Market Size of Africa Oil Country Tubular Goods (OCTG) Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 5.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Africa Oil Country Tubular Goods Market Analysis
The Africa oil country tubular goods (OCTG) market is expected to grow approximately at a CAGR of more than 5% during the forecast period. Factors such as a string of prolific discoveries and a large pipeline of projects, which are in post-final investment decision (FID) and under construction are expected to drive the market. Moreover, oil country tubular goods are likely to be promulgated by strategic initiatives taken by the companies operating in the upstream sector to augment the E&P activities. However, volatile crude oil prices and uncertainty amongst operators is expected to hinder the growth of the OCTG market in Africa region.
- The premium grade OCTG products are likely to witness higher CAGR on account of increasing focus on gas wells, horizontal wells, high pressure (above 5,000 psi) and high temperature (above 250 F) wells. The requirement of premium grade OCTG products is higher in harsher and challenging upstream operation which is prevalent in the Africa region.
- Liberalization of oil and gas by major countries in Africa to increase the foreign investment and thereby helping the oil and gas industry to grow is likely to provide an opportunity for the OCTG market in the region.
- Nigeria is one of the major oil and gas producers in the region, in 2019. The economy of Nigeria is highly dependent on oil & gas sector, which accounts for major share of country's GDP. Hence, Nigeria is expected to be the largest market in the region for OCTG.
Africa Oil Country Tubular Goods Industry Segmentation
The Africa oil country tubular goods (OCTG) market report include:
| Grade | |
| Premium Grade | |
| API Grade |
| Geography | |
| Nigeria | |
| Angola | |
| Algeria | |
| Rest of Africa |
Africa Oil Country Tubular Goods (OCTG) Market Size Summary
The Africa oil country tubular goods (OCTG) market is poised for significant growth, driven by a series of prolific discoveries and a robust pipeline of projects in various stages of development. Strategic initiatives by companies in the upstream sector are expected to further bolster exploration and production activities, although challenges such as volatile crude oil prices and operator uncertainty may impede progress. The demand for premium grade OCTG products is anticipated to rise, fueled by an increasing focus on gas wells, horizontal drilling, and high-pressure and high-temperature operations, which are prevalent in the region. The liberalization of oil and gas sectors in key African countries is expected to attract foreign investment, providing a substantial opportunity for market expansion.
Nigeria stands out as a major player in the region, with its economy heavily reliant on the oil and gas sector, making it the largest market for OCTG in Africa. The country's initiatives to enhance upstream capabilities, including the development of the Egina oilfield and critical gas projects, are expected to drive demand for OCTG. East Africa is emerging as a significant area for investment, with its previously unexplored regions gaining importance on the global oil and gas map. The recovery of crude oil prices is anticipated to stimulate upstream activities across the continent, further boosting the demand for premium grade OCTG. The market is moderately fragmented, with key players such as National-Oilwell Varco Inc., Nippon Steel Corporation, Tenaris SA, ArcelorMittal SA, and Vallourec SA playing pivotal roles in shaping the industry's landscape.
Africa Oil Country Tubular Goods (OCTG) Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2025
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Grade
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2.1.1 Premium Grade
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2.1.2 API Grade
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2.2 Geography
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2.2.1 Nigeria
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2.2.2 Angola
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2.2.3 Algeria
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2.2.4 Rest of Africa
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Africa Oil Country Tubular Goods (OCTG) Market Size FAQs
What is the current Africa Oil Country Tubular Goods (OCTG) Market size?
The Africa Oil Country Tubular Goods (OCTG) Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Africa Oil Country Tubular Goods (OCTG) Market?
National-Oilwell Varco Inc, Nippon Steel Corporation, Tenaris SA, ArcelorMittal SA and Vallourec SA are the major companies operating in the Africa Oil Country Tubular Goods (OCTG) Market.
