Oil Country Tubular Goods Market Trends

  • Report ID: 3234
  • Published Date: Dec 24, 2024
  • Report Format: PDF, PPT

Oil Country Tubular Goods Market Trends

Growth Drivers

  • Increasing Demand for Oil and Gas
  • Rising Exploration and Production Activities in The Energy and Power Industry

Challenges

  • Fluctuating Prices of Crude Oil
  • Constantly Depleting Oil Reserves

Oil Country Tubular Goods Market: Key Insights

Global-Electricity-Consumption

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Base Year

2024

Forecast Year

2025-2037

CAGR

7.4%

Base Year Market Size (2024)

USD 23.55 billion

Forecast Year Market Size (2037)

USD 59.57 billion

Regional Scope

  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, Malaysia, Australia, South Korea, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

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Browse Key Market Insights with Data Illustration:


Author Credits:  Dhruv Bhatia


  • Report ID: 3234
  • Published Date: Dec 24, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of oil country tubular goods is estimated at USD 25.03 billion.

Oil Country Tubular Goods Market size was valued at USD 23.55 billion in 2024 and is likely to cross USD 59.57 billion by 2037, registering more than 7.4% CAGR during the forecast period i.e., between 2025-2037.

North America industry is estimated to dominate majority revenue share by 2037, 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 major players in the market are JFE Steel Corporation, TMK Group, NOV Inc., United States Steel Corporation, Weatherford International plc, Vallourec, and others.
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