OCTG Market 2018 Industry Survey, Growth, Competitive Landscape and Forecasts to 2022
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OCTG Market 2018 OCTG Market – 2018 : Industry Survey, Growth, Competitive Landscape and Forecasts to 2023
The oil and gas industry is capital intensive. So, it requires maintaining the balance in production of crude oil and gas to avoid any loss of money, machinery and resources This drives the global OCTG market. The global OCTG market is very lucrative. Reservoir contracts are improving to sustain in the market while, technological developments, innovative tools could help the market, evolve. It is driven by increment in oil and gas production activities, exponential growth in shale gas reserves, and rising investment in upstream sector by operators. The OCTG market is expected to grow further because of the surge in offshore activities. Additionally, the oil industry is trying to increase their rig count in region like North America and Asia Pacific and which ultimately help accelerate the production in wells. The OCTG market is estimated to be valued at~ USD 43 billion by 2023; with a CAGR of ~7.14%.
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OCTG Market 2018 Market Segmentation
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OCTG Market 2018 Key Players: •
Nippon Steel & Sumitomo Metal Co. (Japan)
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Vallourec (France)
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Tenaris(Europe)
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National Oilwell Varco (U.S.)
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TMK (U.S.)
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Steel Tubular Products Inc(NA).
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ILJIN STEEL CO (S. Korea)
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Continental Alloys (Malaysia)
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Anhui Tianda Oil Pipe Company(China).
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OCTG Market 2018 Global OCTG Market Analysis
Economic development is the prime concern of any developing country and the upsurge in production activities will lead to fulfillment of the demand for natural resources. This will ramp up the production and exploration activities in oil and gas sector, which will eventually lead to the growth of global OCTG market. China is also increasing their drilling and production activities for improvement of the economy. As drilling activities ramp up, there will be a rise in the manufacture of tools related to drilling activity, especially for the service providers. In 2016, North America had been leading among all regions while Asia Pacific region will lead during the forecast period. Some of the possible reasons behind this growth is the proper application of technology, lateral drilling activities, less time consumption in well-pipe installation, and the technicality of operator to drill a well as fast and efficient as possible. Within the unconventional reserves such as coal bed methane, OCTG is expected to be extensively used.
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