Global Oil Country Tubular Goods (OCTG) Market (Value, Volume): World Market Review By Pipe Type, Manufacturing Process, Grade, Application - By Region, By Country (2019 Edition): Opportunities and Forecast (2019-2024)
The Oil Country Tubular Goods Market was valued at USD 28.9 billion in the year 2018 with global production volume accounted for 15,100.21 Thousand tonnes. Increase in drilling and production activities, growing energy demand to fulfil the consumption needs, rise in offshore drilling activities, need for alternative technologies, exploration of shale resources as well as CAPEX improvement in upstream sector are the basic reasons behind increased demands for the Oil Country Tubular Goods Market. Global Oil Country Tubular Goods market has gained importance as increasing consumption requirement influences the exploration of offshore oilfields and increase in capital investment by the operators in the upstream sector. These markets are influenced by many factors including fluctuating crude oil and natural gas prices, changing consumer preferences, growing concern to reduce greenhouse emission and the overall strength of the economy.
On the basis of grade, the segments are Premium and API which are the grades of steel pipe that require on the basis of their properties like ductility, temperature and thermal compatibility.
Among the regions, Americas currently leads the Oil Country Tubular Goods market owing to considerable investments planned in offshore deep water and ultra-deep water drilling activities, growing number of oil and gas wells as well as exploration of shale resources. Moreover, countries like China, Russia, Saudi Arabia are expected to grow faster owing to increased investment in the upstream sector.
Scope of the Report
Global Oil Country Tubular Goods Market (Actual Period: 2014-2018, Forecast Period: 2019-2024)
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