Oil country tubular goods market size to grow by USD 16.86 billion from 2022 to 2027, North America to account for 43% of market growth - Technavio

NEW YORK, May 17, 2023 /PRNewswire/ -- The oil country tubular goods market size is expected to grow by USD 16.86 billion during 2022-2027 at a CAGR of 6.85%. North America is forecasted to account for 43% of the growth of the global market during the forecast period. The US and Canada are the key revenue contributors to market growth in the region. The US is a major oil producer, and gas production in the region has increased significantly owing to unconventional exploration and production activities. This has increased the overall crude oil and gas production in North America. Therefore, high exploration and production activity in crude oil and gas resources will increase the demand for casings, drill pipes, and pipes in the region during the forecast period. Don't miss out on valuable  insights on market size - Request the sample report NOW!

Oil country tubular goods market: Segmentation analysis

Technavio has segmented the oil country tubular goods market by product (seamless and welded), application (onshore and offshore), and geography (North America, APAC, Europe, South America, and Middle East and Africa). The report provides actionable insights and estimates the contribution of all segments to the growth of the global oil country tubular goods market.

• The seamless segment will account for a significant share of market growth during the forecast period. Seamless oil country tubular goods are manufactured by using billets, which are special rolling mills from solid cylindrical steel. The use of billets is increasing in high-pressure drilling environments owing to its high tensile strength. Seamless oil country tubular goods are more reliable than welded oil country tubular goods. Moreover, the pressure for seamless pipes is easy to calculate. In addition, these pipes are thinner and lighter than welded pipes and have a uniform shape. They also have higher strength. These factors will drive the growth of this segment during the forecast period.

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Key factor driving market growth

The increasing investments in upstream activities are notably driving market growth. The demand for energy is increasing with the rising global population. Many countries are exploring untapped oil and gas resources using advanced technologies. Oil and natural gas production from traditional oil fields is decreasing. Hence, oil and gas operators are increasing their investment in mature oil and gas fields to increase revenue. Governments are also increasing oil and gas production to ensure energy security. Rising investment in the upstream oil and gas sector will drive the growth of oil and gas exploration and production activities. This will increase the use of oil country tubular goods products, such as drill pipes, casings, and tubes, in oil and gas drilling and finishing operations, which, in turn, will drive the growth of the market during the forecast period.

Leading trends influencing the market

Declining prices of raw materials is a key trend in the market. Steel is one of the key raw materials for manufacturing OCTG equipment. Fluctuations in steel prices will have a significant impact on the market growth. Iron ore and scrap steel are the main raw materials used in steel production. The demand for steel scrap is determined by fluctuations in iron ore prices. If iron ore prices decrease, the demand for scrap steel declines. Therefore, manufacturers are using iron ore as the main raw material. Lower commodity prices are expected to benefit the market significantly. This will boost the profitability of oil country tubular goods equipment manufacturers and, therefore, support the growth of the market during the forecast period.

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Competitive analysis

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, growth in market share, among others - Buy the Report to streamline your business operations

What are the key data covered in this report?

• The oil country tubular goods market size is expected to accelerate at a CAGR of 6.85% during the forecast period.
• The oil country tubular goods market is segmented by product (seamless and welded), application (onshore and offshore), and geography (North America, APAC, Europe, South America, and Middle East and Africa).
• The market is fragmented due to the presence of many established vendors holding significant market share.
• The research report offers information on several market vendors, including ArcelorMittal, EVRAZ Plc, Hunting Plc, Iljin Co. Ltd., JFE Holdings Inc., Jindal SAW Ltd., Nippon Steel Corp., PAO TMK, SB International Inc., Tenaris SA, Tenergy Equipment and Service Ltd., The Weir Group Plc, Tianjin Pipe International Economic and Trading Corp., Trident Steel Corp., UMW HOLDINGS BERHAD, United States Steel Corp., US Steel Tubular Products Inc., Vallourec SA, voestalpine AG, and Zekelman Industries.

