The Middle East Oil Country Tubular Goods Market size was valued at USD XX Billion in 2022 and is expected to surpass USD XX Billion by 2031, expanding at a CAGR of 4.2% during the forecast period, 2023 – 2031. The growth of the market is attributed to the reducing supply demand gap and escalating investments from the oil & gas operators.
Oil country tubular goods (OCTGs) is a group of seamless rolled products, consisting of casing, tubing, and piping components used in the petroleum industry. These products are also used in the production of oil & gas from wells. OTCGs reduce the probability of mishaps, hazards, and risks that reduce the cost of production of the company. They are also used in the production and exploration activities on offshore and onshore reserves. Tubular products are the foundation of oil & gas well design and pipeline design and provide the conduit for the safe and efficient transport of oil and gas products.
Drill pipe is a heavy seamless tube that rotates the drill bit as well as circulates drilling fluid. These pipelines are coupled with tool joints. Drill pipe is subjected to high torque by drilling, axial tension by its dead weight, and internal pressure by purging of drilling fluid. Bending loads are attributed to non-vertical or deflected drilling, superimposed on the basic loading patterns.
Market Trends, Drivers, Restraints, and Opportunities:
Reduced oil services costs had led to significant growth of the market growth.
Increasing directional drilling is excepted to propel the growth of the Middle East oil country tubular goods market.
Increasing exploration & production (E&P) activities is anticipated to positive impact the growth of market.
Growing production of crude oil is speculated to boost the growth of the market.
Ongoing technological advancements are expected to proliferate the growth of the market.
Failure of OCTGs during E&P operations can create challenges for the oil country tubular goods market in the region.
Liberalization of the oil & gas industry by major countries in Middle East to increase the foreign investment is anticipated to create lucrative opportunities for the industry players the region.
Scope of the Report
The report on the Middle East oil country tubular goods market research report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Middle East oil country tubular goods - Industry Analysis, Growth, Share, Size, Trends, and Forecast
Manufacturing Processes (Seamless and Electric Resistance Welded) and Grades (Premium Grade and API Grade)
Saudi Arabia, UAE, Kuwait, and Rest of the Middle East
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., Nippon Steel Corporation, Tenaris SA, ArcelorMittal SA, and Vallourec SA.
Middle East Oil Country Tubular Goods Market Segment Insights
Electric resistance welded segment to account a considerable market share
Based on manufacturing processes, the market is divided into seamless and electric resistance welded. The electric resistance welded segment to account a considerable market share owing to the active participation of companies to improve product efficiency with a focus on cost-cutting strategies. Increasing exploration & production (E&P) activities is expected to boost the market segment growth.
Premium grade segments to account a major market share
On the basis of grades, the Middle East oil country tubular goods market is fragmented into premium grade and American petroleum institute (API) grade. The premium grade segment is expected to account for a major market share during the forecast period. Increasing demand from the upstream sector is propelling the segment growth. Growing premium-grade applications in gas wells, high pressure, and temperature wells is boosting the growth of the market segment. Countries includes Iran, Iraq, and Egypt has huge reserves of crude oil and natural gas. The upstream activities in the region is expected to drive the demand for premium-grade OCTGs.
Saudi Arabia to dominate the market share
In terms of geography, the Middle East & Africa oil country tubular goods market is segregated into Saudi Arabia, UAE, Kuwait, and Rest of the Middle East. Saudi Arabia is anticipated to dominate the Middle East oil country tubular goods market during the forecast period. Rising focusing on the exploration of new fields and the expansion of existing oil and gas fields are fueling the country’s market growth. The shift toward the offshore exploration is boosting the growth of the market in Saudi Arabia.
The Market Middle-East & Africa oil country tubular goods has been segmented on the basis of
- Electric Resistance Welded
- Saudi Arabia
- Rest of the Middle East
- National-Oilwell Varco Inc.
- Nippon Steel Corporation
- Tenaris SA
- ArcelorMittal SA
- Vallourec SA
Key players operating in the Middle-East & Africa oil country tubular goods market includes Henkel AG & Co. KGaA, Dow, H.B. Fuller Company, 3M, and Arkema.