What Has Been the Growth of the Oil Country Tubular Goods (OCTG) Market So Far?
The oil country tubular goods (octg) market has seen considerable growth due to a variety of factors.
• In recent times, the market size of oil country tubular goods (OCTG) has witnessed robust growth. The market size is set to expand from $29.47 billion in 2024, soaring to $32.02 billion in 2025, with a compound annual growth rate (CAGR) of 8.7%. The significant growth observed in the historical period can be credited to factors such as global energy demand, deepwater exploration, infrastructure development, stringent regulatory standards, emphasis on well integrity, and an increase in offshore drilling.
What Is the Forecasted Market Size and Growth Rate for The Oil Country Tubular Goods (OCTG) Market?
The Oil Country Tubular Goods (OCTG) market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the oil country tubular goods (OCTG) market is projected to experience significant growth over the coming years, bringing the market's value to an estimated $46.19 billion in 2029 with a predicted compound annual growth rate (CAGR) of 9.6%.
The expansion in the forecast period can be credited to an ongoing energy transition, the increasing emphasis on carbon capture and storage (CCS), sustainable measures, the importance of strategic reserves and security, as well as the resilience in supply chains. The forecast period also expects major trends such as the digitalisation and data analytics in drilling operations, strategic partnerships and collaborations, growth in drilling technologies, upstream operation investments, and advancements in enhanced oil recovery.
What Factors Are Driving Growth In The Oil Country Tubular Goods OCTG Market?
The anticipated growth of the oil country tubular goods market is linked to a rise in exploration and drilling activities. Procedures and techniques that pinpoint potential drilling sites and the extraction of hydrocarbons are part of oil and gas exploration. The worldwide energy demand has spurred an increase in oilfield exploration. Oil country tubular goods such as casing, tubing, piping, and pipelines are integral to oilfields. They function as vital elements in the construction of pipelines for oil and gas wells, contributing to efficient and secure resource extraction. For instance, the Drilling Contractor, a US-based credible magazine, reported in October 2023 that the United States onshore market is expected to see a 4% increase, with 676 active drilling rigs estimated for Q4 2023, up from 651 rigs in Q4 2022. Hence, the rise in exploration and drilling activities is projected to boost the oil country tubular goods (OCTG) market.
What Are The Main Segments Of The Global Oil Country Tubular Goods OCTG Market?
The oil country tubular goods (OCTG) market covered in this report is segmented –
1) By Product: Well Casing, Product Tubing, Drill Pipe
2) By Manufacturing Process: Electric Resistance Welded (ERW), Seamless
3) By Grade: API Grade, Premium Grade
4) By Application: Onshore, Offshore
Subsegments:
1) By Well Casing: Surface Casing, Intermediate Casing, Production Casing
2) By Product Tubing: Conventional Tubing, High-Performance Tubing
3) By Drill Pipe: Heavyweight Drill Pipe, Standard Drill Pipe, Non-Magnetic Drill Pipe
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What Emerging Trends Are Influencing The Growth Of The Oil Country Tubular Goods OCTG Market?
Product innovation is becoming a significant trend in the oil country tubular goods (OCTG) market, attracting the interest of major market participants. These corporations are embarking on the creation of revolutionary products to solidify their market position. To illustrate, in May 2022, SPM Oil & Gas introduced the innovative SPM Simplified Frac Iron System to the market. This system not only minimizes the footprint and iron requirement for fracing operations, but also enhances the operational effectiveness of frac sites. Rather than several tie-in lines typically found on a conventional frac tree, one large-bore inlet links to the zipper manifold. The reduction in curves and connections leads to decreased rig-up time, labor costs, fluid turbulence, potential leak routes, safety concerns, and non-productive time (NPT).
Who Are the Key Players In The Oil Country Tubular Goods OCTG Market?
Major companies operating in the oil country tubular goods (OCTG) market include:
• ArcelorMittal S.A.
• Iljin Steel Co. Ltd.
• JFE Steel Corporation
• Nippon Steel Corporation
• Tenaris S.A.
• TMK Group
• United States Steel Corporation
• EVRAZ PLC.
• National Oilwell Varco Inc.
• Oil Country Tubular Limited
• Sumitomo Corporation
• Vallourec S.A.
• U.S. Steel Tubular Products Inc.
• Continental Alloys
• Kelly Pipe Co. LLC.
• Benteler Group
• Tata Steel
• Jindal SAW Ltd.
• Chelpipe Group
• Sandvik AB
• Hunting PLC
• OAO Trubnaya Metallurgicheskaya Kompaniya
• Wheatland Tube Company
• Northwest Pipe Company
• American Cast Iron Pipe Company
• Berg Pipe
• Energex Tube
• Jubail Energy Services Company.
• SB International Inc.
What Is The Most Dominant Region In The Oil Country Tubular Goods OCTG Market?
North America was the largest region in the oil country tubular goods (OCTG) market in 2024. North America is expected to be the fastest-growing region in the oil country tubular goods (OCTG) market during the forecast period. The regions covered in the oil country tubular goods (OCTG) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
