The prospects for oil country tubular goods in oil and gas industry are striking due to the increasing production activities in the industry. Owing to the high energy demand, the need for exploration activities and investments are increasing which is further driving the need of OCTG goods in the industry.
The growth in oil and gas industry is anticipated to fuel the growth of global oil country tubular goods market along with the increasing exploration from unconventional reserves. It has also upturned the OEM’s towards the launching of higher technology content to meet the new generation of challenges and demanding field conditions, thereby driving the demand for global oil country tubular goods across the globe.
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Oil Country Tubular Goods Market: Drivers & Restraints
Ever-increasing demand and succeeding energy production is considered as one of the biggest driver for the increasing demand of the oil country tubular goods and global oil country tubular goods market penetration. The key driving forces for the global oil country tubular goods market are increasing drilling and production activities, mounting shale gas exploration and rise in the number of oil wells per rig. Also, there is a growing investment in the unconventional sources of oil and gas which is rising the need of oil country tubular goods immensely.
Oil Country Tubular Goods Market: Segmentation
On the basis of product type, the global oil country tubular goods market is segmented as Seamless and Electric Resistance Welding (Welded) and Others (Fiber Reinforced Plastic)
On the basis of metal grades the global oil country tubular goods market is segmented as API and Premium.
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Oil Country Tubular GoodsMarket: Region-wise Outlook
The global oil country tubular goods market is expected to register a favourable growth for the forecast period, 2015?2025. Asia-Pacific is likely to dominate the global oil country tubular goods market. The key countries in the mentioned region is projected to be China as an outcome of the strong growth in exploration and production of oil and gas. The North American market is expected to depict the high growth rate in the forecast period due to the abundant shale gas reserves resulting in the higher demand of drilling activities.
Oil Country Tubular Goods: Key Players
Some of the key market participants in global oil country tubular goods market are Arcelormittal, MRC Global, National Oilwell Varco, Jindal SAW Ltd, Nippon Steel & Sumitomo Metal Corporation, JFE Steel Corporation, etc.
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