Fairfield Market Research
Oil Country Tubular Goods (OCTG) Market

Oil Country Tubular Goods (OCTG) Market

Global Industry Analysis (2018 - 2020) - Growth Trends and Market Forecast (2021 - 2026)

Published Date: Apr 2022 | Format: | No. of Pages: 158

Industry: Energy & Natural Resources | Author Name: Hrishikesh

Market for Oil Country Tubular Goods (OCTG) Looks Lucrative as Crude Oil Trades Above $110 per Barrel

Oil country tubular goods (OCTG) is a family of seamless and welded rolled products consisting of drill pipes, casing, and tubing solutions that are subjected to loading conditions according to their specific application. In the oil & gas industry, directional drilling and an ever-growing number of new projects operating in more challenging environments have contributed to the undergoing process of shifting OCTG demand more towards higher heat-treated grades. According to Fairfield Market Research, the global oil country tubular goods (OCTG) market is expected to be worth US$65,940.3 Mn by 2026 from US$34,286.8 Mn in 2020. Between the forecast years of 2021 and 2026, the market is expected to surge at CAGR of 12.6%.

Oil country tubular goods market offers corrosion-resistance products which are specially developed to handle oil & gas operation without any breakdown or failure. Thus, these products must be standardized and must be API certified with the ability to withstand harsh conditions during the oil & gas operation. Oil country tubular goods (OCTGs) are extensively utilised in upstream oil and gas industry. OCTG market has vast potential with scope for application in oil & gas drilling especially in well intervention and well testing phase.

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Energy Security Coupled with Rise in Crude Oil Prices to Benefit Oil Country Tubular Goods (OCTG) Market

The key drivers for the growth of the global oil country tubular goods market include the rig counts, new oil & gas discoveries, increasing demand for oil and gas, accelerating economic growth, rising energy consumption, growing shale oil production, and increasing investment in offshore drilling exploration activities. The biggest driver of OCTG demand is the drilling activities in the oil & gas industry. Energy security followed by growing demand for LNG has triggered investments in exploitation of available oil & gas reserves. This has surged the demand for OCTG and will grow at a fair rate till 2030. Offshore intervention of oil & gas has been looked upon to minimize the demand-supply gap for petroleum products in the near future. Companies are coming-up with phase-wise investments into offshore E&P industry.

Increasing usage of steel-based OCTG products (such as drill pipes, tubing, and casing pipe) in the oil and gas sector is the key driver for the growth. A slow and steady climb in the international drill rig count is driving the sales of oil country tubular goods, especially of premium grades, typically used in offshore drilling.

The COVID-19 pandemic heavily impacted OCTG supply, demand, and logistics, leading to lower sales in 2020. Many countries like Japan, Malaysia, South Korea, Indonesia, and India have been shut down for frequent and long periods, which affected international trade. Some large drilling plans in Australia have been postponed for three to six months. Positive signs of market recovery were detected during 2021 and forecast better years ahead. Furthermore, ongoing war between Russia-Ukraine have pushed the prices of crude oil to $135 per barrel. Higher volatility in crude oil prices is expected throughout 2022. Crude oil could even hit $200 a barrel this year. New and backlog oil & gas drilling projects is expected to rise in the near future. This is likely to drive the global oil country tubular goods market.

Seamless OCTG Products Segment Leads With More than 50% Share in Total Market Valuation

In terms of type, the OCTG market has been segregated into seamless and welded. Currently, seamless segment dominated and constituted 59.1% of the global oil country tubular goods market valuation in 2020. This includes threaded drill pipe, casing, and tubing that are used in drilling, equipping, and operating oil and gas wells. High share of the segment can be attributed to increasing demand for better and reliable products in the oil and gas industry. Compared to their welded counterparts, seamless OCTG products can withstand high pressure, high temperature, higher mechanical stress, and corrosive atmosphere, accounting for their higher demand in the oil country tubular goods market.

Premium OCTG Grade to Register Higher Growth by 2026

In terms of grade, API segment dominated and constituted 69.9% of the global oil country tubular goods market valuation in 2020. Globally, majority of oil & gas companies prefer API grade which are less costly when compared to the premium grades. However, as investments in offshore E&P is increasing, majority of upstream players in the oil & gas industry is shifting towards premium grades of OCTG products. Thus, proprietary grade of OCTG is highly preferred in the offshore oil & gas industry. Thus, sales of premium grade of OCTG are expected to rise in the next few years.

