Oil Country Tubular Goods Market to Reach $37.5 Bn, Globally, by 2030 at 6.5% CAGR: Allied Market Research
- Increase in drilling & production activities, advent of technologically advanced pipes, exploration of resources, and the growing global offshore rig count drive the growth of the global oil country tubular goods market.
PORTLAND, Ore., Feb. 7, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Oil Country Tubular Goods Market by Manufacturing Process (Electric Resistance Welded and Seamless), Product (Well Casing, Production Tubing, Drill Pipe, and Others), Application (Onshore and Offshore), and Grade (API Grade and Premium Grade): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global oil country tubular goods industry was estimated at $20.9 billion in 2020, and is anticipated to hit $37.5 billion by 2030, registering a CAGR of 6.5% from 2021 to 2030.
Drivers, restraints, and opportunities-
Increase in drilling &production activities, advent of technologically advanced pipes, exploration of resources, and the growing global offshore rig count drive the growth of the global oil country tubular goods market. On the other hand, rise in import duty on oil country tubular goods and uncertainties in the international crude oil prices restrain the growth to some extent. Moreover, extensive expansion of oil and gas resources is expected to create lucrative opportunities in the industry.
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COVID-19 scenario-
- The partial or complete shutdown in production facilities of non-essential goods due to imposed lockdown in the initial days of the pandemic has impacted the oil country tubular goods market.
- The disturbed import and export services due to the transportation ban have negatively affected the oil and gas industry.
The electric resistance welded segment to dominate by 2030-
Based on manufacturing process, the electric resistance welded segment contributed to nearly three-fifths of the global oil country tubular goods market share in 2020, and is anticipated to rule the market by 2030. This is due to increase in oil and natural gas transportation from source to consumer and increase in construction activities across the developing nations. The seamless segment, on the other hand, would register the fastest CAGR of 6.8% throughout the forecast period.
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The well casing segment to retain the lion's share-
By product, the well casing segment held the major share in 2020, more than one-third of the global oil country tubular goods market, and is projected to maintain the lion's share, as it provides aid in the drilling process. The production tubing segment, on the other hand, is projected to cite the fastest CAGR of 6.8% throughout the forecast period.
North America garnered the major share in 2020-
Based on region, North America garnered the major share in 2020, holding nearly two-fifths of the global oil country tubular goods market, and is expected to continue its dominance by 2030. This is attributed to increase investment in the upstream sector which leads to increase in number of rig charter activities and wells drilled. However, the market across Europe would cite the fastest CAGR of 6.9% from 2021 to 2030. The research also includes Asia-Pacific, North America, and LAMEA regions.
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Leading market players
- Sumitomo Corporation
- Oil Country Tubular Limited (OCTL)
- NOV Inc.
- JFE Steel Corporation
- TMK INC.
- Tenaris
- ILJIN Steel Corporation
- U.S. Steel Corporation
- ArcelorMittal S.A.
- Evraz North America PLC
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