Oil Country Tubular Goods (OCTG) Industry Report: Competitive Landscape and Future Prospects

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The Business Research Company's Oil Country Tubular Goods (OCTG) Global Market Report 2025 – Market Size, Trends, And Global Forecast 2025-2034

LONDON, GREATER LONDON, UNITED KINGDOM, September 24, 2025 /EINPresswire.com/ -- What Is The Projected Market Size & Growth Rate Of The Oil Country Tubular Goods (OCTG) Market?
In recent times, the market size of oil country tubular goods (OCTG) has expanded significantly. It is projected to surge from $29.47 billion in 2024 to $31.64 billion in 2025, registering a compound annual growth rate (CAGR) of 7.3%. The growth during the historic period can be traced back to factors such as global energy demand, deepwater exploration, the development of infrastructure, strict regulatory standards, an emphasis on well integrity, and an increase in offshore drilling.

The market size of oil country tubular goods (OCTG) is set to experience substantial growth in the upcoming years, reaching a market value of $44.84 billion in 2029 with a CAGR of 9.1%. The predicted growth is largely due to ongoing energy transitions, a concentrated focus on carbon capture and storage (CCS), sustainable processes, strategic stockpiles, and enhanced supply chain resilience. Major trends that are expected to shape the market during the forecast period include the digital transformation and use of data analytics in drilling operations, strategic alliances and cooperations, advancements in drilling technology, investments made in upstream operations, and novel developments in enhanced oil recovery.

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What Is The Crucial Factor Driving The Global Oil Country Tubular Goods (OCTG) Market?
The growth of the oil country tubular goods market is anticipated to be fueled by an upsurge in exploration and drilling activities. Procedures and techniques for identifying appropriate drilling and hydrocarbon extraction sites come under oil and gas exploration. The global surge in energy demand has spurred an increase in oilfield exploration. Essential elements for designing oil and gas well pipelines, such as casing, tubing, piping, and pipelines, are included in oil country tubular goods. They function as channels for efficient and safe resource extraction. For example, according to the Drilling Contractor, a US-based reputable magazine, the US onshore market is expected to operate 676 active drilling rigs in Q4 2023, a 4% increase from the 651 rigs reported in Q4 2022. As a result, the rise in exploration and drilling activities is likely to drive the oil country tubular goods (OCTG) market.

Who Are The Emerging Players In The Oil Country Tubular Goods (OCTG) Market?
Major players in the Oil Country Tubular Goods (OCTG) include:
• ArcelorMittal S.A.
• Iljin Steel Co. Ltd.
• JFE Steel Corporation
• Nippon Steel Corporation
• Tenaris S.A.
• TMK Group
• United States Steel Corporation
• EVRAZ PLC.
• National Oilwell Varco Inc.
• Oil Country Tubular Limited.

What Are The Key Trends Shaping The Oil Country Tubular Goods (OCTG) Industry?
The emergence of product innovations has been recognized as a principal trend gaining traction in the oil country tubular goods (OCTG) market. Dominant companies in the market are engineering innovative goods to secure a competitive advantage. For instance, SPM Oil & Gas in May 2022 introduced the SPM Simplified Frac Iron System which minimizes the footprint and the amount of iron necessary for fracking operations, thereby enhancing the operational efficiency of fracking sites. Fewer curves and connections lead to less rig-up time, labor costs, fluid turbulence, potential leak routes, safety concerns, and non-productive time (NPT) as the system employs a single large-bore inlet connecting to the zipper manifold instead of numerous tie-in lines on a conventional frac tree.

What Segments Are Covered In The Oil Country Tubular Goods (OCTG) Market Report?
The oil country tubular goods (octg) market covered in this report is segmented –

1) By Product: Well Casing, Product Tubing, Drill Pipe

2) By Manufacturing Process: Electric Resistance Welded (ERW), Seamless

3) By Grade: API Grade, Premium Grade

4) By Application: Onshore, Offshore

Subsegments:

1) By Well Casing: Surface Casing, Intermediate Casing, Production Casing

2) By Product Tubing: Conventional Tubing, High-Performance Tubing

3) By Drill Pipe: Heavyweight Drill Pipe, Standard Drill Pipe, Non-Magnetic Drill Pipe

View the full oil country tubular goods (octg) market report:
https://www.thebusinessresearchcompany.com/report/oil-country-tubular-goods-octg-global-market-report

Which Region Is Projected To Hold The Largest Market Share In The Global Oil Country Tubular Goods (OCTG) Market?
In 2024, the Oil Country Tubular Goods (OCTG) market was led by North America, which is also predicted to exhibit the most rapid expansion over the forecast period. The OCTG market report encompasses regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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