Rising Offshore Oil & Gas Intervention to Fuel Growth of Global Oil Country Tubular Goods (OCTG) Market

In terms of application, the oil country tubular goods market has been segregated into onshore and offshore. Currently, onshore segment dominated and constituted more than 70% of the global oil country tubular goods market valuation in 2020. After crude oil prices reached $100 per barrel, there has been increasing interests towards exploration of offshore oil & gas assets. Even majority of on-hold offshore oil & gas projects is beginning to realize funds. This has paved ways for increase in demand for OCTG products in the offshore oil & gas industry and is expected to grow more in the years to come.

Asia Pacific Region to Witness a Surge in OCTG Orders Intake

In 2020, North America constituted 41.9% share of the global oil country tubular goods market. North America dominated the market for oil country tubular goods on the back of growing exploration and exploitation of shale gas reserves within the region, which tend to raise the demand for drill pipes, casing, and tubing OTG products. In U.S., a rich mix of solid interest and supply snugness in the OCTG market is driving costs upwards. Consistent packaging from US factories has encountered around a $70/NT month-on-month increment. Penetrating action keeps on expanding, set off by higher oil and gas costs, and further development is logical temporarily, while US OCTG plants are chipping away at their ability limits.

In terms of CAGR, Asia Pacific is expected witness surge in sales of OCTG products. The region is expected to grow at 9.1% CAGR from 2021-2026 in terms of volume (TTPA). In Asia Pacific, China dominates the OCTG market in terms of both supply and demand. In September 2020, the establishment of PipeChina compelled CNPC and Sinopec to focus more on offshore drilling activities and international drilling tenders. The companies’ primary oilfield and pipeline sources on the mainland were transferred to PipeChina, thus opening opportunities to expand their energy reach.

Global Oil Country Tubular Goods (OCTG) Market Is a Highly Competitive Landscape

Some of the leading players operating in the global oil country tubular goods (OCTG) market include: ArcelorMittal, Iljin Steel Co., Ltd, Tenaris S.A, United States Steel, TMK Group, Tianjin Pipe Corporation, Henan Anson Steel Corporation, GE Steel Resources, NIPPON STEEL CORPORATION, CONTINENTAL ALLOYS & SERVICES, etc. On February 2022, TMK presented innovative solutions and a wide range of services at EGYPS 2022 in Cairo. The Company showcased its high-tech steel OCTG pipes, including pipes with premium threaded connections for hydrocarbon production in challenging conditions and in deep-water offshore fields, as well as unique solutions for the hydrogen energy industry.

In 2020, Tenaris S.A sold 1,918 thousand tons of seamless tubes and 480 thousand tons of welded tubes. On November 2020, Tenaris has signed a three-year contract with Pluspetrol, a leading private oil and gas company in Latin America, for the supply of OCTG and services in Ecuador.

The Global Oil Country Tubular Goods (OCTG) Market is Segmented as Below:

By Grade Coverage

  • API
  • Premium

By Type Coverage

  • Seamless
  • Welded

By Application Coverage

  • Onshore
  • Offshore

By Geographical Coverage

  • North America
    • U.S.
    • Canada
  • Europe
    • Russia
    • UK
    • Norway
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Nigeria
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Venezuela
    • Rest of Latin America

Leading Companies

  • ArcelorMittal
  • Iljin Steel Co., Ltd
  • Tenaris S.A
  • United States Steel
  • TMK Group
  • Tianjin Pipe Corporation
  • Henan Anson Steel Corporation
  • GE Steel Resources
  • NIPPON STEEL CORPORATION
  • CONTINENTAL ALLOYS & SERVICES

Inside This Report You Will Find:

1. Executive Summary
2. Market Overview
3. Global Oil Country Tubular Goods (OCTG):Micro/Macro Economic Factors
4. Global Oil Country Tubular Goods (OCTG) Market Outlook, 2018 - 2026
5. North America Oil Country Tubular Goods (OCTG) Market Outlook, 2018 - 2026
6. Europe Oil Country Tubular Goods (OCTG) Market Outlook, 2018 - 2026
7. Asia Pacific Oil Country Tubular Goods (OCTG) Market Outlook, 2018 - 2026
8. Latin America Oil Country Tubular Goods (OCTG) Market Outlook, 2018 - 2026
9. Middle East & Africa Oil Country Tubular Goods (OCTG) Market Outlook, 2018 - 2026
10. Competitive Landscape
11. Appendix

