Oil Country Tubular Goods Market size was over USD 21.93 billion in 2023 and is expected to exceed USD 55.47 billion by the end of 2036, growing at over 7.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of oil country tubular goods is evaluated at USD 23.23 billion.
The growth of the oil country tubular goods market can be attributed to the increasing demand for oil and gas, among other fossil fuels, backed by the ongoing industrial development and growing population. The growing population requires more resources for survival, which leads to raised demand for energy sources. This is a major factor estimated to drive the market growth. Moreover, escalating investments from the oil and gas companies, along with rising exploration and production activities in the energy and power industry, is anticipated to boost the market growth. According to the U.S. Energy Information Administration (EIA) the global consumption of oil is estimated to be 92.2 million barrels per day of petroleum and other liquid fuels, in 2020. In addition to this, reduced oil services cost, combined with increased drilling activities across the globe, is projected to encourage the market growth.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
7.4% |
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Base Year Market Size (2023) |
USD 21.93 billion |
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Forecast Year Market Size (2036) |
USD 55.47 billion |
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Regional Scope |
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tubes, and others, out of which, the drill pipe segment is anticipated to hold a significant share in the market during the forecast period on account of increasing drilling activities across the globe. The global demand for crude oil is estimated to cross 100 million barrel per day, by the end of 2022, up from 92.2 million barrels in 2020. To meet this growing demand, the drilling process is expanding rapidly, which is estimated to boost the segment growth. On the basis of application, the market is divided into onshore and offshore, out of which, the onshore segment is anticipated to garner the largest share over the forecast period, owing to higher share of onshore oil wells as this method is easier and more convenient for operators. However, offshore segment is growing at a steady rate and is estimated to gain a significant share by the end of 2036.
Our in-depth analysis of the global market includes the following segments
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By Product |
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By Grade |
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By Application
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Regionally, the global oil country tubular goods market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America industry is anticipated to account for largest revenue share by 2036, propelled by high demand for crude oil, along with high production of petroleum products, backed by presence of large number of oil reserves in the region.
The oil country tubular goods market in the Middle East and Africa region is estimated to witness notable growth over the forecast period, owing to the large number of oil reserves, increasing international trade of crude oil, along with investment from western countries.
May 26, 2021: Nippon Steel received the Eco Leaf Environmental Product Declaration (EPD) certification for its OCTG steel pipe products.
June 08, 2021: NOV Inc. announced its joint venture with Schlumberger to accelerate the adoption of automated drilling solutions in the oil and gas industry.
Author Credits: Dhruv Bhatia
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