Vertical: EnPBase Year: 201710 Sections
Market Size (2017)
$15.71B
Projected (2026)
$28.69B
CAGR (2016–2026)
6.8%
Key Players
15+
The demand for global oil country tubular goods (OCTG) is growing rapidly owing to various factors, including the increasing exploration & production (E&P) activities and growing production of sour crude.
The global oil country tubular goods (OCTG) market is projected to grow at 7.09% CAGR during the forecast period, 2019–2026. In 2018, the global oil country tubular goods (OCTG) market was dominated by North America with a 33% share, followed by Asia-Pacific and the Middle East with shares of 26.4% and 18.3%, respectively.
The global oil country tubular goods (OCTG) market has been segmented based on manufacturing process, grade, and region. On the basis of manufacturing process, the global oil country tubular goods (OCTG) market has been divided into seamless and electric resistance welded segments. The seamless segment is expected to grow at the faster rate during the forecast period. In 2018, the seamless segment held a 69.7% share of the global oil country tubular goods (OCTG) market. On the basis of grade, the global oil country tubular goods (OCTG) market has been divided into API grade and premium grade. The API grade segment is expected to grow at the faster rate during the forecast period. In 2018, the API grade segment held a 66.4% share of the oil country tubular goods (OCTG) market. On the basis of region, the global oil country tubular goods (OCTG) market has been segmented into the North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
The OCTG Market market is projected to grow at a CAGR of 6.8% from 2016 to 2026.
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View Subscription PlansThe oil country tubular goods (OCTG) are components that are used in the production of oil and gas from the well. The proper use of OTCGs could help reduce the probabilities of any mishap, hazard, and risks that ultimately reduce the production cost of a company. OCTGs are tubular goods that are used in production and exploration activities on offshore and onshore reserves. OCTGs are a family of seamless rolled products that consist of drill pipe, casing, and tubing, which are subjected to loading conditions according to their specific applications. These products are some of the main tools used in oil and gas exploration processes.
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View Subscription PlansResearch Process
Wantstats research is conducted by industry experts who offer insight into industry structure, market segmentations, type assessment, competitive landscape (CL), penetration, as well as on emerging trends. Besides primary interviews (~80%) and secondary research (~20%), their analysis is based on their years of professional expertise in respective industries. Our analysts also predict where the market will be headed in the next five to ten years, by analyzing historical trends and current market positions. Furthermore, the varying trends of segments & categories geographically presented are studied and are estimated based on primary and secondary research.
Primary Research
Extensive primary research was conducted to gain a deeper insight of the market and the industry performance. In this particular report we have conducted primary surveys (interviews) with the key level executives (VPs, CEOs, marketing directors, business development managers and many more) of the major players who are active in the market. In addition to analyzing the current and historical trends, our analysts predict where the market is headed, over the next five to ten years.
Secondary Research
Secondary research was mainly used to collect and identify information useful for extensive, technical, market-oriented, and commercial study of the oil country tubular goods. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and type perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, SEC filings, journals, white papers, corporate presentations, company web sites, international organization of chemical manufacturers, and some paid databases.
Market Size Estimation
Both, top-down and bottom-up approaches were used to estimate and validate the size of the market and to estimate the size of various other dependent submarkets of the overall oil country tubular goods (OCTG) market. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research. This entire procedure included the study of the annual and financial reports of top market players and extensive interviews for key insights with industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the market have been covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. This data has been consolidated and added with detailed inputs and analysis from Wantstats and has been presented in this report. The following figure is a representation of the overall market size estimation process employed for the purpose of this study.
Base Year
2017
Historical Period
2016 – 2016
Forecast Period
2018 – 2026
Primary Interviews
150+
Historical data (2016–2017) and forecast period (2017–2026)
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
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View Subscription PlansThe global oil country tubular goods (OCTG) market is characterized by the presence of many global, regional, and local vendors. The market is highly competitive with all the players competing to gain a larger market share. Intense competition, rapid advances in technology, frequent changes in government policies, and environmental regulations are key factors that drive the market growth. The service providers compete based on cost, product quality, reliability, and aftermarket service. It is crucial for the service providers to provide cost-efficient and high-quality OCTGs to survive and succeed in the competitive market environment.
The growth of the OCTG manufacturers in the market is dependent on the market conditions, government support, and industry development. The market players operating in the global oil country tubular goods (OCTG) market are taking numerous strategic steps to expand their presence throughout the globe. Tenaris S.A., TMK Group, Vallourec, National Oilwell Varco (NOV), Benteler Group, Tata Steel, Nippon Steel Corporation, and JFE Holdings, Inc. are the key companies operating in the global oil country tubular goods (OCTG) market. These companies compete in terms of availability, quality, price, and technology. They primarily focus on developing the oil country tubular goods (OCTG) market. Although the international players are dominating the market, local players with small market shares have a presence. The international players may strengthen their presence in the market through acquisitions during the forecast period.
