Oil and Gas Tubular Goods Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023
- Transparency Market Research
Conventional fuels such as oil and gas remains the most used resources for fulfilling energy demands. With a number of oil and gas reserves discovered, the exploration activities have increased all over the world in last decade. The upstream market’s growth supplements the growth in related equipment and services’ market. Tubular goods are very essential components for development of reserves to bring them to desired production levels. These factors have formed the major drivers of oil and gas tubular goods market.
Oil and gas tubular goods are widely known as Oil Country Tubular Goods (OCTG). These products are made of hollow steel with circular cross section. Oil and gas tubular goods are used in production and exploration activities on offshore as well as onshore reserves. The Oil Country Tubular Goods comprises of three major products as drill pipe, tubing, and casing. These products are among key equipment used in oil and gas exploration. The right selection of the product, depending upon the quality and suitability, is important to prevent damages during exploration activities such as leakages.
The products can also be segmented on the basis of pressure, loads and overall utilization time in a day. High axial tension resistance and circumferential stress resistance are some of the major properties Tubular Goods materials need to display. Drill pipes are about 30ft long heavy seamless tubes. These pipes are used to circulate the drilling fluids and turn the drill bit. Casing pipes are used to form the surface of borehole. They are placed at the well head. The tubing pipes are used after the completion of the drilling process. They are inserted to extract the oil and gas to the surface from the depth of the well bore. The oil and gas tubular goods’ market can also be segmented on the basis of production process used to manufacture goods as seamless and welded. Seamless goods have a higher thickness and stress withstanding capacity as compared to its welded counterparts.
The Oil Country Tubular Goods can be divided according to the standard grading procedure as API and premium. The American Petroleum Institute (API) have set standard specifications for Oil Country Tubular Goods based on their properties. The chemical composition of the steel used and the heat treatment given to them are used for dividing them among ten standard grades. One of the major bottlenecks for the Oil Country Tubular Goods market is the steady and secure supply of raw materials. The materials used in these products need to exhibit a high level of corrosion resistance as well. High degree of contaminants in reservoirs encountered during deep well drilling is bolstering the demand for more robust materials to be used for manufacturing these Oil Country Tubular Goods. Highly stringent material specifications for OCTG manufacturing make it difficult to source the desired quantity of raw materials at the right times. With the falling prices of metals such as steel, the market may get the production cost advantage. Efficient designing of Oil Country Tubular Goods require extensive R&D initiatives and frequent product testing.
Excess in production and stringent government policies on exploration worldwide is likely to stagnate and subsequently reduce the demand in major areas such as the US. However from a global perspective, large market players are still aggressively pursuing exploration and production activities; hence the demand Tubular Goods is not likely to dry up anytime in the near future. Strong R&D and rapid product innovation is expected in this market in the future and is likely to drive down the costs for these Tubular Goods.
Asia-Pacific and North America is likely to be strong demand centers for these Tubular Goods in the forecast period. The Middle East and Latin American regions are likely to display steady demand for such products. Due to ongoing economic crisis, the demand profile of Europe is still uncertain but is likely to recover in coming years. By the nature of the business, manufacturing of Tubular Goods requires high end technology, skilled labor and steep learning curves in special equipment manufacturing. Chinese manufacturers are likely to enter the market and capture significant market share within the forecast horizon.
Some of the major players in the Oil Country Tubular Goods include Tenaris S.A., TMK Group, Vallourec S.A., Nippon Steel & Sumitomo Metal Corporation, SPIE Oil & Gas Services, Hunting Energy Services, Kelly Pipe Co. LLC, Argus Machine Co. Ltd., Benteler International AG, MRC Global Inc., ACE O.C.T.G. Ltd, Centric Pipe, LLC, U. S. Steel Tubular Products, Sandvik AB, and Energex Tube.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
Reasons for Buying this Report
- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward looking perspective on different factors driving or restraining market growth
- It provides a six-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
- It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
- It provides distinctive graphics and exemplified SWOT analysis of major market segments
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
Have query on this report?Make an Enquiry
The team was the biggest help to us. Not only were we provided with customized solutions but also we were guided through the most complicated situations. The information was on-point yet comprehensive. The experience was absolutely satisfying and helped us turn many challenges into opportunities.
Ours is a startup with a unique set of challenges and we were therefore hesitant but the team totally put us at ease with their knowledge and expertise. Our business and its challenges were understood perfectly and help was extended accordingly. The tailor made approach really helped us gain the most informative insights.
The report repository is absolutely impressive –updated and exhaustive in terms of markets covered and information provides. Besides, with the support extended to us by the team, we could reduce costs as well as move to sustainable growth. This really helped us tap into new opportunities. Happy to have gone ahead with ResearchMos.us.
We have had a long term engagement with ResearchMoz.us and never have we felt that the work done and help extended were below flawless. The report repository is one of the best one can hope to tap into. Recently, our partner businesses opted for consultancy services and they are all thrilled with the outcome.
Insights from reports helped us improve our profit margins significantly. Most of the knowledge we needed on the market were provided to us on a granular basis. From trends, and drivers to competitive analysis, the information was not just crisp but also insightful. That helped us chart a robust growth strategy and as of now we are happy to state that we are reaping big benefits.