Oil Country Tubular Goods (OCTG) Global Market Report 2024

The oil country tubular goods (octg) market size has grown strongly in recent years. It will grow from $27.37 billion in 2023 to $29.88 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth observed in the historical period can be attributed to factors such as global energy demand, deepwater exploration initiatives, infrastructure development, adherence to stringent regulatory standards, a focus on well integrity, and an increase in offshore drilling activities.

The oil country tubular goods (octg) market size is expected to see strong growth in the next few years. It will grow to $42.11 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The anticipated growth in the forecast period can be attributed to ongoing energy transition efforts, a heightened focus on carbon capture and storage (CCS), the adoption of sustainable practices, the establishment of strategic reserves for security, and the enhancement of resilience in supply chains. Noteworthy trends in this period encompass the integration of digitalization and data analytics in drilling operations, the formation of strategic partnerships and collaborations, advancements in drilling technologies, increased investments in upstream operations, and innovations in enhanced oil recovery.

The anticipated increase in exploration and drilling operations is poised to drive the growth of the oil country tubular goods (OCTG) market. Oil and gas exploration involve techniques to identify potential drilling locations for hydrocarbon extraction, and the global surge in energy demand has led to increased oilfield exploration activities. In this context, oil country tubular goods, including casing, tubing, piping, and pipelines, play a crucial role in designing pipelines for oil and gas wells. They serve as essential components for the construction of pipelines, ensuring the efficient and secure extraction of resources. For example, the US Energy Information Administration reported in July 2022 that the active well service rig count in the United States increased by 22.23%, reaching nearly 949 in 2021, attributed to the rising exploration and drilling operations. Therefore, the growth of exploration and drilling activities is expected to propel the oil country tubular goods (OCTG) market.

The growing demand for natural gas as a cleaner energy source is anticipated to drive the expansion of the oil country tubular goods (OCTG) market. Natural gas, primarily composed of methane along with other hydrocarbons, is considered a cleaner alternative for energy needs. This demand has led to increased investments in production facilities, such as pipelines and processing plants, which require OCTG products for well construction, infrastructure development, and technological advancements. According to the US Energy Information Administration in September 2023, the total natural gas consumption across industries reached 32,288,230 million cubic feet in 2022, reflecting a 5.35% increase from 2021. The rising demand for natural gas as a cleaner energy source is expected to be a driving factor for the oil country tubular goods (OCTG) market.

Innovations in products have become a prominent trend in the oil country tubular goods (OCTG) market, with major companies focusing on developing cutting-edge solutions for a competitive advantage. For instance, SPM Oil & Gas introduced the SPM Simplified Frac Iron System in May 2022, designed to enhance operating efficiency at frac sites by reducing the footprint and amount of iron required for operations. This innovative system streamlines connections, resulting in less rig-up time, reduced labor expenses, and improved overall operational efficiency.

Major companies in the oil country tubular goods (OCTG) market are directing efforts toward the development of advanced products, such as oil well pipe connections, to gain a competitive edge and boost revenues. Oil well pipe connections serve as specialized joints in OCTG, facilitating compatibility and continuity in the wellbore string by connecting components with different thread types or sizes. For example, Nippon Steel Corporation introduced the NSMAX-GR-PS oil well pipe connection, featuring a unique design for efficient and stable fastening. This connection ensures seamless installation, reducing the risk of cross-threading and galling, while delivering reliable sealing performance with an improved thread design capable of withstanding 100% VME liquid and 2,000 psi gas.

In June 2022, Pipeline Technique Ltd., a UK-based solution provider for the oil and gas industry, acquired the STANLEY Oil & Gas business from Stanley Black & Decker. The acquisition, which includes pipeline services and equipment businesses, positions Pipeline Technique as a cross-market specialist capable of serving clients in the oil and gas, renewable energy, carbon capture, and infrastructure sectors. Stanley Black & Decker, a US-based company, is a provider of industrial tools, household hardware, and security products.

Major companies operating in the oil country tubular goods (octg) market report are 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., Praj Industries Limited Limited, SB International Inc.

North America was the largest region in the oil country tubular goods (OCTG) market in 2023. 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. The countries covered in the oil country tubular goods (octg) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary products within the category of Oil Country Tubular Goods (OCTG) comprise well casing, production tubing, and drill pipe. Well casing involves a series of steel pipes inserted into a drilled oil well to provide stability, prevent pollutants and water from entering the oil stream, and hinder oil seepage into groundwater. These products come in various grades, including API grade and premium grade, manufactured through processes such as electric resistance welded (ERW) and seamless, tailored for applications in both onshore and offshore settings.

The oil country tubular goods (OCTG) market research report is one of a series of new reports that provides oil country tubular goods (OCTG) market statistics, including oil country tubular goods (OCTG) industry global market size, regional shares, competitors with an oil country tubular goods (OCTG) market share, detailed oil country tubular goods (OCTG) market segments, oil country tubular goods (OCTG) market trends and opportunities, and any further data you may need to thrive in the oil country tubular goods (OCTG) industry. This oil country tubular goods (OCTG) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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