Market estimates by geography (2026)
InsightNorth America leads with $9.65B by 2026.
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View Subscription Plans| REGION | 2016 | 2017 | 2026 | CAGR | SHARE |
|---|---|---|---|---|---|
| South America | $1.07B | $1.43B | $2.00B | 6.4% | 7% |
| North America | $4.87B | $6.73B | $9.65B | 7.1% | 34% |
| Europe | $2.24B | $3.05B | $4.30B | 6.7% | 15% |
| Asia Pacific | $3.91B | $5.35B | $7.61B | 6.9% | 27% |
| Middle East and Africa | $2.72B | $3.66B | $5.13B | 6.6% | 18% |
| Total | $14.80B | $20.22B | $28.69B | 6.8% | 100% |
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View Subscription PlansTotal Market Size
$28.69B
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| Seamless | $20.06B | 6.9% | 70% |
| Electric Resistance Welded | $8.63B | 6.7% | 30% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
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Analytical insights on OCTG Market covering market dynamics, competitive landscape, and strategic outlook.
The OCTG Market market is projected to reach $28.69B by 2026, growing at 6.8% CAGR. The Seamless segment holds the largest share.
The global oil country tubular goods (OCTG) market is expected to grow substantially during the forecast period primarily due to the increasing exploration & production activities in the oil & gas industry, globally.
The global demand for oil and gas has been growing at a steady rate in the past two decades and it can be attributed to the increasing global demand for uninterrupted electricity supply. According to the BP Statistical Review of World Energy 2019, the global oil production grew from 92,502 thousand barrel per day (TBPD) in 2017 to 94,718 TBPD in 2018, and the global natural gas production grew from 3,677.7 billion cubic meter (BCM) in 2017 to 3,867.9 BCM in 2018. The growth in production can be attributed to the improving global economic conditions. There has been increasing dependence on natural gas for electricity generation by the electricity generation companies worldwide due to its higher output and lower emissions than coal powered power plants. According to the BP Statistical Review of World Energy 2019, the use of natural gas for electricity generation grew from 5,952.8 Terawatt hours (TWh) in 2017 to 6,182.8 TWh in 2018; it is expected to grow during the forecast period. Due to the advantages of natural gas, upstream companies are focusing on the production of natural gas from both onshore and offshore drilling sites.
Now, OCTGs are used in the construction of the oil well, through which oil is transported from reservoirs oil rigs. This will drive the demand for products, including casing, tubing, and drilling pipes, in the global oil country tubular goods (OCTG) market during the forecast period. The below figure depicts an increase in use of natural gas for electricity generation from 2017 to 2018.
The need for high oil and gas production to meet the demand for fossil fuel from end users increases the number of E&P. The oil & gas exploration activities have witnessed a recovery since 2016, post the last price slump. Therefore, the OCTG manufacturing companies are now gradually increasing their production along with the growing E&P activities, which is depicted by the number of operational rigs between June 2008 and June 2019.
The above figures show a steady rise in the number of operational rigs since 2016. This is expected to grow during the forecast period and drive the demand for OCTGs including tubing, casing, and drill pipes.
Additionally, due to the advancements in drilling technologies, including deep-water drilling, horizontal drilling, and directional drilling, E&P activities are increasingly being undertaken in difficult terrains. For instance, in July 2019, Kosmos Energy Ltd (US) announced the discovery of a substantial amount of natural gas in the Albian reservoir. The exploration processes use OCTGs of both American Petroleum Institute (API) and premium-grade. The demand for OCTGs is expected to be higher during the production period in cases where the production starts in offshore blocks. Further, there has been a steady rise in the number of oil wells drilled across countries, globally. For instance, according to World Oil, the total number of oil wells in the US increased from 14,632 in 2017 to 18,552 in 2018.
Thus, the growth of such operations ensure a high demand for high-quality OCTGs that can perform even in harsh conditions.
Deepwater oil & gas reserviors are located in water depths of more than 1,000 feet. The global oil & gas upstream industry participants are focusing on offshore oilfileds to meet the regional demand and reduce dependence on import. The the depletion of onshore reserves create the need for alternative fuel resources. Therefore, the vast unexplored reserves of oil and gas in offshore sites, increases the demand for deepwater and ultra-deep water E&P activities during the forecast period. The deepwater and ultra-deepwater environmental conditions are usually very harsh and demand high-quality OCTGs that can withstand extreme underwater pressures. Companies spend extensively on offshore exploration to meet the growing demand for oil and gas, globally.
