Asia-Pacific Oil Country Tubular Goods Market Analysis by Geography, Grade (API, Premium), Product, Competitive Landscape, Key Company Information - Growth Trends and Forecasts (2017 - 2022)
The Oil Country Tubular Goods Market in Asia-Pacific is projected to witness CAGR of 5.56% from 2014 to 2022 and it is estimated to be worth $24.67 billion by 2022.
Pipeline and tube products such as drill pipe, pipe casings and tubing that are utilized in the petroleum industry are called Oil Country Tubular Goods. They are one of the key components in oil and gas exploration and production segments.
Depending on the geology and other conditions of the oil and gas field, right selection of oil country tubular goods can prevent any hazard and any risk associated with operating an oil and gas field.
North America has the largest market share for Global Oil Country Tubular Goods in terms of demand and is closely followed by Asia-Pacific. China is the major marketplace in Asia-Pacific which will continue to lead the OCTG industry. The countries in this region are attempting to improve their domestic energy market to reduce their dependency on imports. Thereby, rise in exploration activities fuels the OCTG industry.
Ever-growing energy demand, rise in exploration activities in unconventional reserves, and increased offshore exploration activity are driving the market. On the flipside, Eccentric Crude Oil Market, high initial investments, lack of skilled labor, Government Regulations and operational challenges such as harsh weather conditions are restraining the market from growth.
This report exhaustively analyzes the Asia-Pacific Oil Country Tubular Market by segmenting it based on geography, By Grade (API, Premium) and By Product (Seamless OCTG and Electric Resistance Welded Oil Country Tubular Goods). Estimates in each segment are provided for the next five years. Key drivers and restraints that are affecting the growth of this market were discussed in detail. The study also elucidates on the competitive landscape and key market players.