analysis
       14.2.1   Supplier’s Power
       14.2.2   Buyer’s Power
       14.2.3   Threat of New Entrants
       14.2.4   Degree of Rivalry
       14.2.5   Threat of Substitutes
   14.3   Key Indicators for Demand
   14.4   Key Indicators for Price
15   Competitive Landscape
   15.1   Market Structure
   15.2   Company Profiles
       15.2.1   TMK Group
           15.2.1.1   Company Overview
           15.2.1.2   Product Portfolio
           15.2.1.3   Demographic Reach and Achievements
           15.2.1.4   Certifications
       15.2.2   Sumitomo Corporation
           15.2.2.1   Company Overview
           15.2.2.2   Product Portfolio
           15.2.2.3   Demographic Reach and Achievements
           15.2.2.4   Certifications
       15.2.3   Nippon Steel Corporation
           15.2.3.1   Company Overview
           15.2.3.2   Product Portfolio
           15.2.3.3   Demographic Reach and Achievements
           15.2.3.4   Certifications
       15.2.4   Iljin Steel Co., Ltd.
           15.2.4.1   Company Overview
           15.2.4.2   Product Portfolio
           15.2.4.3   Demographic Reach and Achievements
           15.2.4.4   Certifications
       15.2.5   Tenaris S.A
           15.2.5.1   Company Overview
           15.2.5.2   Product Portfolio
           15.2.5.3   Demographic Reach and Achievements
           15.2.5.4   Certifications
       15.2.6   U. S. Steel Tubular Products, Inc.
           15.2.6.1   Company Overview
           15.2.6.2   Product Portfolio
           15.2.6.3   Demographic Reach and Achievements
           15.2.6.4   Certifications
       15.2.7   Vallourec Group
           15.2.7.1   Company Overview
           15.2.7.2   Product Portfolio
           15.2.7.3   Demographic Reach and Achievements
           15.2.7.4   Certifications
       15.2.8   Oil Country Tubular Limited
           15.2.8.1   Company Overview
           15.2.8.2   Product Portfolio
           15.2.8.3   Demographic Reach and Achievements
           15.2.8.4   Certifications
       15.2.9   ArcelorMittal S.A.
           15.2.9.1   Company Overview
           15.2.9.2   Product Portfolio
           15.2.9.3   Demographic Reach and Achievements
           15.2.9.4   Certifications
       15.2.10   JFE Steel Corporation
           15.2.10.1   Company Overview
           15.2.10.2   Product Portfolio
           15.2.10.3   Demographic Reach and Achievements
           15.2.10.4   Certifications
       15.2.11   Other
16   Key Trends and Developments in the Market

List of Key Figures and Tables

1.   Global Oil Country Tubular Goods Market: Key Industry Highlights, 2018 and 2032
2.   Global Oil Country Tubular Goods Historical Market: Breakup by Product (USD Billion), 2018-2023
3.   Global Oil Country Tubular Goods Market Forecast: Breakup by Product (USD Billion), 2024-2032
4.   Global Oil Country Tubular Goods Historical Market: Breakup by Manufacturing Process (USD Billion), 2018-2023
5.   Global Oil Country Tubular Goods Market Forecast: Breakup by Manufacturing Process (USD Billion), 2024-2032
6.   Global Oil Country Tubular Goods Historical Market: Breakup by Grade (USD Billion), 2018-2023
7.   Global Oil Country Tubular Goods Market Forecast: Breakup by Grade (USD Billion), 2024-2032
8.   Global Oil Country Tubular Goods Historical Market: Breakup by Application (USD Billion), 2018-2023
9.   Global Oil Country Tubular Goods Market Forecast: Breakup by Application (USD Billion), 2024-2032
10.   Global Oil Country Tubular Goods Historical Market: Breakup by Region (USD Billion), 2018-2023
11.   Global Oil Country Tubular Goods Market Forecast: Breakup by Region (USD Billion), 2024-2032
12.   North America Oil Country Tubular Goods Historical Market: Breakup by Country (USD Billion), 2018-2023
13.   North America Oil Country Tubular Goods Market Forecast: Breakup by Country (USD Billion), 2024-2032
14.   Europe Oil Country Tubular Goods Historical Market: Breakup by Country (USD Billion), 2018-2023
15.   Europe Oil Country Tubular Goods Market Forecast: Breakup by Country (USD Billion), 2024-2032
16.   Asia Pacific Oil Country Tubular Goods Historical Market: Breakup by Country (USD Billion), 2018-2023
17.   Asia Pacific Oil Country Tubular Goods Market Forecast: Breakup by Country (USD Billion), 2024-2032
18.   Latin America Oil Country Tubular Goods Historical Market: Breakup by Country (USD Billion), 2018-2023
19.   Latin America Oil Country Tubular Goods Market Forecast: Breakup by Country (USD Billion), 2024-2032
20.   Middle East and Africa Oil Country Tubular Goods Historical Market: Breakup by Country (USD Billion), 2018-2023
21.   Middle East and Africa Oil Country Tubular Goods Market Forecast: Breakup by Country (USD Billion), 2024-2032
22.   Global Oil Country Tubular Goods Market Structure

Key Questions Answered in the Report

What was the oil country tubular goods market value in 2023?

The market reached a value of approximately USD 25.39 billion in 2023.

What is the growth rate of the oil country tubular goods market?

The market is projected to grow at a CAGR of 6.8% between 2024 and 2032.

What is the forecast outlook of the market for 2024-2032?

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 45.89 billion by 2032.

What are the major market drivers?

The major market drivers include rise in crude oil production and increased emphasis on cost efficiency in drilling and exploration operations.

What are the key oil country tubular good market trends?

The key trends fuelling the growth of the market include increased focus of manufacturers on improving the operational efficiency of OCTG and integration of digital technologies.

What are the major regions in the market for oil country tubular goods, according to the EMR report?

The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

What are the significant products available in the market?

The significant products available in the market are well casing, product tubing, and drill pipe, among others.

Who are the key market players, according to the oil country tubular goods market report?

The key players in the market are TMK Group, Sumitomo Corporation, Nippon Steel Corporation, Iljin Steel Co., Ltd., Tenaris S.A, U.S. Steel Tubular Products, Inc., Vallourec Group, Oil Country Tubular Limited, ArcelorMittal S.A., and JFE Steel Corporation, among others.

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