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North America Oil Country Tubular Goods Market Analysis by Geography, Grade (API, Premium), Product, Competitive Landscape, Key Company Information - Growth Trends and Forecasts (2020 - 2025)

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Pipeline and tube products such as drill pipe, tubing and pipe casings that are utilized in the petroleum industry are called oil country tubular goods. They are one of the key components in oil and gas exploration and production segments. 

Depending on the geology and other conditions of the oil and gas field, right selection of oil country tubular goods can prevent any hazard and any risk associated with operating an oil and gas field.

North America leads the market in terms of demand and is closely followed by Asia-Pacific. North America is poised to lead oil country tubular goods market in the coming decade on the back of a strong exploration activity in Gulf of Mexico and increased shale activity across the region which resulted in huge investments flowing towards exploration in shale areas.

Decline in the average active rig count in USA by 28% quarter-on-quarter to 1,380 rigs, resulting in a much lower demand for OCTG in 2014. The Oil Country Tubular Goods Market in North America is projected to witness CAGR of 4.95% from 2014 to 2020 and it was estimated to be worth of $12.7 billion in 2014.

Ever-growing energy demand, increased offshore exploration activity across the Gulf of Mexico which is going in to deeper waters, several operators’ efforts to find new oil and gas reserves, and rise in exploration activities in unconventional reserves are driving the market. On the flipside, volatile crude oil market, high initial investments, lack of skilled labor, government regulations and operational challenges such as harsh weather conditions are restraining the market from growth.

This report exhaustively analyzes the Oil Country Tubular Market by segmenting it based on geography, by grade (API, Premium) and by product (Seamless OCTG and Electric Resistance Welded Oil Country Tubular Goods).  Estimates in each segment are provided for the next five years. Key drivers and restraints that are affecting the growth of this market were discussed in detail. The study also elucidates on the competitive landscape and key market players.

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