Oil Country Tubular Goods Market 2019 Size, Trends, and Application with Top Key Players
The market for oil country tubular goods (OCTG) market is expected to grow at a CAGR of approximately 6.94% during the forecast period. Major factors driving the market studied are the reducing supply-demand gap, the low oil breakeven prices due to the technological advancement and reduced oil services cost, and increased directional drilling. However, Increased Import Duty in the United States is expected to restrain the growth of the market.
– The premium grade OCTG products are likely to witness higher CAGR on account of increasing focus on development of deepwater and offshore reserves, globally. The requirement of premium grade OCTG products is higher in harsher and challenging upstream operation.
– Liberalization of oil & gas by major countries across the globe to increase the foreign investment and thereby helping the oil and gas industry to grow is likely to provide an opportunity for the OCTG market.
– North America is the major regional market for OCTG products. The widespread development of oil & gas fields in the region both onshore and offshore is likely to provide huge business opportunities for companies operating OCTG business in forecast period.
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The global Oil Country Tubular Goods market is consolidated, with top players accounting for the major share of the market demand. The top market players include National-Oilwell Varco Inc., ILJIN Steel Co., Nippon Steel & Sumitomo Metal Corporation, TPCO Enterprise Inc., Tenaris SA, TMK Ipsco Enterprises Inc., U.S. Steel Tubular Products Inc., Vallourec SA, ArcelorMittal SA and Others.
Scope of the Report
Premium grade to witness significant growth
– The premium grade OCTG market is in the growing phase on account of increasing demand for the same from upstream activities. The premium grade applications are widespread in gas wells, horizontal wells, and high pressure and temperature wells. Moreover, with the increase in offshore rig count during 2017-2018 after the slump in the oil price in 2014 the demand for the oil country tubular goods is expected to increase during the forecasted period.
– The increase in the deep-water exploration in the remote areas with harsh environments has resulted in the increase in the use of premium quality drilling equipment, which has resulted in the growth of the market. Gulf of Mexico is one of the major offshore deep water reserves, which is likely to witness upsurge in production in the forecast period.
– With the large-scale implementation of hydraulic fracturing technology and the shale revolution, the United States, which has been a net importer of energy since 1953, is well on track to become a net energy exporter by 2022.
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Key Market Trends
North America Dominated the Market
– North America is expected to grow at a CAGR of approximately 7.21% during the forecasted period. The widespread development of oil & gas fields in the region both onshore and offshore is likely to provide huge business opportunities for companies operating OCTG business in forecast period.
– In the United States, during the past decade, the shale drilling regions of the United States have expanded the use of horizontal and directional drilling activities, adding thousands of feet in the lateral run to what previously had been vertical-only drill strings. Horizontal laterals, which can be of 5,000 feet or more in length, have resulted in a significant increase in the number of tons of tubular product used per well. With the rebounding of oil prices to a sustainable level since witnessing a record low since January 2016, horizontal drilling activities in the shale play area are expected to increase during the forecast period.
– In January 2018, the Mexican government auctioned 19 of the 29 oil and gas blocks that have been put up for auction in its territorial waters in the Gulf of Mexico region. French oil major Total announced its plan of drilling its first ever deepwater exploratory well at a block in Mexicos Gulf of Mexico region from October 2018. Other companies are also planning to start Oil & gas exploration & development activities in Mexico. With upstream activities gaining momentum in Mexico the OCTG market is expected to grow.
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