NEW YORK, May 17, 2023 /PRNewswire/ -- The oil country tubular goods market size is expected to grow by USD 16.86 billion during 2022-2027 at a CAGR of 6.85%. North America is forecasted to account for 43% of the growth of the global market during the forecast period. The US and Canada are the key revenue contributors to market growth in the region. The US is a major oil producer, and gas production in the region has increased significantly owing to unconventional exploration and production activities. This has increased the overall crude oil and gas production in North America. Therefore, high exploration and production activity in crude oil and gas resources will increase the demand for casings, drill pipes, and pipes in the region during the forecast period. Don't miss out on valuable insights on market size - Request the sample report NOW!
Oil country tubular goods market: Segmentation analysis
Technavio has segmented the oil country tubular goods market by product (seamless and welded), application (onshore and offshore), and geography (North America, APAC, Europe, South America, and Middle East and Africa). The report provides actionable insights and estimates the contribution of all segments to the growth of the global oil country tubular goods market.
-
The seamless segment will account for a significant share of market growth during the forecast period. Seamless oil country tubular goods are manufactured by using billets, which are special rolling mills from solid cylindrical steel. The use of billets is increasing in high-pressure drilling environments owing to its high tensile strength. Seamless oil country tubular goods are more reliable than welded oil country tubular goods. Moreover, the pressure for seamless pipes is easy to calculate. In addition, these pipes are thinner and lighter than welded pipes and have a uniform shape. They also have higher strength. These factors will drive the growth of this segment during the forecast period.
For highlights on the market size, growth momentum, regional growth opportunities, vendor analysis, and other factors influencing the market growth. Download a sample report
Key factor driving market growth
The increasing investments in upstream activities are notably driving market growth. The demand for energy is increasing with the rising global population. Many countries are exploring untapped oil and gas resources using advanced technologies. Oil and natural gas production from traditional oil fields is decreasing. Hence, oil and gas operators are increasing their investment in mature oil and gas fields to increase revenue. Governments are also increasing oil and gas production to ensure energy security. Rising investment in the upstream oil and gas sector will drive the growth of oil and gas exploration and production activities. This will increase the use of oil country tubular goods products, such as drill pipes, casings, and tubes, in oil and gas drilling and finishing operations, which, in turn, will drive the growth of the market during the forecast period.
Leading trends influencing the market
Declining prices of raw materials is a key trend in the market. Steel is one of the key raw materials for manufacturing OCTG equipment. Fluctuations in steel prices will have a significant impact on the market growth. Iron ore and scrap steel are the main raw materials used in steel production. The demand for steel scrap is determined by fluctuations in iron ore prices. If iron ore prices decrease, the demand for scrap steel declines. Therefore, manufacturers are using iron ore as the main raw material. Lower commodity prices are expected to benefit the market significantly. This will boost the profitability of oil country tubular goods equipment manufacturers and, therefore, support the growth of the market during the forecast period.
Download the sample to get a holistic overview of the market by industry experts to evaluate and develop growth strategies
Competitive analysis
The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, growth in market share, among others - Buy the Report to streamline your business operations
What are the key data covered in this report?
-
The oil country tubular goods market size is expected to accelerate at a CAGR of 6.85% during the forecast period.
-
The oil country tubular goods market is segmented by product (seamless and welded), application (onshore and offshore), and geography (North America, APAC, Europe, South America, and Middle East and Africa).
-
The market is fragmented due to the presence of many established vendors holding significant market share.
-
The research report offers information on several market vendors, including ArcelorMittal, EVRAZ Plc, Hunting Plc, Iljin Co. Ltd., JFE Holdings Inc., Jindal SAW Ltd., Nippon Steel Corp., PAO TMK, SB International Inc., Tenaris SA, Tenergy Equipment and Service Ltd., The Weir Group Plc, Tianjin Pipe International Economic and Trading Corp., Trident Steel Corp., UMW HOLDINGS BERHAD, United States Steel Corp., US Steel Tubular Products Inc., Vallourec SA, voestalpine AG, and Zekelman Industries.
