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The oil country tubular goods market size is expected to reach US$ 37,255.85 million by 2031 from US$ 25,501.47 million in 2024. The market is estimated to register a CAGR of 5.6% during 2025–2031. The rising rig count are likely to bring new trends to the market in the coming years.
Oil Country Tubular Goods Market Analysis
Key stakeholders in the oil country tubular goods market are raw material or component providers, oil country tubular goods manufacturers, distributors, service providers, and end users. The availability of a large number of raw material suppliers and low switching costs have reduced the impact of component suppliers and material providers in the market. The raw materials required for oil country tubular goods manufacturing mainly include stainless steel and steel alloys. In addition, steel billets, scrap steel, and alloying elements such as chromium, nickel, molybdenum, and manganese form the backbone of OCTG production. The mechanical properties of OCTG, particularly strength, corrosion resistance, and fatigue performance, are heavily dependent on the quality and composition of these raw materials. Components such as cameras are directly procured from component providers. Prominent raw material or component suppliers in the market include ArecelorMittal, ASA Alloys Inc, Belmont Metals Inc, Metal Alloys Corporation, Nippon Steel and Sumitomo Metal Corporation, Hebei Iron and Steel Group, Baosteel, POSCO, Shangshang Desheng Group, and others. The global oil country tubular goods market constitutes a notable number of market players with focused and diverse business offerings. Companies with regional presence generally rely on distributors and suppliers for their equipment sales. Oil Country Tubular Goods Market Overview
Oil country tubular goods (OCTG) is a vital commodity for upstream exploration and production in the energy sector, representing a significant portion of capital investment for exploration and production (E&P) operators. The demand for OCTG is closely tied to drilling activity, rig count, and global oil prices, making it a cyclical but strategically important segment within the supply chain. Leading OCTG manufacturers compete based on product quality, steel grade, heat treatment processes, and logistical efficiency. Premium connections, which improve sealability and resist deformation, constitute a high-margin segment that offers differentiation in a saturated market. Major global producers include Tenaris, Vallourec, and Nippon Steel, while domestic steelmakers typically supply local markets through trade protection measures such as anti-dumping duties and tariffs.
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Oil Country Tubular Goods Market: Strategic Insights
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Oil Country Tubular Goods Market: Strategic Insights
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Oil Country Tubular Goods Market Drivers and Opportunities
Increasing Oil & Gas Exploration and Production (E&P) Activities
The increased drilling and exploration activities in regions such as North America, the Middle East & Africa, and Asia Pacific significantly propel the oil country tubular goods market growth. For instance, in April 2025, the Minister of Energy and Natural Resources, Turkey, and the Petroleum and Mineral Resources Minister signed a hydrocarbon exploration and production agreement in onshore fields. Turkey discovered up to 20 billion barrels of crude oil in Somalia. The demand for oil & gas is rising worldwide owing to the increasing requirement for energy. As of October 2024, the International Energy Agency (IEA) expected the global oil demand to increase by 900,000 barrels/day (kb/d) in 2024 and by 1 million barrels/day in 2025. China’s demand for crude oil witnessed continuous growth, setting a record in March 2023 at 16 mb/d. Furthermore, the Russian Federation’s aggression in Ukraine has threatened the energy supply, and it tends to drive oil & gas prices up.
In addition, the Brazilian government's pro-investment regulatory framework, coupled with a strong commitment from Petrobras, highlighted by its US$ 77.3 billion CAPEX plan for 2024–2029, continues to attract major global energy companies. According to Brazil's 2022–2032 Energy Expansion Plan, national oil production is forecast to reach 4.9 million barrels per day by 2032, with pre-salt fields contributing nearly 80% of this output. This long-term production outlook supports sustained, high-volume OCTG requirements, particularly for seamless casing, tubing, and premium-grade materials.
As these nations enhance their roles in the global energy supply chain, the demand for oil country tubular goods (OCTG), which are crucial for well construction, is experiencing substantial growth. Brazil remains dominant in South America's offshore segment, underpinned by its extensive ultra-deepwater pre-salt reserves in the Santos Basin. In 2023, Brazil's oil production exceeded 3.4 million barrels per day, with flagship fields such as Tupi and Búzios accounting for more than 75% of total output. The complex geophysical conditions in these fields necessitate the use of high-performance, corrosion-resistant OCTG and premium connection technologies, firmly positioning Brazil as a leader in offshore drilling innovation in South America.
Rising Investment in Oil and Gas Projects
The growing investments in oil and gas infrastructure are likely to play a pivotal role in providing growth opportunities to the global oil country tubular goods market. Both government initiatives and private sector capital are being directed toward the development of new drilling sites, the expansion of existing fields, and the modernization of production facilities. In March 2025, Shell made the final investment decision for Gato do Mato, a deepwater project offshore Brazil with a capacity of 120,000 barrels of oil per day, where the first oil is expected to flow in 2029. The project plan includes the installation of a floating production storage and offloading vessel. The current estimated recoverable resource volume for this development is ~370 million barrels.
