Market Size of Oil Country Tubular Goods Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.50 % |
| Fastest Growing Market | South America |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Oil Country Tubular Goods (OCTG) Market Analysis
The oil country tubular goods (OCTG) market is expected to register a CAGR of more than 4.5% during the forecast period.
The market was negatively impacted by COVID-19 due to regional lockdowns and the 2020 crude oil price crash. Currently, the market has reached a pre-pandemic level.
- Major factors driving the market study include increasing exploration and production activities, low oil breakeven prices due to rising non-oil revenues and technological advancements, reduced oil service costs, and increased directional drilling.
- On the other hand, the increased import duty in countries like the United States, the volatile nature of oil prices in recent years, and environmental concerns could hamper the growth of the OCTG market during the forecast period.
- There has been liberalization of oil and gas by major countries across the world to increase foreign investments, thereby helping the growth of the oil and gas industry. This will likely provide immense opportunities for the global OCTG market in the coming years.
- North America is expected to dominate the global OCTG market, with the majority of the demand coming from countries like the United States, Mexico, etc.
