About Oil Country Tubular Goods
The oil and gas industry is one of the biggest industries worldwide with over trillions of dollars valuation. Crude oil and natural gas are present in rock formations in the earth’s crust and occur at various depths from a few feet to more than 40,000 feet. The extraction of these valuable petroleum resources is done by drilling through the surface to reach the depths where these resources are present. The following are the activities involved in the extraction, transportation and processing of the oil and gas resources: Upstream, Midstream, and Downstream.
Technavio’s analysts forecast the global oil country tubular goods market to grow at a CAGR of 5.20% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global oil country tubular goods market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Oil Country Tubular Goods Market 2018-2022
Technavio recognizes the following companies as the key players in the global oil country tubular goods market: ArcelorMittal, NIPPON STEEL & SUMITOMO METAL, Tenaris, TMK, United States Steel, and VALLOUREC.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is new oil and gas discoveries. Energy demand is rising continuously owing to the increase in urbanization rate in developing economies. Continuous exploration activities are required by oil and gas companies to meet the rising consumption of individuals. The rationale behind exploration activities is about sustaining in the market along with increasing profit and gaining a competitive edge.”
According to the report, one driver in the market is increase in global rig count. The upstream oil and gas industry is extremely reliant on the global crude oil prices. The recent crude oil price slump that started in mid-2014 severely affected the upstream industry. However, crude oil prices have now started to increase and are in the range of $50/bbl-60/bbl. The decline in upstream operations was evident from the fact that the global active rig count had fallen dramatically. Reduced operations worldwide impacted major oil and gas exploration as well as service provider companies. With the crude oil prices on the path of recovery, upstream operations have started to gain momentum.
Further, the report states that one challenge in the market is decline in investments in the upstream sector. Rapid decline in crude oil prices starting mid-2014 triggered massive withdrawal of investments and cost reductions by various upstream companies worldwide. During 2014-2016, as per the International Energy Agency (IEA), investments in the upstream segment of the oil and gas industry witnessed a 44% decline.
ArcelorMittal, NIPPON STEEL & SUMITOMO METAL, Tenaris, TMK, United States Steel, and VALLOUREC.
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