Oil Country Tubular Goods Market is expected to reach US$ 37,255.85 Million by 2031

Rising Rig Count Boosts Oil Country Tubular Goods Market Growth

According to our latest market study on "Oil Country Tubular Goods Market Size and Forecast (2025–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis—by Process, Product, and Application,” the market was valued at US$ 25,501.47 million in 2024 and is anticipated to reach US$ 37,255.85 million by 2031; it is estimated to register a CAGR of 5.6% during 2025–2031. The report includes growth prospects in light of the current oil country tubular goods market trends and driving factors influencing market growth.

The steady increase in rig count across the globe is emerging as a key trend in the oil country tubular goods market. The corresponding rise in active drilling rigs fuels the robust demand for OCTG products, which are essential for well construction and integrity. The rig count is a direct indicator of upstream activity and is closely linked to OCTG consumption. Each new rig deployment translates into increased usage of drill pipe, casing, and tubing as operators develop new wells and maintain existing production infrastructure. As per the rig count insights from Baker Hughes, the number of total rigs (onshore and offshore) increased from 1,365 in 2021 to 1,734 in 2024. In addition, the offshore rig count globally increased from 193 in 2021 to 238 in 2024.

Oil Country Tubular Goods Market Analysis – by Geography, 2024

Source: The Insight Partners Analysis

In the US, natural gas production from the seven major shale basins is estimated to increase in 2025, per the US Energy Information Administration (EIA). Shale production is anticipated to expand from 23% of total gas production in the US in 2010 to approximately 49% by 2035. North America secured its position as one of the key leading shale gas producers in the world. Canada is the world's fifth-largest producer and fourth-largest exporter of natural gas. As per the insights from the Energy Information Administration (EIA), shale gas production in the US increased from 70 billion cubic feet per day in 2020 to more than 80 billion cubic feet per day in 2024. Major Canadian shale gas deposits include the Horn River Basin and Montney shale fields in Northeastern British Columbia, the Utica Shale in Quebec, the Colorado Group in Alberta and Saskatchewan, and the Horton Bluff Shale in New Brunswick and Nova Scotia. Energy uncertainties due to geopolitical disruptions are boosting shale gas production in North America, which is likely to create major opportunities for the growth of the global oil country tubular goods market in the coming years.

The scope of the oil country tubular goods market report focuses on North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Russia, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East and Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East and Africa), and South and Central America (Brazil, Argentina, and the Rest of South and Central America). In North America, the US held the largest oil country tubular goods market share in 2024. As a result of potential growth in the country's energy sector, the market in the US is anticipated to witness significant development in the coming years. In Asia Pacific, China held the largest oil country tubular goods market share in 2024, owing to the growing offshore oil and gas industry.

North America is among the largest crude oil and natural gas producers worldwide. The US is the largest oil producer globally, with a crude oil production share of more than 20%. The country’s oil & gas sector is proliferating year-on-year owing to the discovery of new oil & gas rigs. In addition, natural gas production in the US has grown significantly in recent years as improvements in drilling technologies have made it commercially viable to recover oil trapped in mature oil well. In April 2023, BP commenced oil production at its Argos platform located in the Gulf of Mexico.

The large population, high per capita income, and rapid industrialization are driving the oil country tubular goods market in Asia Pacific (APAC). This region is the largest consumer of crude oil and gas. Furthermore, highly industrialized countries such as China, India, Japan, and South Korea are reporting an increase in overall energy consumption. To meet the growing oil demand, these countries prioritize increased domestic production through various enhanced oil recovery techniques, driving market growth in Asia Pacific. Operations related to oil and gas discovery in the Norwegian Sea, the Kara Sea, the Barents Sea, and the region near the North Pole are driving the demand for oil country tubular goods in Europe. Increased emphasis on the life extension of existing petroleum resources through enhanced oil recovery methods is expected to fuel the growth of the oil country tubular goods market in the region in the coming years. Furthermore, the presence of leading oil companies such as Shell plc, BP plc, TotalEnergies SE, Equinor ASA, and Lukoil Oil Co. generates a steady demand for oil country tubular goods in the region.

Trade wars, conflicts, and other threats to the energy supply often increase oil and gas prices, as seen after Russia's aggression toward Ukraine. Consequently, European countries strive to achieve energy security by reducing their dependence on oil imports. Developing domestic oil resources is seen as a means to enhance energy independence, minimize vulnerability to price fluctuations, and ensure a reliable energy supply for domestic consumption. Therefore, the European oil and gas industry is experiencing an increase in the adoption of enhanced oil recovery techniques for the recovery of mature oil wells, which is increasing domestic oil production. These growing offshore oil and gas projects are expected to offer key opportunities for the European oil country tubular goods market in the coming years. Other key regions driving the oil country tubular goods market growth include the Middle East and Africa and South & Central America.

According to the International Energy Agency (IEA), the Middle East and Africa generates ~95% of its electricity from oil & gas. More than 290 billion cubic meters of gas, or more than one-third of the region's gas production, and 1.75 million barrels of oil per day are consumed by thermal plants in the region. In May 2023, the Abu Dhabi National Oil Company (ADNOC) granted three contracts totaling US$ 4 billion to reduce carbon emissions and reach a production capacity of 5 million barrels per day by 2030. The contracts can cover ADNOC’s onshore and offshore operations for five years with a two-year extension option. Thus, the growing adoption of carbon-neutral oil & gas production is expected to offer lucrative growth opportunities to the oil country tubular goods market in the coming years.

Corpac, ArcelorMittal S.A., Vallourec S.A., Tenaris, Jacob Tubing LP, Nippon Steel, Kelly Pipe Co. LLC, Sumitomo Corporation, United States Steel Corporation, and TMK Group are among the key players profiled in the oil country tubular goods market report. Other major players were also studied and analyzed in the report to get a holistic view of the market and its ecosystem. The oil country tubular goods market forecast can help stakeholders plan their growth strategies. The market analysis provides detailed market insights, which help the key players strategize their growth.

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