Based on the manufacturing process, the Impact of COVID-19 on Global Oil Country Tubular Goods (OCTG) Market is divided into electric resistance welded (ERW) and seamless. ERW pipes are made using steel coils in a roll form. In this process, the coil is cut, smoothened, and then formed into a pipe shape by joining the two contacts and welding them electrically. ERW pipes are available in sizes ranging from 1/8 inch to 24 inches in carbon steel and stainless steel varieties. The low cost of the pipes and easy availability of the pipes has resulted in increased adoption of these pipes in the oil & gas industry. Seamless pipes are manufactured using steel billets that are heated, rolled, and stretched to make tubular sections until it meets the required length, diameter, and wall thickness. These pipes do not have joints and thus do not require welding as they are made of a solid block of steel. Due to the absence of seams and joints, seamless pipes provide higher efficiency and tensile strength. They come with a wall thickness that ranges from sizes 1/8 inch to 26 inches.
Based on grade, the global Impact of COVID-19 on Global Oil Country Tubular Goods (OCTG) Market is segmented into API grade and premium grade. In 2018, the API grade segment held a larger market share of the global oil country tubular goods (OCTG) market and is expected to hold a larger market share during the forecast period. This is primarily due to the easy availability of a wide range of cost-efficient products in the API grade segment. Oil and gas reserves on onshore fields are usually located at smaller depths from the surface, leading to the higher use of API grade products. Additionally, the lower costs of API grade products compared to the premium grade products is the major factor driving this segment. However, the premium grade segment includes both premium and semi-premium grade products. Premium grade products have better product quality than API grade products, and thus are increasingly being used in drilling and production activities such as extended reach wells, directional drilling, and deep well drilling. For instance, Vallourec offers premium-grade Cleanwell Dry connections, which are highly corrosion resistant and improve the performance of the overall equipment. The share of the premium grade segment is growing in the global market, primarily due to the increase in the adoption of unconventional drilling methods.
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The Major Players in the Global Oil Country Tubular Goods Market are Tenaris S.A. (US), TMK Group (Russia), Vallourec (France), National Oilwell Varco (US), Benteler Group (Austria), Tata Steel (India), Nippon Steel Corporation (Japan), JFE Holdings, Inc. (Japan), Continental Alloys & Services (US), ACE O.C.T.G. Ltd (Malta), Jindal Saw Ltd. (India), United States Steel Coporation (US), ISMT LTD (India), Corpac Group (US), and ArcelorMittal (Luxembourg).
This study provides an overview of the global oil country tubular goods market, tracking two market segments across five geographic regions. The report studies key players, providing a four-year annual trend analysis that highlights market size, and share for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global oil country tubular goods market by manufacturing process, grade, and region.
By Manufacturing Process
- Electric Resistance Welded (ERW)
- API grade
- Premium grade
- North America
- Middle East & Africa
- South America
Market Research Analysis
In terms of region, the global market for the oil country tubular goods is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America dominates the global oil country tubular goods market. The increasing well drilling, rise in exploration and production activities in the oil & gas industry, and growing production of sour crude are expected to drive the oil country tubular goods market in the region.
The US is one of the most industrialized countries in the world, and the increasing investments in the oil & gas industry and the exploration of the oil reserves has led to the development of oil country tubular goods (OCTG) market in the region. According to the U.S. Energy Information Administration (EIA), the US is expected to be the major oil producer globally owing to the rise in demand for oil production between 2018 and 2026. Moreover, the US is likely to export 8.93 million BPD, globally by 2026, thereby surpassing Russia and catching up to Saudi Arabia in terms of gross oil exporters. As the production of oil and gas increases in the US, the use of OCTGs in horizontal and vertical drilling activities are expected to grow, consequently. These factors together drive the growth of the oil country tubular goods (OCTG) market in the US during the forecast period.
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Impact of COVID-19 on Global Oil Country Tubular Goods (OCTG) Market Table of Content (TOC):-
- Market overview
- Global Oil Country Tubular Goods Market competition by manufacturers, type and application
- Analysis of the global market by the manufacturer
- Global Oil Country Tubular Goods Market manufacturing analysis
- Industrial Chain, sourcing strategy and downstream buyers
- Marketing strategy analysis, distributors/traders
- Global market forecast 2019-2026
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