Market Size of Middle-East Oil Country Tubular Goods (OCTG) Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 4.20 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Middle-East Oil Country Tubular Goods Market Analysis
The Middle Eastern oil country tubular goods (OCTG) market is projected to register a CAGR of over 4.2% during the forecast period.
The COVID-19 pandemic negatively impacted the market in 2020. Presently, the market has reached pre-pandemic levels.
- Over the medium term, factors such as the reduced supply-demand gap, the low oil breakeven prices due to technological advancements and reduced oil services cost, and increased directional drilling are expected to drive the market.
- On the other hand, factors such as sanctions on several countries in the region, along with geopolitical tensions, are expected to hinder the growth of the market studied.
- Nevertheless, liberalization of the oil and gas industry by major countries in the Middle East to increase foreign investment and help the oil and gas industry may provide an opportunity for the OCTG market in the region.
- Saudi Arabia is one of the major oil producers globally, and the country stood second in the production of crude oil in 2021. The economy of Saudi Arabia is highly dependent on the oil and gas upstream sector, and the oil exports account for 40% of the country's GDP. Hence, Saudi Arabia is expected to be the largest market in the region for OCTG.
