Published on : Mar 25, 2016
ALBANY, New York, March 25, 2016: A new report, titled ‘Global OCTG (Oil Country Tubular Goods) Market Report: 2016 Edition,’ featured on ResearchMoz.us states that the global oil country tubular goods (OCTG) market is predicted to expand at a rapid pace in the years to come owing to factors such as the rising demand for oil and gas across the globe, growing investment in offshore exploration activities, and economic growth.
The oil country tubular goods sector consists of organizations whose primary work is to make steel products that are used while drilling gas and oil wells. These hollow steel products are used in the gas and oil industry for taking care of production and exploration activities. Oil country tubular goods (OCTG) contain three major types of products namely casing, tubing, and drill pipe. OCTG products are primarily manufactured as welded or seamless tubes and pipes. The manufacturers of oil country tubular goods typically produce welded or seamless products, and not both. This is because the capital investment required to make seamless OCTG is high as compared to the capital investment required to make welded OCTG.
As there is no substitute source present for the current forms of energy, the global oil country tubular goods (OCTG) market is expected to expand rapidly in the coming few years. However, the demand for OCTG is expected to fall in the next few years due to the decline in global rig count and the falling oil prices. Considering rapid industrialization, the demand for oil country tubular goods in Gulf nations, China, and India is predicted to be on the higher side in the near future. Some of the developments in the global oil country tubular goods (OCTG) market include fluctuating rig count growth, rising global demand for steel, and rising global E&P spending.
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Factors such as falling steel prices, environmental conditions, and depletion of energy reserves are expected to hamper the growth of the global oil country tubular goods (OCTG) market. Tenaris S.A., OAO TMK, Nippon Steel, Vallourec, and Sumitomo Metal Corporation are some of the prominent players operating in the global oil country tubular goods (OCTG) market. With the contribution of new players, the growth of the global oil country tubular goods (OCTG) market in the future is expected to stay strong. Also, the global oil country tubular goods (OCTG) market is predicted to be highly competitive due to the entry of new companies. However, partnerships will assist leading players to maintain their dominance in the years to come.
Some of the factors expected to drive the global oil country tubular goods (OCTG) market through the forecast period are accelerating energy consumption and increase in global demand for steel. Changing trends and innovations are predicted to open the doors of success for the global oil country tubular goods market. With various types of OCTG pipes available in the global market, leading players are expected to fulfill the needs of buyers. In the future, there will be greater consumption of energy, which in return is expected to fuel the demand for oil country tubular goods.
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