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Some of the key topics covered in the report include:

Market drivers

Market challenges

Market trends

Vendor landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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Table of contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global oil country tubular goods market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on global oil country tubular goods market 2017 - 2021 ($ billion)

• 4.2 Product Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 ($ billion)

• 4.3 Application Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Application Segment 2017 - 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Product

• 6.1 Market segments
• Exhibit 30: Chart on Product - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Product - Market share 2022-2027 (%)

• 6.2 Comparison by Product 
• Exhibit 32: Chart on Comparison by Product
• Exhibit 33: Data Table on Comparison by Product

• 6.3 Seamless - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Seamless - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on Seamless - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on Seamless - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Seamless - Year-over-year growth 2022-2027 (%)

• 6.4 Welded - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Welded - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on Welded - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on Welded - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Welded - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Product 
• Exhibit 42: Market opportunity by Product ($ billion)
• Exhibit 43: Data Table on Market opportunity by Product ($ billion)

7 Market Segmentation by Application

• 7.1 Market segments
• Exhibit 44: Chart on Application - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Application - Market share 2022-2027 (%)

• 7.2 Comparison by Application 
• Exhibit 46: Chart on Comparison by Application
• Exhibit 47: Data Table on Comparison by Application

• 7.3 Onshore - Market size and forecast 2022-2027 
• Exhibit 48: Chart on Onshore - Market size and forecast 2022-2027 ($ billion)
• Exhibit 49: Data Table on Onshore - Market size and forecast 2022-2027 ($ billion)
• Exhibit 50: Chart on Onshore - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Onshore - Year-over-year growth 2022-2027 (%)

• 7.4 Offshore - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Offshore - Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Data Table on Offshore - Market size and forecast 2022-2027 ($ billion)
• Exhibit 54: Chart on Offshore - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Offshore - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Application 
• Exhibit 56: Market opportunity by Application ($ billion)
• Exhibit 57: Data Table on Market opportunity by Application ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 59: Chart on Market share by geography 2022-2027 (%)
• Exhibit 60: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 61: Chart on Geographic comparison
• Exhibit 62: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027 
• Exhibit 63: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 64: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 65: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 APAC - Market size and forecast 2022-2027 
• Exhibit 67: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 68: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 69: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027 
• Exhibit 71: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 72: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 73: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 75: Chart on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 76: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 77: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 79: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 80: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 81: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 83: Chart on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 84: Data Table on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 85: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027 
• Exhibit 87: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 88: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 89: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Russia - Market size and forecast 2022-2027 
• Exhibit 91: Chart on Russia - Market size and forecast 2022-2027 ($ billion)
• Exhibit 92: Data Table on Russia - Market size and forecast 2022-2027 ($ billion)
• Exhibit 93: Chart on Russia - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on Russia - Year-over-year growth 2022-2027 (%)

• 9.11 Canada - Market size and forecast 2022-2027 
• Exhibit 95: Chart on Canada - Market size and forecast 2022-2027 ($ billion)
• Exhibit 96: Data Table on Canada - Market size and forecast 2022-2027 ($ billion)
• Exhibit 97: Chart on Canada - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Canada - Year-over-year growth 2022-2027 (%)

• 9.12 Saudi Arabia - Market size and forecast 2022-2027 
• Exhibit 99: Chart on Saudi Arabia - Market size and forecast 2022-2027 ($ billion)
• Exhibit 100: Data Table on Saudi Arabia - Market size and forecast 2022-2027 ($ billion)
• Exhibit 101: Chart on Saudi Arabia - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Saudi Arabia - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 103: Market opportunity by geography ($ billion)
• Exhibit 104: Data Tables on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 105: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 106: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 107: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 108: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 109: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 110: Matrix on vendor position and classification

• 12.3 ArcelorMittal
• Exhibit 111: ArcelorMittal - Overview
• Exhibit 112: ArcelorMittal - Business segments
• Exhibit 113: ArcelorMittal - Key news
• Exhibit 114: ArcelorMittal - Key offerings
• Exhibit 115: ArcelorMittal - Segment focus

