Oil Country Tubular Goods Market Analysis

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 2037.

Our in-depth analysis of the global market includes the following segments