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Key Emerging Trends in the Oil Country Tubular Goods Market
The global demand for oil and gas has experienced a consistent upward trajectory over the last two decades, primarily driven by the increasing global need for uninterrupted electricity supply. According to the BP Statistical Review of World Energy 2019, global oil production rose from 92,502 thousand barrels per day (TBPD) in 2017 to 94,718 TBPD in 2018. Simultaneously, global natural gas production increased from 3,677.7 billion cubic meters (BCM) in 2017 to 3,867.9 BCM in 2018, a trend linked to the improving conditions of the global economy.
This heightened demand for energy has led to a significant shift towards natural gas for electricity generation, favored for its higher output and lower emissions compared to coal-powered plants. As per the BP Statistical Review of World Energy 2019, the use of natural gas in electricity generation increased from 5,952.8 Terawatt hours (TWh) in 2017 to 6,182.8 TWh in 2018, with expectations of further growth in the forecast period.
In response to this demand, upstream companies are focusing on natural gas production from both onshore and offshore drilling sites. Oil Country Tubular Goods (OCTGs), including casing, tubing, and drilling pipes, play a crucial role in constructing oil wells for the transportation of oil from reservoirs to oil rigs. This heightened emphasis on natural gas and oil production is expected to drive the demand for OCTGs in the global market during the forecast period.
The figure below illustrates the increasing utilization of natural gas for electricity generation from 2017 to 2018, highlighting the industry's pivot toward cleaner and more efficient energy sources.
Furthermore, the necessity for elevated oil and gas production to meet the demand from end-users necessitates an increase in exploration and production (E&P) activities. Following the price slump in 2016, oil and gas exploration activities have rebounded. As a result, OCTG manufacturing companies are gradually ramping up their production, aligning with the resurgence in E&P activities. This growth is illustrated by the rising number of operational rigs observed between June 2008 and June 2019.
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Rising Deepwater and Ultra-Deepwater Exploration and Production Activities. |
| Market Dynamics | Growing production of sour crude and expanding exploration and production (E&P) activities. |
Oil Country Tubular Goods Market Highlights:
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