We are monitoring the impact of COVID-19 on OCTG Market Get in touch with us for detailed analysis Know More
Pulished Date February, 2021
ID: 11160
Share on
Share on

OCTG Market Size, Share, Trends and Growth Analysis Report – Segmented By Grade (API and Premium), By Products (Seamless, ERW) and Region - Industry Forecast | 2021 to 2026

Pulished: February, 2021
ID: 11160
Pages: 175

OCTG Market Value and Growth:

The OCTG market is predicted to reach approximately $ 59 billion by 2021, and represent a steady expansion rate of more than 7.6% from 2021 to 2026.

The worldwide oil-based tubular products market is predicted to experience strong expansion over the course of 2021-2026 due to increased drilling and production activities. The growing call for high-end pipes coupled with the advent of technologically advanced pipes. Proper selection of OCTG during drilling operations can lower overall costs and reduce the risk of causing hazards. Market expansion is also dependent on improved efficiency and advancement of well drilling technology to improve the recoverability of oil and gas resources. The growing call for advanced tubular oilfield products in new unconventional resource areas has a potential opportunity for companies to invest in new product development to differentiate themselves from their competitors. OCTG (Oil country tubular goods) are the components employed in the production of oil and gas from the well. Proper use of OTCG could help reduce the likelihood of any incidents, hazards, and risks that ultimately lower your company's production costs. Includes, casing, drill pipes, tubes, etc. The OCTG market is a highly competitive industry and with the largest number of drilling and exploration activities in unconventional reserves, the competition has escalated to a higher level.

OCTG Market Trends:

Oil and gas exploration and production activities are complex processes and require sophisticated equipment and technology, as this market is highly cyclical and volatile in nature. Falling commodity prices have secondary effects on the oil and gas value chain. Over the past few decades, the oil and gas industry has seen a number of active drilling rigs, creating a call for oilfield services around the world. The fall in oil prices has reduced the call for tubular products for oil countries. With the recovery in crude oil prices, the oil country tubular goods (OCTG) market has seen positive expansion, driven by increased shale production and increased horizontal and unconventional drilling activity.

Recent Developments in the OCTG Market:

  • The Indian Oil Corporation (IOC) launched the country's first 100-octane gasoline on Tuesday, helping India join a selective league of nations around the world that have premium fuel.
  • Gulf Oil launches next-generation motor oils for passenger cars. Gulf Oil Corporation Ltd., a Hinduja Group company, has launched an aggressive bid to increase its presence in the Passenger Car Engine Oil (PCMO) segment by launching three new products today in Mumbai.

OCTG Market Drivers:

Drilling activity expansion is predicted to drive call for OCTG over the foreseen period. Activity in the oil and gas sector began to strengthen as raw materials recovered, followed by a multi-year price drop. With the recovery of oil and gas prices, companies have increased their investments that were previously blocked or delayed for the development of oil and gas projects. Suppliers of tubular products in oil-producing countries are predicted to benefit from increased business after the recovery. Intense competition among oil producers is also fueling escalating drilling activity around the world. The capital investment for the production of seamless OCTG is quite high, unlike the investment required for the production of welded products. The welded pipe segment is predicted to have the highest CAGR during the foreseen period due to the active participation of companies in improving product efficiency with an emphasis on cost reduction strategies.

OCTG Market Restraints:

The lack of skilled workforce and high initial investment are predicted to be the main obstacles to the development of all verticals of the oil and gas industry.

Opportunities in the OCTG Market:

The sharp drop in oil prices in 2019 severely affected the sector and reduced company revenues, leading to sharp spending cuts. Escalating call for energy and production is one of the main expansion drivers in the oilfield tubular products (OCTG) market. The emergence of horizontal drilling methods and hydraulic fracturing technology in recent years has dramatically increased the call for oilfield tubular products. Offshore oil and gas account for a large portion of production revenue and escalating production from shale resources will drive call for OCTG products during the foreseen period. The increase in the worldwide number of offshore platforms is predicted to boost this segment in the coming years. In addition, the substantial expansion of existing offshore wells in deep and ultra-deep waters, primarily in the Gulf of Mexico, the Persian Gulf, the North Sea and the South China Sea, is predicted to drive call for OCTG in the above segment. The government and private entities are showing great interest in discovering new oil well reserves to meet future energy calls. Much of the investment by leading companies to unlock large oil and gas reserves is predicted to drive the market for the tubular gods of oil countries. Also, the exploration of unconventional fuel sources. Furthermore, many countries are struggling to reduce foreign exchange on hydrocarbon imports by discovering conventional and unconventional reserves within their territorial borders, which is driving the expansion of the OCTG market.

Challenges in the OCTG Market:

There are some expansion factors in the market, including rising Brent prices and environmental issues.

OCTG Market Segmentation:

By grade:

  • API
  • Premium

API has defined some standard specifications for OCTG based on its properties, including ductility, temperature, and thermal compatibility. Depending on the location, the market can be classified into onshore and offshore areas. Onshore was the largest application sector in 2021.

By product:

  • Seamless
  • ERW

OCTG Market Regional Analysis:

The OCTG Market Report includes the segmentation of Regions:

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

Geographically, the Asia-Pacific has the largest share due to growing deep-water and unconventional reserve exploration activities, which are attracting the attention of major market players. Escalating technological advances aimed at escalating productivity and reducing production costs also play a key role in the expansion of the region. North America follows the Asia-Pacific region, with the United States accounting for the largest share. This expansion is attributed to factors such as the expansion of offshore drilling activity in the Gulf of Mexico, the shale boom, and the sharp increase in the discovery of potential untapped oil and gas reserves. North America accounted for a significant market share in 2021.

