Market Size of Africa Oil Country Tubular Goods (OCTG) Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Africa Oil Country Tubular Goods Market Analysis
The Africa oil country tubular goods (OCTG) market is expected to grow approximately at a CAGR of more than 5% during the forecast period. Factors such as a string of prolific discoveries and a large pipeline of projects, which are in post-final investment decision (FID) and under construction are expected to drive the market. Moreover, oil country tubular goods are likely to be promulgated by strategic initiatives taken by the companies operating in the upstream sector to augment the E&P activities. However, volatile crude oil prices and uncertainty amongst operators is expected to hinder the growth of the OCTG market in Africa region.
- The premium grade OCTG products are likely to witness higher CAGR on account of increasing focus on gas wells, horizontal wells, high pressure (above 5,000 psi) and high temperature (above 250 F) wells. The requirement of premium grade OCTG products is higher in harsher and challenging upstream operation which is prevalent in the Africa region.
- Liberalization of oil and gas by major countries in Africa to increase the foreign investment and thereby helping the oil and gas industry to grow is likely to provide an opportunity for the OCTG market in the region.
- Nigeria is one of the major oil and gas producers in the region, in 2019. The economy of Nigeria is highly dependent on oil & gas sector, which accounts for major share of country's GDP. Hence, Nigeria is expected to be the largest market in the region for OCTG.