• 12.4 EVRAZ Plc
• Exhibit 116: EVRAZ Plc - Overview
• Exhibit 117: EVRAZ Plc - Business segments
• Exhibit 118: EVRAZ Plc - Key offerings
• Exhibit 119: EVRAZ Plc - Segment focus

• 12.5 Hunting Plc
• Exhibit 120: Hunting Plc - Overview
• Exhibit 121: Hunting Plc - Business segments
• Exhibit 122: Hunting Plc - Key offerings
• Exhibit 123: Hunting Plc - Segment focus

• 12.6 Iljin Co. Ltd.
• Exhibit 124: Iljin Co. Ltd. - Overview
• Exhibit 125: Iljin Co. Ltd. - Key offerings

• 12.7 JFE Holdings Inc.
• Exhibit 126: JFE Holdings Inc. - Overview
• Exhibit 127: JFE Holdings Inc. - Business segments
• Exhibit 128: JFE Holdings Inc. - Key offerings
• Exhibit 129: JFE Holdings Inc. - Segment focus

• 12.8 Jindal SAW Ltd.
• Exhibit 130: Jindal SAW Ltd. - Overview
• Exhibit 131: Jindal SAW Ltd. - Business segments
• Exhibit 132: Jindal SAW Ltd. - Key offerings
• Exhibit 133: Jindal SAW Ltd. - Segment focus

• 12.9 Nippon Steel Corp.
• Exhibit 134: Nippon Steel Corp. - Overview
• Exhibit 135: Nippon Steel Corp. - Business segments
• Exhibit 136: Nippon Steel Corp. - Key offerings
• Exhibit 137: Nippon Steel Corp. - Segment focus

• 12.10 PAO TMK
• Exhibit 138: PAO TMK - Overview
• Exhibit 139: PAO TMK - Business segments
• Exhibit 140: PAO TMK - Key offerings
• Exhibit 141: PAO TMK - Segment focus

• 12.11 SB International Inc. 
• Exhibit 142: SB International Inc. - Overview
• Exhibit 143: SB International Inc. - Product / Service
• Exhibit 144: SB International Inc. - Key offerings

• 12.12 Tenaris SA
• Exhibit 145: Tenaris SA - Overview
• Exhibit 146: Tenaris SA - Product / Service
• Exhibit 147: Tenaris SA - Key offerings

• 12.13 Tenergy Equipment and Service Ltd. 
• Exhibit 148: Tenergy Equipment and Service Ltd. - Overview
• Exhibit 149: Tenergy Equipment and Service Ltd. - Product / Service
• Exhibit 150: Tenergy Equipment and Service Ltd. - Key offerings

• 12.14 The Weir Group Plc
• Exhibit 151: The Weir Group Plc - Overview
• Exhibit 152: The Weir Group Plc - Business segments
• Exhibit 153: The Weir Group Plc - Key news
• Exhibit 154: The Weir Group Plc - Key offerings
• Exhibit 155: The Weir Group Plc - Segment focus

• 12.15 United States Steel Corp. 
• Exhibit 156: United States Steel Corp. - Overview
• Exhibit 157: United States Steel Corp. - Business segments
• Exhibit 158: United States Steel Corp. - Key news
• Exhibit 159: United States Steel Corp. - Key offerings
• Exhibit 160: United States Steel Corp. - Segment focus

• 12.16 US Steel Tubular Products Inc. 
• Exhibit 161: US Steel Tubular Products Inc. - Overview
• Exhibit 162: US Steel Tubular Products Inc. - Product / Service
• Exhibit 163: US Steel Tubular Products Inc. - Key offerings

• 12.17 Vallourec SA
• Exhibit 164: Vallourec SA - Overview
• Exhibit 165: Vallourec SA - Business segments
• Exhibit 166: Vallourec SA - Key offerings
• Exhibit 167: Vallourec SA - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 168: Inclusions checklist
• Exhibit 169: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 170: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 171: Research methodology
• Exhibit 172: Validation techniques employed for market sizing
• Exhibit 173: Information sources

• 13.5 List of abbreviations 
• Exhibit 174: List of abbreviations

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