Asia-Pacific Oil Country Tubular Goods Market Size (2024 - 2029)

The Asia-Pacific oil country tubular goods market is anticipated to experience growth driven by factors such as technological advancements, reduced oil service costs, and increased directional drilling, which help narrow the supply-demand gap. The market size is further influenced by the recovery of crude oil prices and strategic initiatives in the upstream sector to enhance exploration and production activities. Despite challenges like high initial investments, regulatory hurdles, and operational difficulties, the liberalization of the oil and gas sector in the region presents opportunities for market expansion. China is expected to lead the market due to its enhanced domestic production, boosting the demand for these goods.

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Market Size of Asia-Pacific Oil Country Tubular Goods Industry

Asia-Pacific Oil Country Tubular Goods Market Size
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 2.70 %
Market Concentration Low

Major Players

Asia-Pacific Oil Country Tubular Goods Market Major Players

*Disclaimer: Major Players sorted in no particular order

Asia-Pacific Oil Country Tubular Goods Market Analysis

The market for Asia-Pacific oil country tubular goods is expected to grow at a CAGR of more than 2.7% approximately during the forecast period of 2020 - 2025. Factors such as reducing the supply-demand gap, the low oil breakeven prices due to technological advancements and reduced oil service costs, and increased directional drilling are expected to drive the market. Moreover, oil country tubular goods are likely to be promulgated by an expected recovery of crude oil prices and strategic initiatives taken by the companies operating in the upstream sector to augment the E&P activities. On the other hand, high initial investments, lack of skilled labor, government regulations, and operational challenges such as harsh weather conditions are restraining the market growth.

  • Premium grade OCTG is likely to witness significant demand over the forecast period as the requirement of premium grade OCTG products is higher in upstream operation.
  • The liberalization of the oil and gas sector in the Asia-Pacific region is aimed to increase the foreign investments and thereby helping the oil and gas industry to grow, which, in turn, is likely to provide an opportunity for oil country tubular goods market.
  • China is expected to dominate the market over the forecast period owing to its improved domestic oil and gas production, which, in turn, increases the demand for OCTG products.

Asia-Pacific Oil Country Tubular Goods Industry Segmentation

The Asia-Pacific oil country tubular goods market report include:

Manufacturing Process
Seamless
Electric Resistance Welded
Grade
Premium Grade
API Grade
Geography
India
China
Japan
South Korea
Rest of Asia-Pacific
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Asia-Pacific Oil Country Tubular Goods Market Size Summary

The Asia-Pacific oil country tubular goods market is poised for growth, driven by factors such as technological advancements that have lowered oil breakeven prices and reduced service costs, alongside an increase in directional drilling activities. The market is expected to benefit from a recovery in crude oil prices and strategic initiatives in the upstream sector aimed at enhancing exploration and production activities. However, challenges such as high initial investments, a shortage of skilled labor, stringent government regulations, and operational difficulties like harsh weather conditions may hinder market expansion. The demand for premium grade OCTG is anticipated to rise significantly, particularly in upstream operations, as these products are essential for high-pressure and high-temperature applications.

The liberalization of the oil and gas sector in the Asia-Pacific region is expected to attract foreign investments, providing a boost to the oil country tubular goods market. China is projected to lead the market due to its enhanced domestic oil and gas production, which drives the demand for OCTG products. The premium grade OCTG market is experiencing growth, fueled by increased exploration of natural gas and the development of shale reserves. Countries like India and South Korea are also contributing to market demand through significant investments in offshore and onshore projects. The market is characterized by fragmentation, with key players including National-Oilwell Varco, ILJIN STEEL, Nippon Steel, Tenaris, and TPCO Enterprise, all of which are actively participating in the region's oil and gas activities.

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Asia-Pacific Oil Country Tubular Goods Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Manufacturing Process

      1. 2.1.1 Seamless

      2. 2.1.2 Electric Resistance Welded

    2. 2.2 Grade

      1. 2.2.1 Premium Grade

      2. 2.2.2 API Grade

    3. 2.3 Geography

      1. 2.3.1 India

      2. 2.3.2 China

      3. 2.3.3 Japan

      4. 2.3.4 South Korea

      5. 2.3.5 Rest of Asia-Pacific

Asia-Pacific Oil Country Tubular Goods Market Size FAQs

The Asia-Pacific Oil Country Tubular Goods Market is projected to register a CAGR of greater than 2.70% during the forecast period (2024-2029)

National-Oilwell Varco, Inc. , ILJIN STEEL CO. , Nippon Steel Corp , Tenaris SA and TPCO Enterprise, Inc. are the major companies operating in the Asia-Pacific Oil Country Tubular Goods Market.

Asia-Pacific Oil Country Tubular Goods Market Report Snapshots

Asia-Pacific Oil Country Tubular Goods Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)