Market Size of North America 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 | > 7.90 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Oil Country Tubular Goods Market Analysis
The North America oil country tubular goods (OCTG) market is expected to grow at a CAGR of over 7.9% during the forecast period. Factors such as increased investment in the upstream sector have resulted in an increased number of rig charter activities and in the number of wells drilled and in production, resulting in greater demand for OCTG in the region. Moreover, the widespread development of oil & gas fields in the region both onshore and offshore is likely to provide huge business for the OCTG market during the forecast period. However, volatile crude oil prices and increased import duty in the United States are expected to restrain the growth of the market in North America.
- The premium-grade OCTG products are likely to dominate the market on account of increasing focus on the development of deepwater and offshore reserves, like the Gulf of Mexico. The requirement of premium grade OCTG products is higher in harsher and challenging upstream operation.
- Liberalization of the oil and gas industry in Canada and Gulf of Mexico 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.
- The United States was the largest crude oil producers in the world, as of 2019. During the past decade, the shale drilling regions of the United States have expanded the use of horizontal and directional drilling activities, further driving the OCTG market in the country.
