Oil and Gas Tubular Goods Market- Global Industry Analysis and Forecast (2024-2030)

Oil and Gas Tubular Goods Market size is expected to reach nearly US$ 38.55 Bn. by 2030 with the CAGR of 6.94% during the forecast period.

The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors.

Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.

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Oil and Gas Tubular Goods Market Dynamics:

The Oil and gas tubular goods are known as Oil Country Tubular Goods (OCTG). It is widely used in production and exploration activities on offshore and onshore reserves.

An increase in oil and gas E&P activities through unconventional sources and offshore locations is expected to increase the need for OCTG connections with enhanced specifications. The High investments in the upstream oil and gas sector are expected to lead to the number of oil and gas E&P activities that also stimulate the OCTG product use like drill pipes, casing, and tubing. Governments and private entities have shown their keen interest in discovering new oil wells to meet future oil demands. They are also increasing oil and gas production as a part of their initiatives to ensure energy security. For instance, the Indian Government has notified changes in the New Exploration and Licensing Policy (NELP) to attract private and foreign investments in oil and gas E&P activities, which is expected to increase the adoption of tubular goods products.
Oil and Gas Tubular Goods Market Segment Analysis:
The premium-grade segment is expected to grow at an xx% rate of CAGR during the forecast period. The demand for the premium grade is increasing from the application of the offshore and onshore sectors. It is widely used in gas wells, horizontal wells, and high pressure and temperature wells. Also, an increase in offshore rig count and deep-water exploration in remote areas with harsh environments are expected to boost the use of premium quality drilling equipment. Also, the substantial expansion of the existing offshore wells both in deep and ultra-deep waters, primarily in the Gulf of Mexico, Persian Gulf, North Sea, and the South China Sea are expected to increase the adoption of the premium grade equipment.

The seamless segment is expected to contribute xx% share in the global oil and gas tubular goods market. The Seamless OCTG are widely preferred during oil and gas E&P activities in harsh environments because of their strong characteristic. It offers Superior mechanical properties like high tensile strength, which is expected to increase its utilization in high-pressure drilling environments. Also, seamless pipes are thinner and lighter, which possess a uniformity of shape that is expected to drive the market growth.
Oil and Gas Tubular Goods Market Regional Analysis:
North America is expected to contribute xx% share in the global  market. The region is expected to offer opportunities to market key players during the forecast period. An increase in the onshore and offshore oil and gas projects, investments, and initiatives undertaken by governments are some of the driving factors behind the regional market growth. North American oil exploration-and-production companies are delivering modest production growth during the forecast period. The presence of prominent oil companies and the discovery of shale gas are likely to boost market growth.

 Oil and Gas Tubular Goods Market Competitive Analysis:

Key players operating in the global market are offering advanced, premium OCTG products because of the increasing demand for premium OCTG connections. Also, vendors are more focusing on the growth prospects in the fast-growing segments to boost the growth of the market. Governments and private entities across the globe are adopting strategies to meet the energy demand that is expected to force high investment by E&P ventures. Also, some of the companies have signed definitive agreements to enhance the accessibility of their products. For Instance, in 2021, the Romanian OCTG giant has signed a strategic agreement with Novatek, which will help to supply Novatek premium casing and tubing pipe products with formula-based pricing.

The objective of the report is to present a comprehensive analysis of the Global Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding Global Market dynamics, structure by analyzing the market segments and projects the Global Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Market make the report investor’s guide.
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Oil and Gas Tubular Goods Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 24.10 Bn.


Forecast Period 2024 to 2030 CAGR:
6.94%
Market Size in 2030:
US $ 38.55 Bn.


 Segments Covered:
by Grade
API
Premium


by Product
Seamless
Electric Resistance Welded


by Application
Onshore
Offshore



Oil and Gas Tubular Goods Market, by Region:
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Oil and Gas Tubular Goods Market, Key Players are:
1. Tenaris
2. Vallourec
3. TMK Group
4. Unite States Steel Corporation
5. Nippon Steel and Sumitomo Metal Corporation
6. National Oilwell Varco
7. SPIE Oil and Gas Services
8. Hunting Energy Services
9. Key Pipe Co.LLC
10. Argus Machine Co. Ltd
12. Benteler International AG
13. MRC Global Inc.
14. ACE
15. O.C.T.G. Ltd.
16. Centric Pipe, LLC
17. U.S Steel Tubular Products
18. Sandvik AB
19. Energex Tube
20. Others

Frequently Asked Questions:

1. Which region has the largest share in Global Oil and Gas Tubular Goods Market?
Ans: North America region held the highest share in 2023.

2. What is the growth rate of Global Oil and Gas Tubular Goods Market?
Ans: The Global Oil and Gas Tubular Goods Market is growing at a CAGR of 6.94% during forecasting period 2024-2030.

3. What is scope of the Global Oil and Gas Tubular Goods market report?
Ans: Global Oil and Gas Tubular Goods Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Oil and Gas Tubular Goods market?
Ans: The important key players in the Global Oil and Gas Tubular Goods Market are – Tenaris, Vallourec, TMK Group, Unite States Steel Corporation, Nippon Steel and Sumitomo Metal Corporation, National Oilwell Varco, SPIE Oil and Gas Services, Hunting Energy Services, Key Pipe Co.LLC, Argus Machine Co. Ltd, Benteler International AG, MRC Global Inc., ACE, O.C.T.G. Ltd., Centric Pipe, LLC, U.S Steel Tubular Products, Sandvik AB, Energex Tube, and Others

5. What is the study period of this market?
Ans: The Global Oil and Gas Tubular Goods Market is studied from 2023 to 2030.