Oil Country Tubular Goods Market Size

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.