OCTG Market Rising Opportunities in Oil and Gas Industry Analysis, Top Leaders Statistics, and Future Overview till 2030

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.

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.

Drivers

• Economic development
• Requirement of maintaining the balance in production of crude oil and gas to avoid any loss of money
• machinery and resources

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. 

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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. 

OCTG (Oil Country Tubular Goods) Market Segmentation

Market Analysis, Insights and Forecast – By Process

• Seamless
• Welded

Market Analysis, Insights and Forecast – By Product

• Well Casing
• Production Tubing
• Drill Pipe
• Others

Market Analysis, Insights and Forecast – By Application

• Onshore
• Offshore

Market Analysis, Insights and Forecast – By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa

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Regional Analysis 

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.

Key Players 

• Nippon Steel & Sumitomo Metal Co. (Japan)
• Vallourec (France)
• Tenaris (Europe)
• National Oilwell Varco (U.S.)
• TMK (U.S.)
• Steel Tubular Products Inc (NA).
• ILJIN STEEL CO (S. Korea)
• Continental Alloys (Malaysia)
• Anhui Tianda Oil Pipe Company (China)

FAQ’s:

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