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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.
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.
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.
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.
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.
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.
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:
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Breakup by Product |
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Breakup by Manufacturing Process |
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Breakup by Grade |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*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
The market reached a value of approximately USD 25.39 billion in 2023.
The market is projected to grow at a CAGR of 6.8% between 2024 and 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.
The major market drivers include rise in crude oil production and increased emphasis on cost efficiency in drilling and exploration operations.
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.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The significant products available in the market are well casing, product tubing, and drill pipe, among others.
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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