Oil country tubular goods market size to grow by USD 16.86 billion from 2022 to 2027, North America to account for 43% of market growth

NEW YORK, May 17, 2023 /PRNewswire/ -- The oil country tubular goods market size is expected to grow by USD 16.86 billion during 2022-2027 at a CAGR of 6.85%. North America is forecasted to account for 43% of the growth of the global market during the forecast period. The US and Canada are the key revenue contributors to market growth in the region. The US is a major oil producer, and gas production in the region has increased significantly owing to unconventional exploration and production activities. This has increased the overall crude oil and gas production in North America. Therefore, high exploration and production activity in crude oil and gas resources will increase the demand for casings, drill pipes, and pipes in the region during the forecast period. Don't miss out on valuable insights on market size - Request the sample report NOW!

Oil country tubular goods market: Segmentation analysis

Technavio has segmented the oil country tubular goods market by product (seamless and welded), application (onshore and offshore), and geography (North America, APAC, Europe, South America, and Middle East and Africa). The report provides actionable insights and estimates the contribution of all segments to the growth of the global oil country tubular goods market.

The seamless segment will account for a significant share of market growth during the forecast period. Seamless oil country tubular goods are manufactured by using billets, which are special rolling mills from solid cylindrical steel. The use of billets is increasing in high-pressure drilling environments owing to its high tensile strength. Seamless oil country tubular goods are more reliable than welded oil country tubular goods. Moreover, the pressure for seamless pipes is easy to calculate. In addition, these pipes are thinner and lighter than welded pipes and have a uniform shape. They also have higher strength. These factors will drive the growth of this segment during the forecast period.

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Key factor driving market growth

The increasing investments in upstream activities are notably driving market growth. The demand for energy is increasing with the rising global population. Many countries are exploring untapped oil and gas resources using advanced technologies. Oil and natural gas production from traditional oil fields is decreasing. Hence, oil and gas operators are increasing their investment in mature oil and gas fields to increase revenue. Governments are also increasing oil and gas production to ensure energy security. Rising investment in the upstream oil and gas sector will drive the growth of oil and gas exploration and production activities. This will increase the use of oil country tubular goods products, such as drill pipes, casings, and tubes, in oil and gas drilling and finishing operations, which, in turn, will drive the growth of the market during the forecast period.

Leading trends influencing the market

Declining prices of raw materials is a key trend in the market. Steel is one of the key raw materials for manufacturing OCTG equipment. Fluctuations in steel prices will have a significant impact on the market growth. Iron ore and scrap steel are the main raw materials used in steel production. The demand for steel scrap is determined by fluctuations in iron ore prices. If iron ore prices decrease, the demand for scrap steel declines. Therefore, manufacturers are using iron ore as the main raw material. Lower commodity prices are expected to benefit the market significantly. This will boost the profitability of oil country tubular goods equipment manufacturers and, therefore, support the growth of the market during the forecast period.

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Competitive analysis

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, growth in market share, among others - Buy the Report to streamline your business operations

What are the key data covered in this report?

The oil country tubular goods market size is expected to accelerate at a CAGR of 6.85% during the forecast period.

The oil country tubular goods market is segmented by product (seamless and welded), application (onshore and offshore), and geography (North America, APAC, Europe, South America, and Middle East and Africa).

The market is fragmented due to the presence of many established vendors holding significant market share.

The research report offers information on several market vendors, including ArcelorMittal, EVRAZ Plc, Hunting Plc, Iljin Co. Ltd., JFE Holdings Inc., Jindal SAW Ltd., Nippon Steel Corp., PAO TMK, SB International Inc., Tenaris SA, Tenergy Equipment and Service Ltd., The Weir Group Plc, Tianjin Pipe International Economic and Trading Corp., Trident Steel Corp., UMW HOLDINGS BERHAD, United States Steel Corp., US Steel Tubular Products Inc., Vallourec SA, voestalpine AG, and Zekelman Industries.

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Some of the key topics covered in the report include:

Market drivers

Market challenges

Market trends

Vendor landscape

Vendors covered

Vendor classification

Market positioning of vendors

Competitive scenario

Oil Country Tubular Goods Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 6.85%

Market growth 2023-2027

USD 16.86 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.45

Regional analysis

North America, APAC, Europe, South America, and Middle East and Africa

Performing market contribution

North America at 43%

Key countries

US, Canada, Saudi Arabia, China, and Russia

Competitive landscape

Leading vendors, market positioning of vendors, competitive strategies, and industry risks

Key companies profiled

ArcelorMittal, EVRAZ Plc, Hunting Plc, Iljin Co. Ltd., JFE Holdings Inc., Jindal SAW Ltd., Nippon Steel Corp., PAO TMK, SB International Inc., Tenaris SA, Tenergy Equipment and Service Ltd., The Weir Group Plc, Tianjin Pipe International Economic and Trading Corp., Trident Steel Corp., UMW HOLDINGS BERHAD, United States Steel Corp., US Steel Tubular Products Inc., Vallourec SA, voestalpine AG, and Zekelman Industries

Market dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Table of contents

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global oil country tubular goods market 2017 - 2021

4.2 Product Segment Analysis 2017 - 2021

4.3 Application Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Product

6.1 Market segments

6.2 Comparison by Product

6.3 Seamless - Market size and forecast 2022-2027

6.4 Welded - Market size and forecast 2022-2027

6.5 Market opportunity by Product

7 Market Segmentation by Application

7.1 Market segments

7.2 Comparison by Application

7.3 Onshore - Market size and forecast 2022-2027

7.4 Offshore - Market size and forecast 2022-2027

7.5 Market opportunity by Application

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 North America - Market size and forecast 2022-2027

9.4 APAC - Market size and forecast 2022-2027

9.5 Europe - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 China - Market size and forecast 2022-2027

9.10 Russia - Market size and forecast 2022-2027

9.11 Canada - Market size and forecast 2022-2027

9.12 Saudi Arabia - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 ArcelorMittal

12.4 EVRAZ Plc

12.5 Hunting Plc

12.6 Iljin Co. Ltd.

12.7 JFE Holdings Inc.

12.8 Jindal SAW Ltd.

12.9 Nippon Steel Corp.

12.10 PAO TMK

12.11 SB International Inc.

12.12 Tenaris SA

12.13 Tenergy Equipment and Service Ltd.

12.14 The Weir Group Plc

12.15 United States Steel Corp.

12.16 US Steel Tubular Products Inc.

12.17 Vallourec SA

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

About Technavio

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Contacts

Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]: www.technavio.com/

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