The Global OCTG (Oil Country Tubular Goods) Market Research Report Forecast 2020 – 2024 provides a comprehensive analysis of the market segments, including their dynamics, size, growth, regulatory requirements, competitive landscape, and emerging opportunities of the global industry. It provides an in-depth study of the OCTG (Oil Country Tubular Goods) market by using SWOT analysis. The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.
The global OCTG market is expected to record a value of US$22.52 billion in 2024, increasing at a CAGR of 5.40%, for the duration spanning 2020-2024.
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Top Key Players in the Global OCTG (Oil Country Tubular Goods) Market: United Sates Steel, National Oilwell Varco, Tenaris S.A., PAO TMK, Vallourec and MRC Global
The factors such as growing oil demand, growth in hydraulic fracturing activities, rising energy consumption, escalating investment on offshore drilling activities, accelerating economic growth and technological innovations in the drilling techniques would drive the growth of the market. However, market growth would be challenged by rising brent oil prices and environmental issues. A few notable trends may include, rise in horizontal directional drilling for oil & gas excavation, increasing R&D spending in the energy sector and growth in the footage of well drilled.
The global OCTG industry has been very lucrative over a past few years due to the consistent increase in the exploration and production activities of oil & gas. The market has been segmented into seamless and welded, on the basis of the process. The seamless OCTG dominated the market due to their increased ability to withstand high pressure, high temperature, higher mechanical stress and corrosive atmosphere. However, welded OCTG has also shown steady growth in the global market due the cost-effective factor.
The fastest-growing regional market was North America, due to the increased production of oil and gas. In addition, technological advancements in exploration activities have also led to the increased demand for high-end tubular & casting products in the region. However, the sudden outbreak of COVID-19 is expected to cause a severe disruption in the global economy, which would lead to the decline in the exploration and production of oil & gas and thereby would unfavorably affect the growth of the OCTG market in the initial stage of the forecasted period.
Regional Analysis for Market:
For a comprehensive understanding of market dynamics, the global OCTG (Oil Country Tubular Goods) market is analyzed across key geographies namely: United States, China, Europe, Japan, South-east Asia, India, and others. Each of these regions is analyzed on the basis of market findings across major countries in these regions for a macro-level understanding of the market.
This OCTG (Oil Country Tubular Goods) Market statistical surveying report underlines the leading merchants in this market everywhere throughout the world. This sector of the report includes market depictions, requirements, and product portrayals, manufacture, competence, contact figures, cost, and revenue. In a comparable way, automated gathering, upstream raw materials, and downstream demand studies are administered.
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Influence of the OCTG (Oil Country Tubular Goods) Market report:
-Comprehensive assessment of all opportunities and risks in the OCTG (Oil Country Tubular Goods) Market.
-OCTG (Oil Country Tubular Goods) Market recent innovations and major events.
-A Detailed study of business strategies for the growth of the OCTG (Oil Country Tubular Goods) Market-leading players.
-Conclusive study about the growth plot of OCTG (Oil Country Tubular Goods) Market for forthcoming years.
-In-depth understanding of OCTG (Oil Country Tubular Goods) Market -particular drivers, constraints and major micro markets.
-Favorable impression inside vital technological and market latest trends striking the OCTG (Oil Country Tubular Goods) Market.
The research includes historic data from 2015 to 2020 and forecasts until 2024 which makes the reports an invaluable resource for industry executives, marketing, sales, and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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Note: All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check with the sales team.
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