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1. Executive Summary
     1.1. Global Oil Country Tubular Goods (OCTG) Market Snapshot
     1.2. Future Projections
     1.3. Key Market Trends
     1.4. Analyst Recommendations

2. Market Overview
     2.1. Market Definitions and Segmentations
     2.2. Market Dynamics
           2.2.1. Drivers
           2.2.2. Restraints
           2.2.3. Market Opportunities
           2.2.4. Economic Trends
     2.3. Value Chain Analysis
     2.4. Porter’s Five Forces Analysis & PEST Analysis
     2.5. Covid-19 Impact
           2.5.1. Supply Chain
           2.5.2. End-user Customer Impact Analysis

3. Global Oil Country Tubular Goods (OCTG):Micro/Macro Economic Factors


4. Global Oil Country Tubular Goods (OCTG) Market Outlook, 2018 - 2026

     4.1. Global Oil Country Tubular Goods (OCTG) Market Outlook, by Grade, Volume (TTPA) and Value (US$ Mn), 2018 - 2026
           4.1.1. Key Highlights
                 4.1.1.1. API
                 4.1.1.2. Premium
           4.1.2. BPS Analysis/Market Attractiveness Analysis, by Grade
     4.2. Global Oil Country Tubular Goods (OCTG) Market Outlook, by Type, Volume (TTPA) and Value (US$ Mn), 2018 - 2026
           4.2.1. Key Highlights
                 4.2.1.1. Seamless
                 4.2.1.2. Welded
           4.2.2. BPS Analysis/Market Attractiveness Analysis, by Type
     4.3. Global Oil Country Tubular Goods (OCTG) Market Outlook, by Application, Volume (TTPA) and Value (US$ Mn), 2018 - 2026
           4.3.1. Key Highlights
                 4.3.1.1. Onshore
                 4.3.1.2. Offshore
           4.3.2. BPS Analysis/Market Attractiveness Analysis, by Application
     4.4. Global Oil Country Tubular Goods (OCTG) Market Outlook, by Region, Volume (TTPA) and Value (US$ Mn), 2018 - 2026
           4.4.1. Key Highlights
                 4.4.1.1. North America
                 4.4.1.2. Europe
                 4.4.1.3. Asia Pacific
                 4.4.1.4. Latin America
                 4.4.1.5. Middle East & Africa
           4.4.2. BPS Analysis/Market Attractiveness Analysis, by Region

5. North America Oil Country Tubular Goods (OCTG) Market Outlook, 2018 - 2026
     5.1. North America Oil Country Tubular Goods (OCTG) Market Outlook, by Grade, Volume (TTPA) and Value (US$ Mn), 2018 - 2026
           5.1.1. Key Highlights
                 5.1.1.1. API
                 5.1.1.2. Premium
     5.2. North America Oil Country Tubular Goods (OCTG) Market Outlook, by Type, Volume (TTPA) and Value (US$ Mn), 2018 - 2026
           5.2.1. Key Highlights
                 5.2.1.1. Seamless
                 5.2.1.2. Welded
     5.3. North America Oil Country Tubular Goods (OCTG) Market Outlook, by Application, Volume (TTPA) and Value (US$ Mn), 2018 - 2026
           5.3.1. Key Highlights
                 5.3.1.1. Onshore
                 5.3.1.2. Offshore
     5.4. North America Oil Country Tubular Goods (OCTG) Market Outlook, by Country, Volume (TTPA) and Value (US$ Mn), 2018 - 2026
           5.4.1. Key Highlights
                 5.4.1.1. U.S. Oil Country Tubular Goods (OCTG) Market, Volume (TTPA) and Value (US$ Mn), by Grade, by Type, and by Application- 2018 - 2026
                 5.4.1.2. Canada Oil Country Tubular Goods (OCTG) Market, Volume (TTPA) and Value (US$ Mn), by Grade, by Type, and by Application- 2018 - 2026

