The high energy demand has augmented the requirement for exploratory activities and investments, which is fueling the industry’s need for Oil Country Tubular Goods product.
According to TechSci Research, the report “Middle East Oil Country Tubular Goods Market– By Country, Competition Forecast & Opportunities, 2028”, the market is expected to register robust growth during the forecast period, 2024-2028. Energy production and increased energy consumption are believed to be two of the primary reasons influencing the rising demand for oil country tubular goods and the penetration of the Middle East oil country tubular goods market. The primary drivers of the market for oil country tubular products are the development of drilling and production activities, the expansion of shale gas exploration, and the increase in the number of oil wells per rig. A rise in investment in unconventional oil and gas sources is another factor that is significantly increasing the demand for oil country tubular products.
The production of oil and gas is a vital part of the expansion of the world economy. Hydrocarbons are widely used in a variety of industrial areas, including manufacturing, process, and transportation, among others. As demand for oil and gas has increased, so have activities for exploration and production. Governments and renowned hydrocarbon producers from all over the world continue to provide funds for oil and gas extraction. Drilling is necessary for the extraction of hydrocarbons, and OCTG must be used during drilling operations.
Oil country tubular goods are a variety of different steel tube products such well casing, production tubing, and drill pipe that are utilized to perform drilling without pausing. Tubular pipes can be either seamless or welded and come in several grades and diameters. To keep the well from collapsing during drilling, the well’s structural component and casing, preserves its stability and integrity. A variety of casings, including conductor, surface, and production casings, are used depending on the characteristics of the borehole. Casing is required while drilling to avoid contaminating the groundwater. Contrarily, production tubing is a hollow pipe used to bring hydrocarbons to the surface.
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The Middle East oil country tubular goods market is divided into manufacturing process, grade, product, and application. Based on manufacturing process the market is segmented into electric resistance welded and seamless. Based on grade, the market is segmented into API grade and premium grade. Based on product, the market is divided into well casing, production tubing, drill pipe, and others. Based on application, the market is segmented into onshore and offshore.
Based on manufacturing process, the market is divided into electric resistance welded and seamless. Since electric resistance can keep uniformity in their shape and withstand extremely high pressure without cracking, seamless pipes are preferred to welded ones. Due to their suitability for sour gas resources, seamless pipes made up 90% of OCTG usage in the Gulf Cooperation Council region as of 2019.
Based on product, the market is segmented based on products into well casing, production tubing, drill pipe, and others. Well casing, a crucial component of drilling, protects groundwater from contamination and provides stability for ongoing drilling activities. In addition, it supports the well wall to prevent the well shaft from collapsing because of sand or rock fragments that have gotten within the well and become unconsolidated. The submersible pump’s water tubing, pull cable, and electrical cables are all carefully protected by casing. Well casing segmentation is anticipated to increase as a result.
The market is divided into onshore and offshore segments based on application. Because of the ease of shipping, relative affordability, and availability of skilled labour, onshore applications are the most popular ones on the market.
Major market players in the Middle East oil country tubular goods market are: –
- National-Oilwell Varco Inc.
- Nippon Steel Corporation
- Tenaris SA
- ArcelorMittal SA
- Vallourec SA
- ILJIN Steel Co.
- TPCO Enterprise Inc.
- S. Steel Tubular Products Inc.
- Halima Pipe Company
- Iteco – Indian Telephone & Electric Company
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“The market for oil country tubular goods is mainly driven by an increase in shale reserves, technological developments that have increased horizontal and directional drilling, and an increase in production and exploration activities, all of which are fueled by an increase in the world’s energy consumption.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Middle East Oil Country Tubular Goods Market By Manufacturing Process (Electric Resistance Welded, Seamless), By Grade (API Grade, Premium Grade), By Product (Well Casing, Production Tubing, Drill Pipe, Others), By Application (Onshore, Offshore), By Country, Competition Forecast and Opportunities, 2028 has evaluated the future growth potential of Middle East oil country tubular goods market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities for Middle East Oil country tubular goods market.
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