Report Description
A recent market
intelligence report that is published by Data Insights Partner on the
global Oil Country Tabular Goods Market makes an offering of in-depth analysis of segments and
sub-segments in the regional and international Oil Country
Tabular Goods Market. The research
also emphasizes on the impact of restraints, drivers, and macro indicators on
the regional and global Oil Country Tabular Goods Market over the short as well as long period of time. A detailed
presentation of forecast, trends, and dollar values of global Oil
Country Tabular Goods Market is offered. In
accordance with the report, the global Oil Country Tabular Goods Market is projected to expand by healthy CAGR over the period of forecast.
Market Insight, Drivers, Restraints,
Opportunity & Trends of the Market:
Definition
Various
tubes including casing, tubing and drill pipe that assists in oil and gas
production are known as oil country tabular goods. OCTG’s are used both onshore
and offshore. OCTG’s are made out of void steel and disc-shaped cross section.
These products are the cornerstone of delineation of gas and oil wells and also
in the designing of pipelines. These products facilitate the shielded and
methodical transportation of oil and gas products in the market. International
Specifications Organization (ISO) and American Petroleum Institute (API) took
the responsibility of defining these products.
Market Drivers
Economic
development in various nations across the globe has surged up the demand for
oil and gas. Oil and gas are the basic source of energy around the globe.
Several performance including power generation, manufacturing, processing and
transportation are made possible by the use of hydrocarbons and OCTGs. The
skyrocketing number of projects that include exploring and drilling of wells
for the obtainability of oil and gas calls for OCTG. The initial impetus for
the growth of the OCTG market comes from the constantly growing drilling and
exploration work on a global basis.
The
governments and private companies are delighting in the discovery of new wells
and sources of oil and gas so as to satiate the ever-rising demand of power and
energy at present and in the near future. Huge capital investment on behalf of
different companies in oil and gas mines are propelling the growth of the oil
country tabular goods market.
The
advancement in varied technology that guides exploration and drilling
activities are thriving the growth of the OCTG market. The growing adherence to
horizontal drilling and vertical drilling is a determining factor for the
growth in this market.
The
spurring transition from the use of traditional power sources to the use of
non-traditional power sources is generating newer sources of demand for OCTG
and broadening its market base.
The
upgradation in the footage captured while well drilling and the escalating
demand for rig count is empowering the growth of the OCTG market.
Market Restraints
The
major factor threatening the growth of the OCTG market is unsteady and
fluctuating supply of raw materials used in the production of OCTG. The raw
materials used in the production of OCTG are highly resistance to corrosion.
Hard
and fast policies of the government on a world-wide basis with regard to the
use of different qualities of raw material in the production of OCTGs is
another factor hampering this market.
The
excessively rigid directives of the government in different nations around the
globe in the exploration activity is indirectly hampering the growth of the
OCTG market.
The
constant shooting up import duties especially in the United States is also
straining the growth of this market.
Opportunities
The
soaring demand for energy owning to industrialization, electrification of some
of the underdeveloped regions, urbanization, the economic development of
developing economies, and rising population is likely to be a lucrative
opportunity for the growth of the OCTG market.
The
dipping down of the prices of metals that are used in the production of OCTG is
likely to reduce the cost of production of these goods and provide a cost
advantage to the players. This is a good chance for this market.
Constantly
evolving research and development and discovery of new products that are
improving the product portfolio is a good set of circumstances for this market.
The
increasing exploration of offshore wells both in the presence of ultra-deep and
deep waters coupled with the surging number of oil wells in terms of rig is a
bankable opportunity for the OCTG market.
Trends
At
present, North America is dominating the market for OCTG. In addition to this,
North America region is projected to showcase rapidly developing market
structure in the forecast period on account of improvising offshore and onshore
oil and gas fields, the expansion in the shale drilling regions, and the quick
adoption of vertical and horizontal drilling technologies. Asia Pacific region is also assumed to show a rapidly growing market structure because of
the constantly developing nations, industrialization, rising population, the
innovation of a variety of shale reserve, rising exploration and discovery of
regions consisting of chunks of oil and gas, and spurring offshore drill
activities. The OCTG of premium grade is likely to dominate the market for OCTG
in the forecast period because of its widespread application.
Segment Covered:
This market
intelligence report on the global Oil Country Tabular Goods Market encompasses market segments based on product type,
product grade, manufacturing process, and country.
