Oil Country Tubular Goods Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Location of Deployment (Offshore and Onshore), By Sector (Upstream, Downstream), By Region, By Competition, 2020-2030F

Description

The Global Oil Country Tubular Goods Market, valued at USD 22.91 Billion in 2024, is projected to experience a CAGR of 9.01% to reach USD 38.44 Billion by 2030. Oil Country Tubular Goods (OCTG) represent a critical family of specialized tubular products, encompassing drill pipe, casing, and tubing, which are indispensable for various operations within the oil and gas industry, including drilling, well completion, and hydrocarbon production both onshore and offshore. The market's expansion is primarily driven by sustained global energy demand, stimulating increased upstream exploration and production activities, alongside the strategic imperative for enhancing energy security.

Market Overview
Forecast Period	2026-2030
Market Size 2024	USD 22.91 Billion
Market Size 2030	USD 38.44 Billion
CAGR 2025-2030	9.01%
Fastest Growing Segment	Offshore
Largest Market	North America

Key Market Drivers

The global Oil Country Tubular Goods (OCTG) market is significantly propelled by two primary forces. Foremost is the rising global energy demand, a fundamental driver necessitating continuous and expanded hydrocarbon extraction. As economies worldwide recover and develop, the need for crude oil and natural gas escalates, creating a sustained requirement for new wells and the maintenance of existing infrastructure. According to the International Energy Agency, in November 2023, its monthly oil market report projected global oil demand to rise by 2.4 million barrels per day in 2023, underscoring this pervasive demand. This surge directly translates into a heightened need for OCTG products, which are essential for every stage of oil and gas well operations.

Key Market Challenges

The inherent volatility in global energy prices and persistent geopolitical uncertainties significantly hampers the growth of the Global Oil Country Tubular Goods Market. Such unpredictable conditions create substantial risk for energy companies, directly impeding critical long-term capital investment decisions within upstream oil and gas projects. Developers become hesitant to commit to multi-year endeavors when future revenue streams are uncertain, leading to delayed project sanctioning and reduced demand for essential OCTG products.

This caution directly impacts the market for specialized tubular goods. For instance, according to the International Energy Agency, while global upstream oil and gas investment increased by 9% in 2023, it is projected to grow by a slower 7% to reach USD 570 billion in 2024, reflecting cautious spending despite ongoing energy needs. Furthermore, the direct impact of price instability is evident in product pricing.

Key Market Trends

The global Oil Country Tubular Goods (OCTG) market is notably influenced by the development of high-performance and advanced material OCTG. This trend is driven by the increasing need for tubular goods capable of withstanding extreme conditions encountered in deeper, hotter, and more corrosive drilling environments. Operators are increasingly adopting specialized alloys and premium connections to ensure well integrity and extend the lifespan of infrastructure in challenging offshore and unconventional reservoirs. The American Petroleum Institute's (API) 2025 Standards International Usage Report identified 1,395 references to API standards in policies, national and international standards, and technical regulations across 40 global markets, representing over a 20% increase from its 2022 analysis, underscoring a growing global commitment to advanced and standardized material requirements. This emphasis on stringent standards directly propels the demand for superior material science in OCTG manufacturing.

Key Market Players

Nippon Steel Corporation
Tenaris S.A.
Jindal Hunting Energy Services Ltd.
Vallourec S.A.
Baker Hughes Company
ArcelorMittal S.A.
TMK Group
Voest Alpine Tubulars GMbH & Co KG
EVRAZ plc
Interpipe Group

Report Scope:

In this report, the Global Oil Country Tubular Goods Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Oil Country Tubular Goods Market, By Location of Deployment:

Offshore
Onshore

Oil Country Tubular Goods Market, By Sector:

Upstream
Downstream

Oil Country Tubular Goods Market, By Region:

North America
- United States
- Canada
- Mexico
Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
South America
- Brazil
- Argentina
- Colombia
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Global Oil Country Tubular Goods Market.

