Market Size of Asia-Pacific Oil Country Tubular Goods Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.70 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Oil Country Tubular Goods Market Analysis
The market for Asia-Pacific oil country tubular goods is expected to grow at a CAGR of more than 2.7% approximately during the forecast period of 2020 - 2025. Factors such as reducing the supply-demand gap, the low oil breakeven prices due to technological advancements and reduced oil service costs, and increased directional drilling are expected to drive the market. Moreover, oil country tubular goods are likely to be promulgated by an expected recovery of crude oil prices and strategic initiatives taken by the companies operating in the upstream sector to augment the E&P activities. On the other hand, high initial investments, lack of skilled labor, government regulations, and operational challenges such as harsh weather conditions are restraining the market growth.
- Premium grade OCTG is likely to witness significant demand over the forecast period as the requirement of premium grade OCTG products is higher in upstream operation.
- The liberalization of the oil and gas sector in the Asia-Pacific region is aimed to increase the foreign investments and thereby helping the oil and gas industry to grow, which, in turn, is likely to provide an opportunity for oil country tubular goods market.
- China is expected to dominate the market over the forecast period owing to its improved domestic oil and gas production, which, in turn, increases the demand for OCTG products.
