April 19, 2022 13:06 ET | Source: Fairfield Consultancy Services OPC Pvt Ltd Fairfield Consultancy Services OPC Pvt Ltd
LONDON, April 19, 2022 (GLOBE NEWSWIRE) -- According to Fairfield Market Research, the oil country tubular goods (OCTG) market is set to expand at a whopping CAGR of 12.6%, between the projection years of 2021 and 2026. By 2026, the OCTG market is forecasted to reach the value of US$65,940.3 Mn, in contrast to US$34,286.8 Mn in 2020.
Tremendous use of hydrocarbons across the verticals of power generation, production, process, transportation, etc. has led to sharp spikes in exploration and production activities. A subsequent rise in the upstream oil & gas operations and development of deepwater and offshore reserves in formidable environments have augmented the demand for oil country tubular goods across the global OCTG market.
Discovering the conventional and unconventional reserves to suffice the market requires an extreme amount of potential. Strategic and investment support from governments and private bodies are carving the OCTG market dynamics. On the whole, the oil country tubular goods market exhibits lucrative growth opportunities throughout the prophesied period.
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Key Highlights and Market Trends
Extensive Drilling Activities Provide a Fillip to Seamless Pipes Sales
Widespread application of hydrocarbons across the diverse verticals of the industry has magnified the demand for conventional energy resources. World over, constant drilling activities are being carried out in order to perform large-scale requisition operations for oil and gas. Therefore, the demand for drill pipes has risen perpetually.
Seamless pipes foresee greater demand with a major market share of more than 50% in the OCTG market. Unlike welded pipes that can’t withstand high pressure and crackdown, the seamless pipes are highly robust and resistant to extreme pressure, advocating uniformity of shape. These pipes are best fitted for high-pressure applications viz hydrocarbon exploration and production as they efficiently escape the chances of corrosion, erosion, and general failure.
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Favorable Government Policies Create New Growth Prospects for North America
Recently, North America led the worldwide oil country tubular goods market. The demand for drill pipes, casing, and tubing OTG products has risen at a record pace. To this end, surging drilling activities and exploitation of shale gas reserves play a momentous role in this exponential rise in demand. Besides, strategic investments by key players and favorable government policies holds a promising future for the oil country tubular goods market.
However, the report foretells a consistent uptick in sales of OCTG products in the Asia Pacific domain. Inline growth opportunities with leading companies dealing in oilfield and pipeline sources, prevailing demand and supply make China a leading economy of APAC.
CONTINENTAL ALLOYS & SERVICES, ArcelorMittal, Iljin Steel Co., Ltd, GE Steel Resources, Tianjin Pipe Corporation, TMK Group, Tenaris S.A, Henan Anson Steel Corporation, NIPPON STEEL CORPORATION, and United States Steel are prominent players across the global oil country tubular goods market.
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