Global Oil Country Tubular Goods Market Highlights over 2022-2030
The global oil country tubular goods (OCTG) market is estimated to garner a sizeable revenue by growing at ~7% CAGR over the forecast period, i.e., 2022–2030. The growth of the market can be attributed to the increasing demand for oil and gas, among other fossil fuels, backed by the ongoing industrial development and growing population. The global population crossed the mark of 7.674 billion in 2019, as per the report of the World Bank. The growing population requires more resources for survival, which leads to raised demand for energy sources. This is a major factor estimated to drive the market growth. Moreover, escalating investments from the oil and gas companies, along with rising exploration and production activities in the energy and power industry, is anticipated to boost the market growth. According to the U.S. Energy Information Administration (EIA) the global consumption of oil is estimated to be 92.2 million barrels per day of petroleum and other liquid fuels, in 2020. In addition to this, reduced oil services cost, combined with increased drilling activities across the globe, is projected to encourage the market growth.
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The global oil country tubular goods market is segmented by product into drill pipe, well casing, tubes, and others, out of which, the drill pipe segment is anticipated to hold a significant share in the market during the forecast period on account of increasing drilling activities across the globe. The global demand for crude oil is estimated to cross 100 million barrel per day, by the end of 2022, up from 92.2 million barrels in 2020. To meet this growing demand, the drilling process is expanding rapidly, which is estimated to boost the segment growth. On the basis of application, the market is divided into onshore and offshore, out of which, the onshore segment is anticipated to garner the largest share over the forecast period, owing to higher share of onshore oil wells as this method is easier and more convenient for operators. However, offshore segment is growing at a steady rate and is estimated to gain a significant share by the end of 2030.
Major Macro-Economic Indicators Impacting the Market Growth
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Global Oil Country Tubular Goods Market Regional Synopsis
Regionally, the global oil country tubular goods market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to garner largest share over the forecast period on the back of high demand for crude oil, along with high production of petroleum products, backed by the presence of large number of oil reserves in Canada, and the US. Canada is the fourth largest producer and exporter of crude oil, with production of more than 4.5 million barrel per day in 2019. Moreover, according to the statistics by the EIA, the United States is the world’s largest consumer of petroleum liquids, accounting for 20% of the total global consumption in 2019. Along with this, US produced 12.8 million b/d petroleum by December 2019, and 116.8 billion cubic feet natural gas per day by the end of 2019.
The market in the Middle East and Africa region is estimated to witness notable growth over the forecast period, owing to the large number of oil reserves, increasing international trade of crude oil, along with investment from western countries.
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The global oil country tubular goods market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Our in-depth analysis of the global oil country tubular goods market includes the following segments:
- Drill Pipes
- Well Casing
- API Grade
- Increasing Demand for Oil and Gas
- Rising Exploration and Production Activities in The Energy and Power Industry
- Fluctuating Prices of Crude Oil
- Constantly Depleting Oil Reserves
Top Featured Companies Dominating the Market
- ILJIN Steel Co., Ltd.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- JFE Steel Corporation
- TMK Group
- NOV Inc.
- United States Steel Corporation
- Weatherford International plc
- Nippon Steel Corporation
- PetroChina Company Ltd.