6. Europe Oil Country Tubular Goods (OCTG) Market Outlook, 2018 - 2026
     6.1. Europe Oil Country Tubular Goods (OCTG) Market Outlook, by Grade, Volume (TTPA) and Value (US$ Mn), 2018 - 2026
           6.1.1. Key Highlights
                 6.1.1.1. API
                 6.1.1.2. Premium
     6.2. Europe Oil Country Tubular Goods (OCTG) Market Outlook, by Type, Volume (TTPA) and Value (US$ Mn), 2018 - 2026
           6.2.1. Key Highlights
                 6.2.1.1. Seamless
                 6.2.1.2. Welded
     6.3. Europe Oil Country Tubular Goods (OCTG) Market Outlook, by Application, Volume (TTPA) and Value (US$ Mn), 2018 - 2026
           6.3.1. Key Highlights
                 6.3.1.1. Onshore
                 6.3.1.2. Offshore
     6.4. Europe Oil Country Tubular Goods (OCTG) Market Outlook, by Country, Volume (TTPA) and Value (US$ Mn), 2018 - 2026
           6.4.1. Key Highlights
                 6.4.1.1. Russia Oil Country Tubular Goods (OCTG) Market, Volume (TTPA) and Value (US$ Mn), by Grade, by Type, and by Application- 2018 - 2026
                 6.4.1.2. Norway Oil Country Tubular Goods (OCTG) Market, Volume (TTPA) and Value (US$ Mn), by Grade, by Type, and by Application- 2018 - 2026
                 6.4.1.3. U.K. Oil Country Tubular Goods (OCTG) Market, Volume (TTPA) and Value (US$ Mn), by Grade, by Type, and by Application- 2018 - 2026
                 6.4.1.4. Rest of Europe Oil Country Tubular Goods (OCTG) Market, Volume (TTPA) and Value (US$ Mn), by Grade, by Type, and by Application- 2018 - 2026

7. Asia Pacific Oil Country Tubular Goods (OCTG) Market Outlook, 2018 - 2026
     7.1. Asia Pacific Oil Country Tubular Goods (OCTG) Market Outlook, by Grade, Volume (TTPA) and Value (US$ Mn), 2018 - 2026
           7.1.1. Key Highlights
                 7.1.1.1. API
                 7.1.1.2. Premium
           7.1.2. BPS Analysis/Market Attractiveness Analysis
     7.2. Asia Pacific Oil Country Tubular Goods (OCTG) Market Outlook, by Type, Volume (TTPA) and Value (US$ Mn), 2018 - 2026
           7.2.1. Key Highlights
                 7.2.1.1. Seamless
                 7.2.1.2. Welded
     7.3. Asia Pacific Oil Country Tubular Goods (OCTG) Market Outlook, by Application, Volume (TTPA) and Value (US$ Mn), 2018 - 2026
           7.3.1. Key Highlights
                 7.3.1.1. Onshore
                 7.3.1.2. Offshore
     7.4. Asia Pacific Oil Country Tubular Goods (OCTG) Market Outlook, by Country, Volume (TTPA) and Value (US$ Mn), 2018 - 2026
           7.4.1. Key Highlights
                 7.4.1.1. China Oil Country Tubular Goods (OCTG) Market, Volume (TTPA) and Value (US$ Mn), by Grade, by Type, and by Application- 2018 - 2026
                 7.4.1.2. India Oil Country Tubular Goods (OCTG) Market, Volume (TTPA) and Value (US$ Mn), by Grade, by Type, and by Application- 2018 - 2026
                 7.4.1.3. ASEAN Oil Country Tubular Goods (OCTG) Market, Volume (TTPA) and Value (US$ Mn), by Grade, by Type, and by Application- 2018 - 2026
                 7.4.1.4. Rest of Asia Pacific Oil Country Tubular Goods (OCTG) Market, Volume (TTPA) and Value (US$ Mn), by Grade, by Type, and by Application- 2018 - 2026

