Kenneth Research published a report titled “Oil Country Tabular Goods OCTG Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global oil country tabular goods OCTG market in terms of market segmentation by application, grade, product, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The global oil country tabular goods OCTG market is estimated to grow at a CAGR of ~ 7% over the forecast period, i.e., 2022-2031. The market is segmented by product into drill pipe, product tubing, well casing, and others. Out of these, the well casing segment is anticipated to hold the largest share over the forecast period owing to the growing demand for the support in the drilling process that creates an internal bore for the production equipment installation through providing a strong foundation for drilling fluid to undergo deeper drilling.
The growth of the oil & gas industry is anticipated to surge the growth of the global oil country tabular goods OCTG market. Moreover, rising investment by the government is further projected to increase the growth of the market.
Geographically, the global oil country tabular goods OCTG market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of them, the market in the North America region is projected to hold the largest market share by the end of 2031 on the back of rising drilling activities, and increasing foreign investment for the oil and gas industry.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rise in the Production and Consumption of Oil and Gas to Drive the Growth of the Market
As per the International Energy Agency, crude oil and natural gas liquids production totaled 4296 million tonnes, while total oil demand totaled 4070 million tonnes.
There has been rise in the production and consumption of oil and gas across the globe, followed by the rising population percentage and an increase in the usage in different sectors. Hence, it is anticipated to increase the growth of the global oil country tabular goods OCTG market.
However, government restrictions related to the inter-country transactions for oil tabular goods, high fluctuations prices of oil, and diminishing oil reserves are expected to operate as key restraint to the growth of the global oil country tabular goods OCTG market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global oil country tabular goods OCTG market which includes company profiling of Tenaris, NIPPON STEEL CORPORATION, NOV Inc., Sumitomo Corporation, ArcelorMittal, Tenergy Corporation, EVRAZ plc, NOV Inc., Weatherford, S.B. INTERNATIONAL, INC., VALLOUREC, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global oil country tabular goods OCTG market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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