Various countries in Asia-Pacific, including India, South Korea, and Japan, are highly dependent on oil imports, which further drives major oil producing companies to increase the production of oil and gas. For instance, in January 2018, Shell (the Netherlands) announced one of its largest discoveries in the Gulf of Mexico. The encountered well has more than 1,400 net feet of oil-bearing pay. Furthermore, in January 2018, Total (France) announced one of its major discoveries in the Gulf of Mexico, US. This discovery gave Total the access to large oil reserves in the Norphlet play. Such developments in the oil & gas industry are expected to increase the demand OCTGs during the forecast period. Offshore E&P activities are highly dependent on OCTGs to reach reserviors that might be located at depths of more than 1,000 feet. OCTGs like tubing and drill pipes form a protective layer between the extracted fossil fuel and the water body or the ground.
OCTGs include major drilling equipment such as tubing, casing, and drill pipes. OCTGs form very important aspect in the global oil & gas operations, as continuous production of oil and gas is highly dependent on the quality OCTGs. Crude oil and natural gas are flammable products and upstream companies rely on OCTGs for the uninterrupted extraction of fossil fuels, which necessitates product testing. Such testing procedures such as QTC testing at times provide inaccurate results during component manufacture, which can lead to catastrophic fractures during E&P operations and lead to severe environmental damage.
Failure in the casing, tubing or pipes can also occur due to electrochemical corrosion. According to statistical reports from Schlumberger, electrochemical corrosion at the inner and outer wall casing causes downhole casing failure. The corrosion of the casing varies with each well as in certain cases, casings can last for up to 50 years. Casing corrosion can lead to major failures in the well and eventually lead to extreme environmental damage.
OCTG failure during E&P operations can have adverse effects on both the upstream company and the surroundings of the drilling well.
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Longer horizon, organoid and microphysiological adoption may reshape segment mix; teams that invest early in assay interoperability and cloud QC hooks are better positioned to capture upside without fragmenting their analytics stack.
Profiles of 113 companies operating in the OCTG Market market, including revenue, employee count, and market positioning where available.
Showing 113 of 113 companies
Company Headquarters: Maharashtra, India Founded: 1980 Workforce: ~2,143 Company Working: ISMT LTD is primarily engaged in manufacturing steel and tubes and providing engineering services. It provides products such as seamless tubes, tube-based products, and alloy steels for the mining and drilling industry. The company caters to a wide range of end-use industries including automotive, mining, engineering, energy, and oil & gas. It operates through two business segments, namely, tube and steel. OCTG are included under both these segments. Additionally, the company focuses on researching and developing methods for reducing process costs and incorporating new technological advancements into its products. ISMT LTD has four subsidiaries– ISMT North America, Taneja Aerospace and Aviation Limited (India), Structo Hydraulics AB (Sweden), and ISMT Europe (Sweden).
Company Headquarters: Pittsburgh, US Founded: 1901 Workforce: ~10,000 Company Working: United States Steel Corporation is engaged in producing integrated steel. Additionally, it also manufactures a wide range of value-added steel sheet and tubular products for the automotive, electronics, industrial machinery, construction, and oil & gas industries. The company operates through three business segments– North American flat-rolled (Flat-Rolled), U. S. Steel Europe (USSE) and tubular products (Tubular). It offers OCTG under its tubular products segment. Some of the key products offered by the company under the tubular products segment include casing & tubing pipes and steel products. Cygnus Gold Limited (Australia), Ontario Mining Corporation (China), U. S. Steel Europe (Germany), U. S. Steel Europe (France), and U. S. Steel Europe (Italy) are some of the key subsidiaries of the company. It has production facilities across the US and countries in Central Europe and sales offices in Dubai, the US, and Canada.
