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.
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.
Attributes |
Details |
Report Title |
Oil Country Tubular Goods Market - Asia Pacific Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018–2019 |
Forecast Period |
2021–2028 |
Segmentation |
Manufacturing Processes (Seamless and Electric Resistance Welded), Grades (Premium Grade and American Petroleum Institute (API) Grade) |
Geographic Scope |
India, China, Japan, South Korea, and Rest of Asia Pacific |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
National-Oilwell Varco, Inc., ILJIN STEEL CO., Nippon Steel Corp, Tenaris SA, and TPCO Enterprise, Inc. |
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.
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.
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.
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.
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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