Available Customizations:

Global Oil Country Tubular Goods Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

1. Product Overview

1.1. Market Definition
1.2. Scope of the Market
- 1.2.1. Markets Covered
- 1.2.2. Years Considered for Study
- 1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Oil Country Tubular Goods Market Outlook

5.1. Market Size & Forecast
- 5.1.1. By Value
5.2. Market Share & Forecast
- 5.2.1. By Location of Deployment (Offshore, Onshore)
- 5.2.2. By Sector (Upstream, Downstream)
- 5.2.3. By Region
- 5.2.4. By Company (2024)
5.3. Market Map

6. North America Oil Country Tubular Goods Market Outlook

6.1. Market Size & Forecast
- 6.1.1. By Value
6.2. Market Share & Forecast
- 6.2.1. By Location of Deployment
- 6.2.2. By Sector
- 6.2.3. By Country
6.3. North America: Country Analysis
- 6.3.1. United States Oil Country Tubular Goods Market Outlook
  - 6.3.1.1. Market Size & Forecast
    - 6.3.1.1.1. By Value
  - 6.3.1.2. Market Share & Forecast
    - 6.3.1.2.1. By Location of Deployment
    - 6.3.1.2.2. By Sector
- 6.3.2. Canada Oil Country Tubular Goods Market Outlook
  - 6.3.2.1. Market Size & Forecast
    - 6.3.2.1.1. By Value
  - 6.3.2.2. Market Share & Forecast
    - 6.3.2.2.1. By Location of Deployment
    - 6.3.2.2.2. By Sector
- 6.3.3. Mexico Oil Country Tubular Goods Market Outlook
  - 6.3.3.1. Market Size & Forecast
    - 6.3.3.1.1. By Value
  - 6.3.3.2. Market Share & Forecast
    - 6.3.3.2.1. By Location of Deployment
    - 6.3.3.2.2. By Sector

7. Europe Oil Country Tubular Goods Market Outlook

7.1. Market Size & Forecast
- 7.1.1. By Value
7.2. Market Share & Forecast
- 7.2.1. By Location of Deployment
- 7.2.2. By Sector
- 7.2.3. By Country
7.3. Europe: Country Analysis
- 7.3.1. Germany Oil Country Tubular Goods Market Outlook
  - 7.3.1.1. Market Size & Forecast
    - 7.3.1.1.1. By Value
  - 7.3.1.2. Market Share & Forecast
    - 7.3.1.2.1. By Location of Deployment
    - 7.3.1.2.2. By Sector
- 7.3.2. France Oil Country Tubular Goods Market Outlook
  - 7.3.2.1. Market Size & Forecast
    - 7.3.2.1.1. By Value
  - 7.3.2.2. Market Share & Forecast
    - 7.3.2.2.1. By Location of Deployment
    - 7.3.2.2.2. By Sector
- 7.3.3. United Kingdom Oil Country Tubular Goods Market Outlook
  - 7.3.3.1. Market Size & Forecast
    - 7.3.3.1.1. By Value
  - 7.3.3.2. Market Share & Forecast
    - 7.3.3.2.1. By Location of Deployment
    - 7.3.3.2.2. By Sector
- 7.3.4. Italy Oil Country Tubular Goods Market Outlook
  - 7.3.4.1. Market Size & Forecast
    - 7.3.4.1.1. By Value
  - 7.3.4.2. Market Share & Forecast
    - 7.3.4.2.1. By Location of Deployment
    - 7.3.4.2.2. By Sector
- 7.3.5. Spain Oil Country Tubular Goods Market Outlook
  - 7.3.5.1. Market Size & Forecast
    - 7.3.5.1.1. By Value
  - 7.3.5.2. Market Share & Forecast
    - 7.3.5.2.1. By Location of Deployment
    - 7.3.5.2.2. By Sector

8. Asia Pacific Oil Country Tubular Goods Market Outlook

8.1. Market Size & Forecast
- 8.1.1. By Value
8.2. Market Share & Forecast
- 8.2.1. By Location of Deployment
- 8.2.2. By Sector
- 8.2.3. By Country
8.3. Asia Pacific: Country Analysis
- 8.3.1. China Oil Country Tubular Goods Market Outlook
  - 8.3.1.1. Market Size & Forecast
    - 8.3.1.1.1. By Value
  - 8.3.1.2. Market Share & Forecast
    - 8.3.1.2.1. By Location of Deployment
    - 8.3.1.2.2. By Sector
- 8.3.2. India Oil Country Tubular Goods Market Outlook
  - 8.3.2.1. Market Size & Forecast
    - 8.3.2.1.1. By Value
  - 8.3.2.2. Market Share & Forecast
    - 8.3.2.2.1. By Location of Deployment
    - 8.3.2.2.2. By Sector
- 8.3.3. Japan Oil Country Tubular Goods Market Outlook
  - 8.3.3.1. Market Size & Forecast
    - 8.3.3.1.1. By Value
  - 8.3.3.2. Market Share & Forecast
    - 8.3.3.2.1. By Location of Deployment
    - 8.3.3.2.2. By Sector
- 8.3.4. South Korea Oil Country Tubular Goods Market Outlook
  - 8.3.4.1. Market Size & Forecast
    - 8.3.4.1.1. By Value
  - 8.3.4.2. Market Share & Forecast
    - 8.3.4.2.1. By Location of Deployment
    - 8.3.4.2.2. By Sector
- 8.3.5. Australia Oil Country Tubular Goods Market Outlook
  - 8.3.5.1. Market Size & Forecast
    - 8.3.5.1.1. By Value
  - 8.3.5.2. Market Share & Forecast
    - 8.3.5.2.1. By Location of Deployment
    - 8.3.5.2.2. By Sector

