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In 2022, the OCTG market reached a valuation of USD 17.7 billion, with projections indicating substantial growth. The industry is expected to expand from USD 18.65 billion in 2023 to USD 29.62 billion by 2032, exhibiting a robust compound annual growth rate (CAGR) of 5.97% during the forecast period (2023–2032). This growth is primarily driven by the increasing upstream oil & gas operations, development of deepwater and offshore reserves in challenging environments, and a surge in exploration and production activities.
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The market is witnessing significant potential in discovering both conventional and unconventional resources, driven by investments from government and private entities. The global pursuit of oil well reserves to meet future energy demands, coupled with the shale gas revolution in the U.S., is attracting substantial investments. Countries worldwide are focusing on unlocking their conventional and unconventional resources, enhancing the growth of the OCTG market.
Economic resurgence globally has led to increased energy consumption, with oil and gas being the major contributors. One prominent trend is the substantial acquisitions by oilfield service providers and operators in exploration and production activities to meet the growing demand for oil and gas. The OCTG market is also benefiting from the rise in deepwater exploration in remote and challenging environments, leading to increased demand for premium-quality drilling equipment.
· Tubing, casing, and drill pipe constitute the segments in the OCTG market.
· The drill pipe segment dominates, accounting for 35% of market revenue, driven by investments in onshore drilling procedures.
· Casing is the fastest-growing category, crucial for preventing groundwater contamination and ensuring uninterrupted drilling operations.
Seamless and welded are the categories based on make.
Seamless holds the majority of revenue (70.5%) due to its use in oil & natural gas industry, while welded is the fastest-growing category, offering customization according to operational needs.
· Premium and API are the segments based on grade.
· Premium category leads with 70.4% revenue, driven by the development of oil & natural gas fields in offshore regions. API is the fastest-growing category due to increased deepwater exploration.
· North America dominates the market, attributed to extensive drilling activities and favorable government policies. The U.S. OCTG market holds the largest share, while Canada's market is the fastest-growing in the region.
· Europe holds the second-largest market share, with Germany leading and the UK experiencing the fastest growth.
· Asia-Pacific is expected to witness the fastest CAGR from 2023 to 2032, driven by increasing oil and gas exploration. China leads in market share, and India's market is the fastest-growing in the region.
Major players, including Nippon Steel & Sumitomo Metal Co., Vallourec, Tenaris, National Oilwell Varco, TMK, Steel Tubular Products Inc., ILJIN STEEL CO, Continental Alloys, and Anhui Tianda Oil Pipe Company, are investing in research and development to expand product lines and market footprint. These players engage in strategic activities such as new product launches, contractual agreements, mergers, and acquisitions to thrive in the competitive market.
· In December 2022, Vallourec secured a significant order for line pipe delivery for ExxonMobil Guyana's deepwater Uaru project.
· In August 2022, Abu Dhabi National Oil Organization was awarded a five-framework agreement valued at USD 1.83 billion for drilling-related services.
· In January 2022, Jindal SAW formed a joint venture with Hunting Energy Services to establish an OCTG threading plant in India.
· OCTG Type Outlook: Tubing, Casing, Drill Pipe, Others
· OCTG Application Outlook: Onshore, Offshore
· OCTG Make Outlook: Seamless, Welded
· OCTG Grade Outlook: Premium, API
· OCTG Regional Outlook:
· North America: US, Canada
· Europe: Germany, France, UK, Italy, Spain, Rest of Europe
· Asia-Pacific: China, Japan, India, Australia, South Korea, Rest of Asia-Pacific
· Rest of the World: Middle East, Africa, Latin America
· Market Size 2022: USD 17.7 Billion
· Market Size 2023: USD 18.65 Billion
· Market Size 2032: USD 29.62 Billion
· CAGR (2023-2032): 5.97%
· Base Year: 2022
· Market Forecast Period: 2023-2032
· Historical Data: 2018-2022
· Market Forecast Units: Value (USD Billion)
· Report Coverage: Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
· Segments Covered: Type, Make, Grade, and Region
· Geographies Covered: North America, Europe, Asia Pacific, and the Rest of the World
· Countries Covered: The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, Brazil
· Key Companies Profiled: Nippon Steel & Sumitomo Metal Co., Vallourec, Tenaris, National Oilwell Varco, TMK, Steel Tubular Products Inc., ILJIN STEEL CO, Continental Alloys, Anhui Tianda Oil Pipe Company
In 2022, the OCTG market reached a valuation of USD 17.7 billion, with projections indicating substantial growth. The industry is expected to expand from USD 18.65 billion in 2023 to USD 29.62 billion by 2032.
The global market is projected to grow at a CAGR of 5.97% during the forecast period, 2023-2032.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65562
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