By Product
Type the global Oil Country Tabular Goods Market has been divided into:
q Drill
Pipe
q Production
Tubing
q Well
Casing
q Others
By Product Grade the global Oil
Country Tabular Goods Market has been divided into:
q API
Grade
q Premium
Grade
By Manufacturing
Process the global Oil Country Tabular Goods Market has been divided into:
q Electric
Resistance Welded
q Seamless
q Others
By country/region,
the global Oil Country Tabular Goods Market has been divided into:
q North
America (the U.S., Canada),
q Latin
America (Brazil, Mexico, Argentina and other countries),
q Europe
(Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia
Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle
East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market
Players:
This business
intelligence report offers profiling of reputed companies that are operating in
the market. Companies such as:
q Vallourec
q Tenaris
q United
States Steel Corporation
q TMK
q ANDOC
q EVRAZ
North America
q National
Oilwell Verco
q Sumitomo
Corporation
q Weatherford
q ArcelorMittal
others have been
profiled into detail so as to offer a glimpse of the market leaders. Moreover,
parameters such as Oil Country Tabular Goods Market related investment & spending and developments by
major players of the market are tracked in this global report.
Report Highlights:
In-depth
analysis of the micro and macro indicators, market trends, and forecasts of
demand is offered by this business intelligence report. Furthermore, the report
offers a vivid picture of the factors that are steering and restraining the
growth of this market across all geographical segments. In addition to that, IGR-Growth
Matrix analysis is also provided in the report so as to share insight of the
investment areas that new or existing market players can take into consideration.
Various analytical tools such as DRO analysis, Porter's five forces analysis
has been used in this report to present a clear picture of the market. The
study focuses on the present market trends and provides market forecast from
the year 2020-2028. Emerging trends that would shape the market demand in the
years to come have been highlighted in this report. A competitive analysis in
each of the geographical segments gives an insight into market share of the
global players.
Few Recent Developments
ANDOC
On August 2019,
an alliance consisting of Marubeni Corporation, Tenaris and Vallourec was
awarded a contract worth a USD 3.6 Billion by ANDOC. Such contract was assumed
to facilitate further promptness in providing consumer services.
Tenaris
On March 2019,
Tenaris initiated an agreement for the acquisition of IPSCO Tabular worth USD
1209 Million with the aim of market growth. The latter was a segment of PAO
TMK, a Russian manufacturer of steel pipe.
Vallourec
In March 2019,
Vallourec entered into a contract with PTTEP for the delivery of OCTG exceeding
3000 tons for an exploration project. The latter is the national oil company of
Thailand.
Salient Features:
Ø
This study offers
comprehensive yet detailed analysis of the Oil Country
Tabular Goods Market, size of the
market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of
forecast: 2020-2028, taking into account 2019 as the base year
Ø
It explains upcoming
revenue opportunities across various market segments and attractive matrix of
investment proposition for the said market
Ø
This market
intelligence report also offers pivotal insights about various market opportunities,
restraints, drivers, competitive market strategies of leading market players,
emerging market trends, and regional outlook
Ø
Profiling of
key market players in the world Oil Country Tabular Goods Market is done by
taking into account various parameters such as company strategies, distribution
strategies, product portfolio, financial performance, key developments,
geographical presence, and company overview
Ø
The data of
this report would allow management authorities and marketers of companies alike
to take informed decision when it comes to launch of Type of models, government
initiatives, marketing tactics and expansion, and technical up gradation
Ø
The world
market for Oil Country Tabular Goods caters to the needs of various stakeholders pertaining to this
industry, namely suppliers, manufacturers, investors, and distributors for Oil
Country Tabular Goods Market. The research
also caters to the rising needs of consulting and research firms, financial
analysts, and new market entrants
Ø
Research
methodologies that have been adopted for the purpose of this study have been
clearly elaborated so as to facilitate better understanding of the reports
Ø
Reports have
been made based on the guidelines as mandated by General Data Protection
Regulation
Ø
Ample number
of examples and case studies have been taken into consideration before coming
to a conclusion
Reasons to buy:
v
Identify
opportunities and plan strategies by having a strong understanding of the investment
opportunities in the Oil Country Tabular Goods Market
v
Identification
of key factors driving investment opportunities in the Oil Country
Tabular Goods Market
v
Facilitate
decision-making based on strong historic and forecast data
v
Position
yourself to gain the maximum advantage of the industry’s growth potential
v
Develop
strategies based on the latest regulatory events
v
Identify key
partners and business development avenues
v
Respond to
your competitors’ business structure, strategy and prospects
v
Identify key
strengths and weaknesses of important market participants