9. Middle East & Africa Oil Country Tubular Goods Market Outlook

9.1. Market Size & Forecast
- 9.1.1. By Value
9.2. Market Share & Forecast
- 9.2.1. By Location of Deployment
- 9.2.2. By Sector
- 9.2.3. By Country
9.3. Middle East & Africa: Country Analysis
- 9.3.1. Saudi Arabia Oil Country Tubular Goods Market Outlook
  - 9.3.1.1. Market Size & Forecast
    - 9.3.1.1.1. By Value
  - 9.3.1.2. Market Share & Forecast
    - 9.3.1.2.1. By Location of Deployment
    - 9.3.1.2.2. By Sector
- 9.3.2. UAE Oil Country Tubular Goods Market Outlook
  - 9.3.2.1. Market Size & Forecast
    - 9.3.2.1.1. By Value
  - 9.3.2.2. Market Share & Forecast
    - 9.3.2.2.1. By Location of Deployment
    - 9.3.2.2.2. By Sector
- 9.3.3. South Africa Oil Country Tubular Goods Market Outlook
  - 9.3.3.1. Market Size & Forecast
    - 9.3.3.1.1. By Value
  - 9.3.3.2. Market Share & Forecast
    - 9.3.3.2.1. By Location of Deployment
    - 9.3.3.2.2. By Sector

10. South America Oil Country Tubular Goods Market Outlook

10.1. Market Size & Forecast
- 10.1.1. By Value
10.2. Market Share & Forecast
- 10.2.1. By Location of Deployment
- 10.2.2. By Sector
- 10.2.3. By Country
10.3. South America: Country Analysis
- 10.3.1. Brazil Oil Country Tubular Goods Market Outlook
  - 10.3.1.1. Market Size & Forecast
    - 10.3.1.1.1. By Value
  - 10.3.1.2. Market Share & Forecast
    - 10.3.1.2.1. By Location of Deployment
    - 10.3.1.2.2. By Sector
- 10.3.2. Colombia Oil Country Tubular Goods Market Outlook
  - 10.3.2.1. Market Size & Forecast
    - 10.3.2.1.1. By Value
  - 10.3.2.2. Market Share & Forecast
    - 10.3.2.2.1. By Location of Deployment
    - 10.3.2.2.2. By Sector
- 10.3.3. Argentina Oil Country Tubular Goods Market Outlook
  - 10.3.3.1. Market Size & Forecast
    - 10.3.3.1.1. By Value
  - 10.3.3.2. Market Share & Forecast
    - 10.3.3.2.1. By Location of Deployment
    - 10.3.3.2.2. By Sector

11. Market Dynamics

11.1. Drivers
11.2. Challenges

12. Market Trends & Developments

12.1. Merger & Acquisition (If Any)
12.2. Product Launches (If Any)
12.3. Recent Developments

13. Global Oil Country Tubular Goods Market: SWOT Analysis

14. Porter's Five Forces Analysis

14.1. Competition in the Industry
14.2. Potential of New Entrants
14.3. Power of Suppliers
14.4. Power of Customers
14.5. Threat of Substitute Products

15. Competitive Landscape

15.1. Nippon Steel Corporation
- 15.1.1. Business Overview
- 15.1.2. Products & Services
- 15.1.3. Recent Developments
- 15.1.4. Key Personnel
- 15.1.5. SWOT Analysis
15.2. Tenaris S.A.
15.3. Jindal Hunting Energy Services Ltd.
15.4. Vallourec S.A.
15.5. Baker Hughes Company
15.6. ArcelorMittal S.A.
15.7. TMK Group
15.8. Voest Alpine Tubulars GMbH & Co KG
15.9. EVRAZ plc
15.10. Interpipe Group