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US Oil Country Tubular Goods Market Research Report Information by Manufacturing Process (Electric Resistance Welded (ERW) and Seamless), Grade (API Grade and Premium Grade) and By Region (North America, Europe, Asia-Pacific, and Rest of the World)-Market Forecast Till 2032

ID: MRFR/E&P/11513-US | 100 Pages | Author: Garvit Vyas| December 2023

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us oil country tubular goods market outlook

North America plays a pivotal role in the global Oil Country Tubular Goods (OCTG) market, boasting a substantial market share. The region's growth is propelled by several key factors, including a surge in well drilling activities, an uptick in exploration and production endeavors within the oil & gas industry, and the increasing production of sour crude. The ongoing momentum in upstream activities, involving the exploration and extraction of oil and natural gas reserves, is expected to persist due to the rising demand for oilfield services. According to the Baker Hughes International Rig Count in 2019, the rig count in North America experienced a noteworthy increase, surging from 1,082 in 2017 to 1,223 in 2018. A concrete example highlighting this trend is Chevron Corporation's (US) announcement in December 2018, outlining a substantial investment of USD 20 billion in upstream and downstream activities for oil and gas exploration in the Permian Basin in the US and Tengizchevroil in Kazakhstan. This strategic move is anticipated to amplify the utilization of tubular products in drilling activities across the region, consequently propelling the growth of the Oil Country Tubular Goods market in North America. As a result, the OCTG market in North America is anticipated to register a commendable Compound Annual Growth Rate (CAGR) of 7.33% during the forecast period. Breaking down the market dynamics within North America, the United States commands the largest market share, seizing 64.07% in 2018, with a market value of USD 3,532.6 million. Projections indicate that the US market is poised to achieve the highest CAGR of 7.73% during the forecast period. Canada, as the second-largest market in 2018 valued at USD 1,389.5 million, is also expected to exhibit a notable CAGR of 6.49%. These insights underscore the region's pivotal role and robust growth prospects within the global OCTG market.

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