PUBLISHER: The Business Research Company | PRODUCT CODE: 1928035
PUBLISHER: The Business Research Company | PRODUCT CODE: 1928035
Oil Country Tubular Goods (OCTG) are integral components used in the equipment, drilling, and operations of the oil and gas industry. These tubular goods play a crucial role in the design of oil and gas wells and pipelines, serving as conduits for the safe and efficient transportation of oil and gas products to the market.
The primary products within the category of Oil Country Tubular Goods (OCTG) comprise well casing, production tubing, and drill pipe. Well casing involves a series of steel pipes inserted into a drilled oil well to provide stability, prevent pollutants and water from entering the oil stream, and hinder oil seepage into groundwater. These products come in various grades, including API grade and premium grade, manufactured through processes such as electric resistance welded (ERW) and seamless, tailored for applications in both onshore and offshore settings.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
Tariffs on oil country tubular goods (OCTG) have influenced the market by increasing import costs and creating supply chain disruptions. Onshore and offshore drilling projects, particularly in north america and asia-pacific, are most affected due to high dependency on imported OCTG. While tariffs have led to higher production costs, they have also encouraged domestic manufacturing, promoted local sourcing strategies, and driven innovation in high-performance tubular goods.
The oil country tubular goods (octg) market research report is one of a series of new reports from The Business Research Company that provides oil country tubular goods (octg) market statistics, including oil country tubular goods (octg) industry global market size, regional shares, competitors with a oil country tubular goods (octg) market share, detailed oil country tubular goods (octg) market segments, market trends and opportunities, and any further data you may need to thrive in the oil country tubular goods (octg) industry. This oil country tubular goods (octg) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The oil country tubular goods (octg) market size has grown strongly in recent years. It will grow from $31.64 billion in 2025 to $34.56 billion in 2026 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to increasing onshore oil and gas exploration, rising offshore drilling activities, demand for high-strength casing and tubing, adoption of api grade standards, growth in global oil consumption.
The oil country tubular goods (octg) market size is expected to see strong growth in the next few years. It will grow to $48.75 billion in 2030 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to increasing offshore oil exploration projects, growth of unconventional oil and gas drilling, rising demand for premium grade octg, adoption of advanced erw and seamless processes, expansion of oilfield services and drilling activities. Major trends in the forecast period include high-strength tubular goods manufacturing, corrosion-resistant coatings development, advanced seamless tubing technologies, custom tubing solutions for onshore and offshore applications, enhanced drilling performance and efficiency.
Rising exploration and drilling activity is expected to support the expansion of the oil country tubular goods (OCTG) market. Oil and gas exploration involves the techniques and processes used to locate potential drilling sites and extract hydrocarbons. Growing global energy demand has accelerated oilfield exploration efforts. OCTG products - including casing, tubing, piping, and pipelines - are essential in oilfield operations. They form critical components in well design and serve as conduits for the safe and efficient extraction of oil and gas. For example, in October 2023, Drilling Contractor reported that the U.S. onshore market was projected to have 676 active drilling rigs in Q4 2023, representing a 4% increase from the 651 rigs recorded in Q4 2022. Therefore, increasing exploration and drilling operations are helping drive the OCTG market.
Companies in the OCTG industry are forming strategic partnerships to expand product offerings and improve supply chain performance, particularly in key regions such as Brazil's pre-salt fields. These collaborations focus on supplying advanced OCTG solutions for exploration and production wells. For instance, in January 2023, Petroleo Brasileiro S.A. partnered with Vallourec S.A. to supply OCTG products, including 1,800 tonnes of premium carbon steel tubes with glass-reinforced epoxy liners and corrosion-resistant alloy accessories, under an extension of an existing long-term contract.
In January 2023, Vallourec S.A. also partnered with Petroleo Brasileiro S.A. to supply high-quality tubular products, accessories, and services for offshore drilling projects in Brazil's pre-salt oil fields. The collaboration aims to ensure dependable delivery of seamless and welded casing, tubing, and corrosion-resistant alloy tubulars to support offshore production goals. Petroleo Brasileiro S.A. is Brazil's national oil company, involved in exploration, production, refining, and distribution of oil, gas, and related energy products.
Major companies operating in the oil country tubular goods (octg) market report are Tenaris S.A., Vallourec S.A., TMK Group, ArcelorMittal S.A., Nippon Steel Corporation, JFE Steel Corporation, United States Steel Corporation, EVRAZ PLC, Tata Steel, Jindal SAW Ltd., Chelpipe Group, Iljin Steel Co. Ltd., Benteler Group, Sandvik AB, Baosteel Group Corporation, Sumitomo Metal Industries Ltd., Hyundai Steel Company, SeAH Steel Corporation, Jiangsu Changbao Steel Tube Co. Ltd., Hengyang Valin Steel Tube Co. Ltd., Maharashtra Seamless Limited, Oil Country Tubular Limited
North America was the largest region in the oil country tubular goods (OCTG) market in 2025. North America is expected to be the fastest-growing region in the oil country tubular goods (OCTG) market during the forecast period. The regions covered in the oil country tubular goods (octg) market are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the oil country tubular goods (octg) market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The oil country tubular goods market consists of sales of pipes, casing, tubing, and pipelines. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Oil Country Tubular Goods (OCTG) Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses oil country tubular goods (octg) market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for oil country tubular goods (octg) ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The oil country tubular goods (octg) market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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