The global oil country tubular goods market size is projected to reach USD 31.54 billion by 2026, exhibiting a CAGR of 7.4% during the forecast period. Steady rise in oil and gas exploration and production activities in North America is anticipated to be a major growth driver for this market in the upcoming decade. According to a report by World Oil, in 2018, the US witnessed 12% increase in its drilling activities from 2017 levels, while the world drilling activities rose by just 4.6% in the same year. The primary factor attributable to this remarkable rise is the discovery of shale gas in the US and Canada. The US and Canadian governments are formulating favorable policies which will put the region at the forefront in the global hydrocarbon scenario.
The above information is shared by Fortune Business Insights™ in its new report, titled “Oil Country Tubular Goods (OCTG) Market Size, Share & Industry Analysis, By Process (Seamless and Welded), By Product (Well Casing, Production Tubing, Drill Pipe, and Others), By Application (Onshore and Offshore) Regional Forecast, 2019-2026”. The report states that the value of this market stood at USD 17.92 billion in 2018. Additionally, the report provides:
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Report Scope & Segmentation:
Report CoverageDetailsForecast Period2019-2026Forecast Period 2029 to 2026 CAGR7.4%2026 Value ProjectionUSD 31.54 billionBase Year2018Market Size in 201817.92 billionHistorical Data for2015-2017No. of Pages130Segments coveredBy Process, By Product, By Application, Regional ForecastGrowth DriversSteadfast Pace of Drilling Operations Worldwide to Favor the MarketNorth America to Occupy a Commanding Position; Latin America to Present High Potential
Steadfast Pace of Drilling Operations Worldwide to Favor the Market
One of the leading oil country tubular goods market trends is the sustained pace at which drilling activities are being carried out across the globe. Steady population growth, especially in developing countries, has inflated the demand for energy and power globally. In response, governments and private entities across the globe are adopting measures and strategies to meet this demand and are therefore doubling down their investment in E&P ventures. Hydrocarbon reserves-deficient countries such as India are exploring new avenues to increase their oil and gas production and bring down their oil import bills. As a result, many emerging economies are looking for opportunities to enlarge their portion in the OCTG market share.
Highlights of the Report-
Major growth drivers, restraints, opportunities, and potential challenges for the market.
Comprehensive insights into the global as well as regional developments.
List of key industry players.
Major strategies adopted by the market players.
Latest industry developments include product launches, partnerships, mergers, and acquisitions.
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North America to Occupy a Commanding Position; Latin America to Present High Potential
The OCTG market size in North America was at USD 7.72 billion in 2018 and is likely to increase, aiding the region’s dominance on the oil country tubular gas market share in the coming decade. This will be mainly a result of favorable government policies for oil and gas E&P activities, presence of major companies, and discovery of shale gas in the region. Latin American countries such as Venezuela, Brazil, and Mexico are heavily investing in their respective energy sectors and rising exploration activities in the region have yielded promising results. In Europe, a well-established hydrocarbon industry in the UK and Norway will primarily drive the market, while huge oil reserves will augur well for the market in the Middle East and Africa.