8. Latin America Oil Country Tubular Goods (OCTG) Market Outlook, 2018 - 2026
     8.1. Latin America Oil Country Tubular Goods (OCTG) Market Outlook, by Grade, Volume (TTPA) and Value (US$ Mn), 2018 - 2026
           8.1.1. Key Highlights
                 8.1.1.1. API
                 8.1.1.2. Premium
     8.2. Latin America Oil Country Tubular Goods (OCTG) Market Outlook, by Type, Volume (TTPA) and Value (US$ Mn), 2018 - 2026
           8.2.1. Key Highlights
                 8.2.1.1. Seamless
                 8.2.1.2. Welded
     8.3. Latin America Oil Country Tubular Goods (OCTG) Market Outlook, by Application, Volume (TTPA) and Value (US$ Mn), 2018 - 2026
           8.3.1. Key Highlights
                 8.3.1.1. Onshore
                 8.3.1.2. Offshore
     8.4. Latin America Oil Country Tubular Goods (OCTG) Market Outlook, by Country, Volume (TTPA) and Value (US$ Mn), 2018 - 2026
           8.4.1. Key Highlights
                 8.4.1.1. Brazil Oil Country Tubular Goods (OCTG) Market, Volume (TTPA) and Value (US$ Mn), by Grade, by Type, and by Application- 2018 - 2026
                 8.4.1.2. Mexico Oil Country Tubular Goods (OCTG) Market, Volume (TTPA) and Value (US$ Mn), by Grade, by Type, and by Application- 2018 - 2026
                 8.4.1.3. Venezuela Oil Country Tubular Goods (OCTG) Market, Volume (TTPA) and Value (US$ Mn), by Grade, by Type, and by Application- 2018 - 2026
                 8.4.1.4. Rest of Latin America Oil Country Tubular Goods (OCTG) Market, Volume (TTPA) and Value (US$ Mn), 2018 - 2026

9. Middle East & Africa Oil Country Tubular Goods (OCTG) Market Outlook, 2018 - 2026
     9.1. Middle East & Africa Oil Country Tubular Goods (OCTG) Market Outlook, by Grade, Volume (TTPA) and Value (US$ Mn), 2018 - 2026
           9.1.1. Key Highlights
                 9.1.1.1. API
                 9.1.1.2. Premium
     9.2. Middle East & Africa Oil Country Tubular Goods (OCTG) Market Outlook, by Type, Volume (TTPA) and Value (US$ Mn), 2018 - 2026
           9.2.1. Key Highlights
                 9.2.1.1. Seamless
                 9.2.1.2. Welded
     9.3. Middle East & Africa Oil Country Tubular Goods (OCTG) Market Outlook, by Application, Volume (TTPA) and Value (US$ Mn), 2018 - 2026
           9.3.1. Key Highlights
                 9.3.1.1. Onshore
                 9.3.1.2. Offshore
     9.4. Middle East & Africa Oil Country Tubular Goods (OCTG) Market Outlook, by Country, Volume (TTPA) and Value (US$ Mn), 2018 - 2026
           9.4.1. Key Highlights
                 9.4.1.1. GCC Oil Country Tubular Goods (OCTG) Market, Volume (TTPA) and Value (US$ Mn), by Grade, by Type, and by Application- 2018 - 2026
                 9.4.1.2. South Africa Oil Country Tubular Goods (OCTG) Market, Volume (TTPA) and Value (US$ Mn), by Grade, by Type, and by Application- 2018 - 2026
                 9.4.1.3. Nigeria Oil Country Tubular Goods (OCTG) Market, Volume (TTPA) and Value (US$ Mn), by Grade, by Type, and by Application- 2018 - 2026
                 9.4.1.4. Rest of Middle East & Africa Oil Country Tubular Goods (OCTG) Market, Volume (TTPA) and Value (US$ Mn), 2018 - 2026

