OCTG Market to Reach USD 24.07 Billion at 5.95% CAGR by 2026
Increasing Focus on Development of Offshore Reserves to Boost OCTG Market Growth
OCTG Market Eyeing Remarkable Growth due to Liberalization of Oil and Gas
The global OCTG market will reach USD 24.07 billion at a favorable 5.95% CAGR by 2026, states the latest Market Research Future (MRFR) report.
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Increasing Focus on Development of Offshore Reserves to Boost Market Growth
The increasing focus on the development of offshore reserves and deep water reserves across the globe will boost the market growth in the forecast period. The need for premium grade OCTG products is higher in challenging and harsher upstream operation.
Liberalization of Oil and Gas to offer Robust Opportunities
The liberalization of oil gas by major countries across the world for increasing the foreign investment and thus help the oil gas industry to develop thus offering robust opportunities for the market over the forecast period.
Increased Import Duties to act as Market Restraint
The increased import duties in the US will act as market restraint over the forecast period.
Depletion of Oil Gas Reserves to act as Market Challenge
The depletion of oil gas reserves, environmental concerns, unpredictable crude oil prices, and economic instability will act as market challenges in the forecast period.
The global OCTG market is bifurcated based on grade, make, and type.
By type, the casing segment will lead the market over the forecast period.
By make, the seamless segment will dominate the market over the forecast period.
By grade, the premium segment will spearhead the market over the forecast period.
Supply chain disruptions, economic situations, fluctuations in demand share, as well as long-term immediate effect of the COVID-19 pandemic possessed a negative effect on the OCTG market growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption. Besides, the initial setback, the industry is likely to return to normalcy during the forecast period and continue growing much beyond also.
North America to Head OCTG Market
North America will head the OCTG market over the forecast period. The widespread development of oil gas fields in both offshore and onshore, expansion of shale drilling in the US that has expanded the use of directional and horizontal drilling activities, increase in the use of horizontal laterals due to horizontal drilling activities, rig efficiency in the US, expanding producing well base, and new well drilling are adding to the global OCTG market growth in the region.
Eminent industry players profiled in the OCTG market report include Anhui Tianda Oil Pipe Company (China), Continental Alloys (Malaysia), ILJIN STEEL CO (South Korea), Steel Tubular Products Inc (North America), TMK (US), National Oilwell Varco (US), Tenaris (Europe), Vallourec (France), and Nippon Steel and Sumitomo Metal Co. (Japan), among others.
The global OCTG market is both fragmented and also competitive for the presence of different international domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches and more. Besides, they are also investing in various research and development activities.
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