Global OCTG Market Outlook to 2018 – Rising Level of Deepwater Exploration to Stimulate Market Growth presents a comprehensive analysis OCTG market worldwide. The report covers various aspects such as market size of Global OCTG products, segmentation on the basis of different types of products such as seamless and welded, by types of grades including API and Premium, by onshore and offshore fields and on the basis of geography covering China, Asia, NAFTA, South-America, EU-27, CIS, the Middle-East and Africa. The report is useful for OCTG products manufacturers, suppliers and wholesalers of seamless and welded pipes and tubes, and new players venturing in the market. |
The demand for oil, gas and energy has been increasing at much faster pace than expected over the past many years, mainly owing to the thriving middle-class population and globalization. Additionally, technological innovations and rapid economic expansion in the developing countries including India and China are some of the other important factors that have been guiding the demand for energy. This increased appetency for energy has led to growth in oil exploration, production and drilling activities and rise in crude oil and natural gas prices. Additionally, improved investments in oil and gas exploration have further fuelled the oil and gas industry. These factors together have catalyzed the growth and development of Oil Country and Tubular Goods.
The global market for OCTG products has grown at a noticeable rate over the past few years, mainly due to the surging demand for oil and natural gas coupled with increasing investments in the exploration and production activities led by rise in crude oil prices. The global OCTG market marked a CAGR of 5.1% over the period of 2008-2013 and reached a figure worth USD ~ million in 2013 in terms of sales revenue. The global OCTG market was led by China with a stupendous share of ~% in terms of revenue. Asia OCTG market contributed a share of ~% in the total global revenue of OCTG market in 2013. Additionally, this region accounted for consumption volume of ~ million tons of OCTG products in 2013, which has grown from ~ million tons in 2008. The consumption of seamless and welded OCTG products has been majorly driven by the stupendous drilling activities in the Middle-East. The top three OCTG consuming countries Saudi Arabia, Iran and Kuwait accounted for ~% of the total OCTG consumption in Middle East in the year 2013.
The major players operating in the global OCTG market are Tenaris, Vallourec, TMK, TPCO, The United Steel, Sumitomo Corporation, ArcelorMittal, Evraz, and National Oil Well Varco. Majority of these players are offering extensive range of seamless and welded solutions to their customers. The global market was led by Tenaris with a market share of % in 2013. The demand for OCTG products is stimulated by increased drilling of deep, horizontal and offshore wells. In 2012, despite of sluggish growth in most of the regions across the globe, the global offshore drilling market registered a growth of 12.5% and the revenue inclined to USD ~ million in the same year as compared to USD ~ in 2011. Therefore, it is anticipated that improved deepwater exploration in the OCTG market and increasing demand for premium products will provide structural competitive advantage to key players such as Tenaris and Vallourec in the near future. Furthermore, the future prospects of global OCTG market seem favorable mainly on account of increasing crude oil production and oil revenue which will help in building a sustainable business environment, worldwide.
Source: Global OCTG Market Research Report
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