Oil Country Tubular Goods Market Report Segmentation Analysis
Key segments that contributed to the derivation of the oil country tubular goods market analysis are process, product, and application.
- In terms of process, the market is categorized into seamless and welded. The seamless segment dominated the market in 2024.
- By product, the market is categorized into drill pipe, well casing, and production tubing. The well casing segment dominated the market in 2024.
- Based on application, the market is divided into onshore and offshore. The onshore segment dominated the market in 2024.
Oil Country Tubular Goods Market Share Analysis by Geography
The oil country tubular goods market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South and Central America (SAM). North America dominated the market in 2024, followed by the Middle East and Africa and Asia Pacific.
North America consists of the US, Canada, and Mexico. North America is one of the major oil & gas exporters worldwide. The US accounts for more than 18% of global oil production, which shows the presence of a large number of onshore and offshore oil fields across the region. Oil & gas fields require a lot of pipelines for different applications, including upstream, midstream, and downstream operations. Moreover, oil & gas are processed with various chemicals that generate a lot of slag and corrosion in the oil country tubular goods (OCTG). For such issues, the OCTG is maintained or replaced (if required) periodically. One of the major factors driving the growth of the oil country tubular goods market is the number of oil & gas rigs across different countries of North America. The US is one of the world's largest producers of crude oil. As of December 2024, the country operated 599 oil and gas rigs, producing crude oil and natural gas for domestic consumption and export. Several countries, including Mexico, Canada, China, South Korea, and the Netherlands, rely on imports of US crude oil. During the war between Russia and Ukraine, many countries halted operations with Russian oil and gas companies, causing a shift of crude oil importers from Russia to the US and Saudi Arabia. The resulting increase in demand further boosted crude oil production in the US. The sudden increase in oil production is driving the demand to replace oil country tubular goods on US oil and gas platforms.
In addition, the big oil and gas companies in the Middle East and Asia, which include Saudi Aramco, ADNOC, Tokyo Gas Co. Ltd., and Mitsui & Co., Ltd., are aiming to invest in the US oil and gas sector. These companies aim to acquire oil and gas companies or acquire a minority stake in oil and gas projects. For instance, in June 2024, Mitsui & Co., Ltd., through its US-based subsidiary named Mitsui E&P USA LLC, acquired an unconventional gas asset in Texas, US, from Sabana, LLC and Vanna, LLC. The company aims to operate and fully develop the asset after 2026. Strategic investments by companies across the globe in the US are anticipated to fuel the demand for oil country tubular goods from 2025 to 2031.
Oil Country Tubular Goods Market Report Scope
Oil Country Tubular Goods Market News and Recent Developments
The oil country tubular goods market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the key developments in the oil country tubular goods market are listed below:
- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced it had signed a strategic Memorandum of Understanding (MOU) with AIQ, the Abu Dhabi-based artificial intelligence (AI) champion developing innovative solutions for the energy sector. This partnership is set to bring transformative efficiency to energy production, leveraging advanced automation, data-driven insights, and the power of AI technology. (Source: Weatherford International plc, Press Release, April 2025)
- JSW Steel Limited, in partnership with Japan’s JFE Steel Corporation, announced the complete acquisition of thyssenkrupp Electrical Steel India Private Limited (tkES India), securing 100% equity ownership through their joint venture. (Source: JSW Steel Limited, Press Release, October 2024)
Oil Country Tubular Goods Market Report Coverage and Deliverables
The "Oil Country Tubular Goods Market Size and Forecast (2025–2031)" provides a detailed analysis of the market covering the areas mentioned below:
- Oil country tubular goods market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Oil country tubular goods market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Oil country tubular goods market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the oil country tubular goods market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The North America held the largest market share in 2024, followed by Middle East and Africa.
Increasing oil & gas exploration and production (E&P) activities, growing developments in offshore oil & gas industry in Asia and Middle East and Africa are the driving factors impacting the oil country tubular goods (OCTG) market.
Rising rig count are the future trends of the oil country tubular goods (OCTG) market.
The key players, holding majority shares, in oil country tubular goods (OCTG) market includes Tenaris, Vallourec, and ArcelorMittal.
The oil country tubular goods (OCTG) market was valued at US$ 25,501.47 million in 2024 and is projected to reach US$ 37,255.85 million by 2031; it is expected to grow at a CAGR of 5.6% during 2025–2031.
The oil country tubular goods (OCTG) market is expected to reach US$ 37,255.85 million in the year 2031.
The List of Companies - Oil Country Tubular Goods Market
- NOV Inc
- Sumitomo Corporation
- JFE Steel Corp
- ILJIN STEEL CO., LTD.
- Corpac
- SB International, Inc.
- Weatherford International Plc
- ArcelorMittal SA
- Vallourec SA
- Tenaris SA
- Jacob Tubing L.P.
- Nippon Steel Corp
- United States Steel Corp
- Kelly Pipe Co. LLC
- Tianjin Pipe Corporation (TPCO)
- TMK Group
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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