The Asia Pacific oil country tubular goods market size is projected to expand at substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the reducing supply-demand gap, reduced oil service costs, and increased directional drilling across the globe.
Oil country tubular goods are critical components in the extraction process of oil and gas from the reservoir. These goods are one of the seamless rolled products. Oil & gas production and exploration activities are complicated processes and require modern equipment and technology as this market is highly cyclical and volatile in nature.
Oil country tubular goods are used for both onshore and offshore. Drill pipe and casing and tubing are used alternative to bore the well in multiple phases. These goods are produced with the use of chemical composition of steel and subsequent heat treatment. Drill pipe is a heavy tube that rotates the drill and circulates drilling fluid. It sustains axial tension by its internal pressure through fluid purging and external pressure by surrounding rock formation. Tubing is use to penetrate through the bore to extract oil and gases from wellbore.
Market Trends, Drivers, Restraints, and Opportunities
- Recovery in the crude oil prices and strategic initiatives by major companies are anticipated to boost the market growth.
- Growing drilling activities is anticipated to drive the demand for oil country tubular goods during the forecast period.
- The appropriate selection of oil country tubular goods can minimize risk and save cost, which in turn, is a major factor propelling the market growth.
- Rising demand for oil country tubular goods in oilfield services is estimated to drive the market expansion.
- Lack of skilled labor and operational challenges such as harsh weather conditions are expected to act as major hindrances for the development of the oil country tubular goods market in the coming years.
- The fall in commodity prices that can hinder the market growth during the forecast period.
- Increasing R&D investments and ongoing technological advancement are estimated to create significant opportunities for the market players in the projected timeline.
Scope of the Report
The report on the Asia Pacific oil country tubular goods market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Oil Country Tubular Goods Market - Asia Pacific Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Manufacturing Processes (Seamless and Electric Resistance Welded), Grades (Premium Grade and American Petroleum Institute (API) Grade)
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Geographic Scope
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India, China, Japan, South Korea, and Rest of Asia Pacific
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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National-Oilwell Varco, Inc., ILJIN STEEL CO., Nippon Steel Corp, Tenaris SA, and TPCO Enterprise, Inc.
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Asia Pacific Oil Country Tubular Goods Market Segment Insights
Seamless segment to account a large market share
In terms of manufacturing processes, the market is segmented into seamless and electric resistance welded. The seamless segment is expected to constitute a key market share during the forecast period owing to increasing use of casing, drill pipe, and tubing during the extraction of oil from wells. Moreover, its increasing use in offshore applications is expected to foster the segment growth.
Premium grade segment to register a substantial CAGR
On the basis of grades, the market is bifurcated into premium grade and American petroleum institute (API) grade. The premium grade segment is anticipated to register at a substantial CAGR during the forecast period due to growing requirement of premium grade oil country tubular goods products in upstream operation.
China is expected to dominate the market
On the basis of geographies, the market is categorized as India, China, Japan, South Korea, and Rest of Asia-Pacific. China is expected to dominate the market during the forecast period owing to the presence of a well-established network of oil country tubular goods manufacturing companies. China-based domestic equipment manufacturers are expected to hold about 83% of the domestic oilfield services market. On the other hand, the market in India is anticipated to exhibit a high CAGR owing to presence of government-owned companies such as Oil Natural Gas Corporation (ONGC) and Bharat Petroleum Corporation Limited (BPCL). Moreover, increasing number of private players in the country is driving the growth in the market in the country.
Segments
Segments Covered in the Report
The Asia Pacific oil country tubular goods market has been segmented on the basis of
Manufacturing Processes
- Seamless
- Electric Resistance Welded
Grades
- Premium Grade
- American Petroleum Institute (API) Grade
Geographies
- India
- China
- Japan
- South Korea
- Rest of Asia Pacific
Key Players
- National-Oilwell Varco, Inc.
- ILJIN STEEL CO.
- Nippon Steel Corp
- Tenaris SA
- TPCO Enterprise, Inc.
Competitive Landscape
Key players competing in the Asia Pacific oil country tubular goods market include National-Oilwell Varco, Inc., ILJIN STEEL CO., Nippon Steel Corp, Tenaris SA, and TPCO Enterprise, Inc.
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