 The number of rigs has declined significantly worldwide since 2014, affecting the call for oil services in recent years. North American rigs remain the largest in quantity compared to the Middle East, followed by Latin America. The efficiency of platforms in the United States is escalating as they increase at a significant rate due to technological advances. OCTG consumption per rig and per month has doubled since 2012, due to increased drilling complexity and longer side lengths. Well production expansion and the drilling of new wells in the region are predicted to drive call for oilfield tubular products in North America during the foreseen period.

Impact of COVID-19 on OCTG Market:

The current scenario combines a supply shock with an unprecedented drop in calls and a worldwide humanitarian crisis. Furthermore, the financial and structural health of the oil and gas sector is worse than in previous crises. The Coronavirus pandemic is fueling what is already shaping up to be one of the industry's most transformative moments. At its current course and speed, the industry may now enter an era defined by intense competition, rapid technology-driven supply response, stable or waning appeal, skepticism, and pressure from investors. However, in most scenarios, oil and gas will remain a trillion-dollar market for decades. Given its role in providing affordable energy, it is too important to fail. So, the question of how to create value in the next normal is crucial. To change the current paradigm, the industry will need to dig deep and build on its proud history of bold structural moves, innovation, and safe and profitable operations in the toughest conditions. The winners will be those who take advantage of this crisis to boldly reposition their portfolios and transform their operating models. Companies that will not inevitably restructure or atrophy. The industry operates through long megacycles of trading and auctions, accompanied by accidents along the way. These megacycles have experienced strong fluctuations in value creation.

OCTG Market Key Players:

The key players in global OCTG market are 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), and Anhui Tianda Oil Pipe Company (China).


1. Introduction                                 

                1.1 Market Definition                    

                1.2 Scope of the report                 

                1.3 Study Assumptions                 

                1.4 Base Currency, Base Year and Forecast Periods                           

2. Research Methodology                                           

                2.1 Analysis Design                         

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Data Modelling     

                                2.2.4 Expert Validation  

                2.3 Study Timeline                          

3. Report Overview                                        

                3.1 Executive Summary                

                3.2 Key Inferencees                       

4. Market Dynamics                                       

                4.1 Impact Analysis                        

                                4.1.1 Drivers      

                                4.1.2 Restaints 

                                4.1.3 Opportunities        

                4.2 Regulatory Environment                       

                4.3 Technology Timeline & Recent Trends                            

5. Competitor Benchmarking Analysis                                    

                5.1 Key Player Benchmarking                     

                                5.1.1 Market share analysis         

                                5.1.2 Products/Service 

                                5.1.3 Regional Presence

                5.2 Mergers & Acquistion Landscape                      

                5.3 Joint Ventures & Collaborations                        

6. Market Segmentation                                              

                6.1 OCTG Market, By Grade                        

                                6.1.1 API             

                                6.1.2 Premium 

                                6.1.3 Market Size Estimations & Forecasts (2021-2026)   

                                6.1.4 Y-o-Y Growth Rate Analysis              

                                6.1.5 Market Attractiveness Index           

                6.2 OCTG Market, By Product                    

                                6.2.1 Seamless 

                                6.2.2 ERW           

                                6.2.3 Market Size Estimations & Forecasts (2021-2026)   

                                6.2.4 Y-o-Y Growth Rate Analysis              

                                6.2.5 Market Attractiveness Index           

7. Geographical Landscape                                         

                7.1 Global Identity Governance and Administration Market, by Region                    

                7.2 North America - Market Analysis (2018 - 2024)                            

                                7.2.1 By Country              



                                7.2.2 By Grade 

                                7.2.3 By Product              

                7.3 Europe                         

                                7.3.1 By Country              






                                       Rest of Europe

                                7.3.2 By Grade 

                                7.3.3 By Product              

                7.4 Asia Pacific                  

                                7.4.1 By Country              




                                       South Korea

                                       South East Asia

                                       Australia & NZ

                                       Rest of Asia-Pacific

                                7.4.2 By Grade 

                                7.4.3 By Product              

                7.5 Latin America                            

                                7.5.1 By Country              




                                       Rest of Latin America

                                7.5.2 By Grade 

                                7.5.3 By Product              

                7.6 Middle East and Africa                           

                                7.6.1 By Country              

                                       Middle East


                                7.6.2 By Grade 

                                7.6.3 By Product              

8. Key Player Analysis                                    

                8.1 Nippon Steel & Sumitomo Metal Co                 

                                8.1.1 Business Description           

                                8.1.2 Products/Service 

                                8.1.3 Financials 

                                8.1.4 SWOT Analysis      

                                8.1.5 Recent Developments       

                                8.1.6 Analyst Overview 

                8.2 Vallourec                     

                8.3 Tenaris                         

                8.4 National Oilwell Varco                           

                8.5 TMK                              

                8.6 Steel Tubular Products Inc                    

                8.7 Iljin Steel Co               

                8.8 Continental Alloys                   

                8.9 Anhui Tianda Oil Pipe Company                         

9. Market Outlook & Investment Opportunities                                 


                List of Tables                     

                List of Figures                   

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global OCTG Market By Region, From 2021-2026 ( USD Billion )
  2. Global OCTG Market By Grade, From 2021-2026 ( USD Billion )
  3. Global API Market By Region, From 2021-2026 ( USD Billion )
  4. Global Premium Market By Region, From 2021-2026 ( USD Billion )
  5. Global OCTG Market By Product, From 2021-2026 ( USD Billion )
  6. Global Seamless Market By Region, From 2021-2026 ( USD Billion )
  7. Global ERW Market By Region, From 2021-2026 ( USD Billion )

Please wait. . . . Your request is being processed


$ 1234 4255

Click for Request Sample