Learn more about how we can help you achieve your mission-critical priorities. Gain access 17,000+ market research reports using Technavio's SUBSCRIPTION platform
Related Reports:
The enhanced oil recovery market size is predicted to surge by USD 24.33 billion from 2021 to 2026 at a CAGR of 8.67%. Exploring unconventional resources is notably driving the enhanced oil recovery market growth, although factors such as environmental risks associated with enhanced oil recovery technologies may impede market growth.
The oil and gas refinery maintenance services market size is expected to increase by USD 775.24 million by 2026 at an accelerating CAGR of 4.06%. The surging demand for refined fuel is notably driving the oil and gas refinery maintenance services market growth, although factors such as fluctuations in crude oil price may impede market growth.
Some of the key topics covered in the report include:
Market drivers
Market challenges
Market trends
Vendor landscape
|
Oil Country Tubular Goods Market Scope |
|
|
Report Coverage |
Details |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 6.85% |
|
Market growth 2023-2027 |
USD 16.86 billion |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023 (%) |
6.45 |
|
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
|
Performing market contribution |
North America at 43% |
|
Key countries |
US, Canada, Saudi Arabia, China, and Russia |
|
Competitive landscape |
Leading vendors, market positioning of vendors, competitive strategies, and industry risks |
|
Key companies profiled |
ArcelorMittal, EVRAZ Plc, Hunting Plc, Iljin Co. Ltd., JFE Holdings Inc., Jindal SAW Ltd., Nippon Steel Corp., PAO TMK, SB International Inc., Tenaris SA, Tenergy Equipment and Service Ltd., The Weir Group Plc, Tianjin Pipe International Economic and Trading Corp., Trident Steel Corp., UMW HOLDINGS BERHAD, United States Steel Corp., US Steel Tubular Products Inc., Vallourec SA, voestalpine AG, and Zekelman Industries |
|
Market dynamics |
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Browse for Technavio energy market reports and take the first step towards improving your business strategy
Table of contents
1 Executive Summary
-
1.1 Market overview
2 Market Landscape
-
2.1 Market ecosystem
3 Market Sizing
-
3.1 Market definition
-
3.3 Market size 2022
4 Historic Market Size
5 Five Forces Analysis
-
5.1 Five forces summary
-
5.6 Threat of rivalry
-
5.7 Market condition
6 Market Segmentation by Product
-
6.1 Market segments
7 Market Segmentation by Application
-
7.1 Market segments
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
-
10.1 Market drivers
-
10.2 Market challenges
-
10.4 Market trends
11 Vendor Landscape
-
11.1 Overview
-
11.2 Vendor landscape
-
11.4 Industry risks
12 Vendor Analysis
-
12.1 Vendors covered
-
12.3 ArcelorMittal
-
12.4 EVRAZ Plc
-
12.5 Hunting Plc
-
12.6 Iljin Co. Ltd.
-
12.7 JFE Holdings Inc.
-
12.8 Jindal SAW Ltd.
-
12.9 Nippon Steel Corp.
-
12.10 PAO TMK
-
12.12 Tenaris SA
-
12.14 The Weir Group Plc
-
12.17 Vallourec SA
13 Appendix
-
13.1 Scope of the report
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/oil-country-tubular-goods-market-size-to-grow-by-usd-16-86-billion-from-2022-to-2027--north-america-to-account-for-43-of-market-growth---technavio-301825822.html
SOURCE Technavio
"oil" - Google News
May 17, 2023 at 03:15PM
https://ift.tt/zLpwFkR
Oil country tubular goods market size to grow by USD 16.86 billion from 2022 to 2027, North America to account for 43% of market growth - Technavio - Yahoo Finance
"oil" - Google News
https://ift.tt/Ns2LzU7
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update
Bagikan Berita Ini
0 Response to "Oil country tubular goods market size to grow by USD 16.86 billion from 2022 to 2027, North America to account for 43% of market growth - Technavio - Yahoo Finance"
Post a Comment