Market Size of South and Central America 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 | > 4.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Central America Oil Country Tubular Goods Market Analysis
The South and Central America oil country tubular goods (OCTG) market is expected to register a CAGR of 4.5% during the forecast period.
The market studied was negatively impacted by COVID-19 in 2020. Since then, the market has been recovering and has now reached pre-pandemic levels.
Major factors driving the growth of the market studied are reducing the supply-demand gap, low oil breakeven prices due to technological advancement, reduced oil services cost, and increased directional drilling. However, volatile crude oil prices and the risk associated with the cyclic nature of the tube are expected to restrain the OCTG market's growth. Liberalization of the oil and gas industry by major countries in South and Central America is expected to increase foreign investment, thereby helping the oil and gas industry to grow, and is anticipated to boost the OCTG market's growth in the region.
Due to the increase in oil and gas exploration activities, Brazil is expected to witness significant demand in South and Central America during the forecast period.
