What is Oil Country Tubular Goods Market Scope?
Oil country tubular goods are products including drill pipe, casing, and tubing that are used for loading conditions according to their application. These goods are used in Oil and Gas production requires high strength and corrosion resistance against the carbon dioxide and hydrogen sulfide contained in the well. As because of the coronavirus pandemic energy sector is witnessing a major setback, and a slowdown in oil prices is heavily effected the demand for the OCTG. According to expert views the United States is covering major market share in the OCTG industry, the United States has accounted market share around 35% of the global share.
The Oil Country Tubular Goods market study is being classified by Type (Drill Pipe, Casing {Casing Pipe, Oil Casing, API Casing, Well Casing, Others} and Tubing), by Application (Onshore and Offshore) and major geographies with country level break-up.
The Market Players are exploring the market in new geographical regions by adopting various business strategies such as mergers & acquisitions, expansions, investments, new product launches and collaborations, and others. The market players are exploring new market growth opportunities to avail a competitive advantage through combined initiatives. Research Analyst at AMA predicts that Manufacturers from United States will contribute to the maximum growth of Global Oil Country Tubular Goods market throughout the predicted period.
Tenaris (Luxembourg), Vallourec (France), TMK group (Russia), United States Steel Corporation (United States), Nippon Steel and Sumitomo Metal Corporation (Japan), Tubos India (India), ArcelorMittal (Luxembourg), U.S. Steel (United States), Jindal Pipes (India) and IPSCO Tubulars Inc. (United States) are some of the key players profiled in the study.
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Oil Country Tubular Goods market by Type, Application and Region.
On the basis of geography, the market of Oil Country Tubular Goods has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
In Jan 2020, IPSCO Inc. announced the construction of the oil country tubular goods. This new facility is a heat-treated facility by adding 100,000 tons annually. Through this initiative, the company enhances its market share and its competency.
Influencing Market Trend
- Highest Demand from the United States Region Followed by China
- Increase in Market Competency
Market Drivers
- Shale Uprising
- Increase in Ratio of Deep Water Wells
- Development in Trend of Horizontal Drilling in Unconventional Reserves
Opportunities
- The Demand of Oil Country Tabular Goods is Expected to Increase by the Year 2022 Majorly from the United States, and China
- Development in Oil Production Activities
Restraints
Challenges
- The Slowdown in Demand Because Of Coronavirus Pandemic and Decline in Oil Prices
- High Cost Associated With the Production of the Oil Country Tabular Goods Manufacturing
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Oil Country tabular Goods Manufacturers, Suppliers, and Distributors, Raw Material Suppliers, Government Regulatory and Research Organizations and End-Use Industries
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