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:
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.
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.
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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.
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.
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.
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.
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
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
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 United States Steel Corporation
q EVRAZ North America
q National Oilwell Verco
q Sumitomo Corporation
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.
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
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.
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.
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.
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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
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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
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