Oil Country Tubular Goods Market to Reach $37.5 Billion by 2030, Growing at 6.5% CAGR

WILMINGTON, DE , UNITED STATES, June 26, 2024 /EINPresswire.com/ -- The global Oil Country Tubular Goods market size was valued at $20.9 billion in 2020, and projected to reach $37.5 billion by 2030, with a CAGR of 6.5% from 2021 to 2030.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬: https://www.alliedmarketresearch.com/request-sample/A09028

Oil Country Tubular Goods is a family of seamless rolled products consisting of drill pipe, casing, and tubing subjected to loading conditions according to their specific application. Drill pipe is a heavy seamless tube that rotates the drill bit and circulated drilling fluid, casing pipe lines the borehole and is particularly exposed to axial tension and internal pressure by the pumper oil or gas emulsion. Tubing is pipe through which the oil or gas is transported from the wellbore. Corrosion resistance is a very important characteristic of OCTG especially for casing and tubing.

Oil and gas play major role for the development of the economy of the world. The rise in the consumption of oil and gas has resulted in increase in exploration of oil and gas. The shale revolution in the U.S. has positive impact on the development of the market. In the coming years, the U.S. is expected to become the net exporter of natural gas due to increase in the extraction of the shale gas. Exploration and increase in productivity of oil and natural gas are stimulated due to the increase in the demand for oil and gas around the world. The presence of major oil and gas service firms has boosted the drilling operations across the world that is driving the growth of the Oil Country Tubular Goods industry.

The presence of political policies and economy stability in various developed countries has banned advanced technology, which can increase the efficiency and safety of exploration & transportation of the oil & gas. The government policies to develop the GDP of the country and save local enterprises from other manufacturing firms hamper the development of the oil country tubular goods market.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐎𝐧 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/80784b2418b360e743b0d2411c34b74d

The Oil Country Tubular Goods market is segmented on the basis of manufacturing process, product, application, grade, and region.

On the basis of manufacturing process, the global Oil Country Tubular Goods market is segmented into Electric Resistance Welded and Seamless. On the basis of product, the market is segmented into well casing, product tubing, drill pipe, and others. On the basis of application, the global Oil Country Tubular Goods market is segmented into onshore and offshore. On the basis of grade, it is fragmented into API grade and Premium grade.

Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest share of the market, followed by Asia-Pacific and Europe.

The major companies profiled in this report include ArcelorMittal SA, EVRAZ North America, ILJIN Steel Corporation, JFE Steel Corporation. National-Oilwell Varco Inc, Oil Country Tubular Limited, Sumitomo Corporation, Tenaris, TMK Ipsco Enterprises Inc., and U.S. Steel Corporation. Rapid industrialization and modernization has led to the increase in the demand for energy resources and chemical raw materials, which in-turn has fueled the demand for Oil Country Tubular Goods. Additional growth strategies such as expansion of production capacities, acquisition, partnership, and joint venture in the development of the high quality OCTG products from manufacturers have helped to attain key developments in the global Oil Country Tubular Goods market trends.

In addition to the above mentioned companies, TPCO Inc., Vallourec SA, Continental Alloys, Anhui Tianda Oil Pipe Company, and others also compete for the share of the market through partnership, acquisition, and expansion of the production capabilities to meet the future demand for the Oil Country Tubular Goods during the forecast period.

𝐈𝐟 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚𝐧𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬, 𝐏𝐥𝐞𝐚𝐬𝐞 𝐟𝐞𝐞𝐥 𝐟𝐫𝐞𝐞 𝐭𝐨 𝐜𝐨𝐧𝐭𝐚𝐜𝐭 𝐨𝐮𝐫 𝐚𝐧𝐚𝐥𝐲𝐬𝐭 𝐚𝐭: https://www.alliedmarketresearch.com/connect-to-analyst/A09028

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐭𝐮𝐝𝐲:

Region wise, the North America is projected to witness growth at the highest CAGR in terms of revenue, during the forecast period.
As per global Oil Country Tubular Goods market analysis, by application, the onshore segment accounted for the largest share in 2020.
On the basis of manufacturing process, the electric resistance welded segment was the major share contributor in 2020.

David Correa
Allied Market Research
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