Company Headquarters: Delhi, India Founded: 1984 Workforce: ~1000 Company Working: Jindal Saw Ltd, a leading company of the Jindal Group, which is engaged in producing and exporting steel and pipes. It offers products such as clad pipes, arc pipes, spiral pipes, stainless steel pipes, and connector casings. The company operates through four business segments– saw pipe, ductile iron pipe, seamless pipes & tubes, and iron ore mines & pellet. It offers OCTG under the seamless pipes & tubes segment, which also includes line pipes, process pipes, and pipes & tubes that are used for general mechanical engineering and agricultural purposes. This segment covers a wide range of applications in oil & gas and petrochemical industries, exploration, heat exchangers, and general engineering. Some of the key products offered by the company include pipe coatings, bends, and connector castings. Jindal ITF Limited (India), Jindal Saw Holdings FZE (UAE), Greenray Holdings Limited (UK), Ralael Holdings Limited (US) are some of the company’s key subsidiaries. It has manufacturing facilities across India, the US, the UK, and the UAE
Company Headquarters: Tokyo, Japan Founded: 2002 Workforce: ~293,557 Company Working: Nippon Steel Corporation is one of the leading companies that designs, manufactures, and supplies products such as plates, bar & wire rods, construction products, pipes & tubes, titanium, and stainless steels. It operates through five business segments, namely, steelmaking and steel fabrication, engineering and construction, system solutions, chemicals, and new materials. The company supplies OCTG under the steelmaking and steel fabrication segment. Some of the other products included under this segment are line pipes and specialty tubes. The company serves several end-use industries including automobiles, resource & energy, construction & civil engineering, railways, shipbuilding, food, and industrial machinery. Nippon Steel Corporation has manufacturing facilities in several countries, including the US, Mexico, Brazil, Sweden, Japan, China, Thailand, Singapore, Malaysia, Indonesia, and India. It has sales offices across the globe, including the US, Brazil, Mexico, Germany, UAE, China, Singapore, Indonesia, Australia, and India. The company has three R&D centers in Japan. Osaka Steel Co., Ltd (Japan), Nippon Steel & Sumikin Stainless Steel Corporation (Japan), Standard Steel, LLC (US), and Ovako AB (Sweden) are some of its key subsidiaries.
Company Headquarters: Salzburg, Austria Founded: 1876 Workforce: ~30,000 Company Working: Benteler Group is one of the global leaders in manufacturing and delivering metal-based products, systems, and services. It provides various products such as chassis, automotive bodies, engines, exhaust systems, precision steel tubes, seamless and welded tubes, carbon-steel, and stainless-steel tubes that are used in the automotive and oil & gas industries. The company primarily operates through three divisions, namely, automotive, steel/tube, and distribution. OCTG are included under its steel/tube division, which caters to various end-use industries such as automotive, oil & gas, and energy. It has operations in 140 locations across 40 countries, with 81 plants and 60 subsidiaries and trading companies. Benteler Aluminium Systems France SNC (France), Benteler Automobiltechnik Eisenach GmbH (Germany), Benteler Automotive (Changshu) Company Limited (China), Benteler North America Corporation, Wilmington (US), Benteler Steel Tube GmbH (Germany), Benteler Steel/Tube Manufacturing Corporation (US), Benteler Steel/Tube (UK) Ltd, and Wolverhampton (UK) are some of its subsidiaries. It employs more than 1,200 employees in its research and development department in 32 locations across 18 countries. The company filed for 81 new patents in 2018.
Company Headquarters: Paris, France Founded: 1899 Workforce: ~19,000 Company Working: Vallourec is one of the leading suppliers of premium tubular solutions for end-use industries such as power, oil & gas, automobile, construction, and petrochemicals. It operates through three business segments, namely, oil & gas and petrochemicals, industry, and power generation. The company provides OCTG under the oil & gas and petrochemicals segment. Some of the other products offered by the company under this segment are drilling products, surf, offshore, and onshore line pipes, hydrocarbon processing tubes, and fittings. Furthermore, it manufactures a wide range of products for the oil & gas industry including seamless tubes, line pipes, and premium connections for drilling operations, which can withstand extreme operating conditions such as high temperature, high pressure, and corrosive environments. Vallourec has a presence in more than 20 countries, including the US, Germany, Brazil, China, Saudi Arabia, Mexico, Nigeria, and South Africa. It has six research & development centers across the US, Brazil, and France. Vallourec Changzhou Co., Ltd (China), Valinox Nucléaire (France), Vallourec Tube-Alloy, LLC (US), and Vallourec Umbilicals (France) are some of the company’s key subsidiaries.
12 interactive charts drawn from the OCTG Market dataset — market size, regional splits and each segment breakdown. Open one to read its full data table and download it.
Global OCTG Market South Africa, Rest Of Middle East And Africa, Saudi Arabia, UAE and Qatar Of Middle East And Africa
Global OCTG Market Australia, China, India, Japan, South Korea, New Zealand and Rest Of Asia Pacific By Country
Global OCTG Market Germany, France, United Kingdom, Italy, Russian Federation and Rest Of Europe By Country
Global OCTG Market United States, Canada and Mexico Of North America By Country
Global OCTG Market Argentina, Brazil, Chile and Rest Of South America
Global OCTG Market By Region
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Historical performance and future projections (2020–2030, USD Billion)
Market Size (USD Mn)
