What Are The Various Challenges Face By Global OCTG Market?

 OCTG Market Analysis 

OCTG (Oil Country Tubular Goods) Market share is expected to be worth USD 24.07 billion, with a CAGR of 5.95% during forecast period.

Key Players 

Eminent industry players profiled in the OCTG market report include Anhui Tianda Oil Pipe Company (China), Continental Alloys (Malaysia), ILJIN STEEL CO (South Korea), Steel Tubular Products Inc (North America), TMK (US), National Oilwell Varco (US), Tenaris (Europe), Vallourec (France), and Nippon Steel and Sumitomo Metal Co. (Japan), among others. 

Drivers 

Increasing Focus on Development of Offshore Reserves to Boost Market Growth 

The increasing focus on the development of offshore reserves and deep water reserves across the globe will boost the market growth in the forecast period. The need for premium grade OCTG products is higher in challenging and harsher upstream operation. 

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FAQ’s:

  1. What is “OCTG” Market?
  2. Who are the Top Market manufacturers?
  3. Which are the most Business Regions across the globe?
  4. How big is the “OCTG” Market in upcoming Years?
  5. What are the Latest developments/industry updates in the “OCTG” Market? 

Report Attribute

Details

Forecast Period

2022 - 2030

Market Growth value

5.95 % CAGR

Revenue forecast in 2022-2030

USD 24.07 billion

Base year for estimation

2021

Historical data

2019 – 2020

Unit

USD Billion, CAGR (2022 – 2030)

Segmentation

By Application, By End-Use, and By Region

Opportunities 

Liberalization of Oil and Gas to offer Robust Opportunities 

The liberalization of oil & gas by major countries across the world for increasing the foreign investment and thus help the oil & gas industry to develop thus offering robust opportunities for the market over the forecast period. 

Restraints 

Increased Import Duties to act as Market Restraint 

The increased import duties in the US will act as market restraint over the forecast period. 

Challenges

Depletion of Oil & Gas Reserves to act as Market Challenge 

The depletion of oil & gas reserves, environmental concerns, unpredictable crude oil prices, and economic instability will act as market challenges in the forecast period. 

Market Segmentation 

The global OCTG market is bifurcated based on grade, make, and type. 

By type, the casing segment will lead the market over the forecast period. 

By make, the seamless segment will dominate the market over the forecast period. 

By grade, the premium segment will spearhead the market over the forecast period. 

COVID-19 Analysis 

Supply chain disruptions, economic situations, fluctuations in demand share, as well as long-term & immediate effect of the COVID-19 pandemic possessed a negative effect on the OCTG market growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption. Besides, the initial setback, the industry is likely to return to normalcy during the forecast period and continue growing much beyond also.

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Regional Analysis 

North America to Head OCTG Market 

North America will head the OCTG market over the forecast period. The widespread development of oil & gas fields in both offshore and onshore, expansion of shale drilling in the US that has expanded the use of directional and horizontal drilling activities, increase in the use of horizontal laterals due to horizontal drilling activities, rig efficiency in the US, expanding producing well base, and new well drilling are adding to the global OCTG market growth in the region. 

The global OCTG market is both fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches and more. Besides, they are also investing in various research and development activities.

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