10. Competitive Landscape
     10.1. Company Market Share Analysis, 2020
     10.2. Strategic Collaborations
     10.3. Company Profiles
           10.3.1. ArcelorMittal
                 10.3.1.1. Company Overview
                 10.3.1.2. Product Portfolio
                 10.3.1.3. Financial Overview
                 10.3.1.4. Business Strategies and Development
           10.3.2. Iljin Steel Co., Ltd
                 10.3.2.1. Company Overview
                 10.3.2.2. Product Portfolio
                 10.3.2.3. Financial Overview
                 10.3.2.4. Business Strategies and Development
           10.3.3. Tenaris S.A
                 10.3.3.1. Company Overview
                 10.3.3.2. Product Portfolio
                 10.3.3.3. Financial Overview
                 10.3.3.4. Business Strategies and Development
           10.3.4. United States Steel
                 10.3.4.1. Company Overview
                 10.3.4.2. Product Portfolio
                 10.3.4.3. Financial Overview
                 10.3.4.4. Business Strategies and Development
           10.3.5. TMK Group
                 10.3.5.1. Company Overview
                 10.3.5.2. Product Portfolio
                 10.3.5.3. Financial Overview
                 10.3.5.4. Business Strategies and Development
           10.3.6. Tianjin Pipe Corporation
                 10.3.6.1. Company Overview
                 10.3.6.2. Product Portfolio
                 10.3.6.3. Financial Overview
                 10.3.6.4. Business Strategies and Development
           10.3.7. Henan Anson Steel Corporation
                 10.3.7.1. Company Overview
                 10.3.7.2. Product Portfolio
                 10.3.7.3. Financial Overview
                 10.3.7.4. Business Strategies and Development
           10.3.8. GE Steel Resources
                 10.3.8.1. Company Overview
                 10.3.8.2. Product Portfolio
                 10.3.8.3. Financial Overview
                 10.3.8.4. Business Strategies and Development
           10.3.9. NIPPON STEEL CORPORATION
                 10.3.9.1. Company Overview
                 10.3.9.2. Product Portfolio
                 10.3.9.3. Financial Overview
                 10.3.9.4. Business Strategies and Development
           10.3.10. CONTINENTAL ALLOYS & SERVICES
                 10.3.10.1. Company Overview
                 10.3.10.2. Product Portfolio
                 10.3.10.3. Financial Overview
                 10.3.10.4. Business Strategies and Development

11. Appendix
     11.1. Research Methodology
     11.2. Report Assumptions
     11.3. Acronyms and Abbreviations

BASE YEAR

HISTORICAL DATA

FORECAST PERIOD

UNITS

2020

2018 - 2019

2021 - 2026 

Value: US$ Million

Volume: TTPA

 

REPORT FEATURES

DETAILS

Grade Coverage

  • API
  • Premium

Type Coverage

  • Seamless
  • Welded

Application Coverage

  • Onshore
  • Offshore

Geographical Coverage

  • North America
    • U.S.
    • Canada
  • Europe
    • Russia
    • U.K.
    • Norway
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Nigeria
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Venezuela
    • Rest of Latin America

Leading Companies

  •  ArcelorMittal
  • Iljin Steel Co., Ltd
  • Tenaris S.A
  • United States Steel
  • TMK Group
  • Tianjin Pipe Corporation
  • Henan Anson Steel Corporation
  • GE Steel Resources
  • NIPPON STEEL CORPORATION
  • CONTINENTAL ALLOYS & SERVICES

Report Highlights

Key Market Indicators, Macro-micro economic impact analysis, Technological Roadmap, Key Trends, Driver, Restraints, and Future Opportunities & Revenue Pockets, Porter’s 5 Forces Analysis, PEST Analysis, Historical Trend (2018-2019), Price Trend Analysis- 2018-2026, Market Estimates and Forecast, Market Dynamics, Industry Trends, Competition Landscape, Category, Region, Country-wise Trends & Analysis, COVID-19 Impact Analysis (Demand and Supply Chain)

FAQs : Oil Country Tubular Goods (OCTG) Market

Global oil country tubular goods (OCTG) market is anticipated to reach US$ 65.9 billion by 2026.

Global top 5 players in oil country tubular goods (OCTG) market includes: United States Steel, ArcelorMittal, Tenaris S.A, TMK Group, and Iljin Steel Co., Ltd.

In 2020, North America constituted 41.9% of the global oil country tubular goods (OCTG) market by value. In terms of volume, Asia Pacific is expected to register a CAGR of 9.1% from 2021-2026.

In terms of grade, API segment dominated and constituted 69.9% share of the global oil country tubular goods (OCTG) market in 2020. In terms of type, seamless segment dominated and constituted 60.9% share of the global oil country tubular goods (OCTG) market in 2020. In terms of application, onshore segment dominated and constituted 74.5% share of the global oil country tubular goods (OCTG) market in 2020.

The on-going war between Russia and Ukraine has resulted in $130 crude oil price per barrel and is expected to remain volatile throughout 2022. This is likely to benefit the demand for OCTG products.

Our Research Methodology

Under uncertainty, traditional approaches to strategic planning can be downright dangerous. True ambiguity is no basis to forecast the future – degree of risk, the magnitude of circumstances, conditions and consequences are not known or unpredictable. To avoid dangerous binary views of uncertainty; strategic posture, moves and actions through market research is the best bet.

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