Market Size of Middle-East Oil Country Tubular Goods (OCTG) Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 4.20 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Middle-East Oil Country Tubular Goods Market Analysis
The Middle Eastern oil country tubular goods (OCTG) market is projected to register a CAGR of over 4.2% during the forecast period.
The COVID-19 pandemic negatively impacted the market in 2020. Presently, the market has reached pre-pandemic levels.
- Over the medium term, factors such as the reduced supply-demand gap, the low oil breakeven prices due to technological advancements and reduced oil services cost, and increased directional drilling are expected to drive the market.
- On the other hand, factors such as sanctions on several countries in the region, along with geopolitical tensions, are expected to hinder the growth of the market studied.
- Nevertheless, liberalization of the oil and gas industry by major countries in the Middle East to increase foreign investment and help the oil and gas industry may provide an opportunity for the OCTG market in the region.
- Saudi Arabia is one of the major oil producers globally, and the country stood second in the production of crude oil in 2021. The economy of Saudi Arabia is highly dependent on the oil and gas upstream sector, and the oil exports account for 40% of the country's GDP. Hence, Saudi Arabia is expected to be the largest market in the region for OCTG.
Middle-East Oil Country Tubular Goods Industry Segmentation
The oil country tubular goods are a combination of various steel tubular products, including well casings, production tubings, and drill pipes. These tubular products are used to facilitate drilling in a continuous manner. A tubular pipe may be a seamless pipe or a welded pipe manufactured in various grades and sizes. The well casing consists of a tube-shaped structure placed within the well to maintain the opening between the target groundwater and the surface. Together with the grout, the casing prevents dirt from entering the well.
The Middle Eastern oil country tubular goods market is segmented by manufacturing process, grade, and geography. By manufacturing process, the market is segmented into seamless and electric resistance welded. By grade, the market is segmented into premium grade and API grade. The report also covers the market size and forecasts for the oil country tubular goods (OCTG) market across major countries in the region. The market size and forecasts for each segment have been done in terms of revenue (USD billion).
| Manufacturing Process | |
| Seamless | |
| Electric Resistance Welded |
| Grade | |
| Premium Grade | |
| API Grade |
| Geography | |
| Saudi Arabia | |
| United Arab Emirates | |
| Kuwait | |
| Rest of Middle East |
Middle-East Oil Country Tubular Goods (OCTG) Market Size Summary
The Middle Eastern oil country tubular goods (OCTG) market is poised for growth, driven by factors such as technological advancements and increased directional drilling activities. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. Key drivers include a reduced supply-demand gap and low oil breakeven prices, which are enhancing the attractiveness of the region for OCTG investments. However, geopolitical tensions and sanctions in certain countries pose challenges to market expansion. The liberalization of the oil and gas industry in major Middle Eastern countries is expected to attract foreign investment, potentially providing a significant opportunity for the OCTG market. Saudi Arabia, a leading global oil producer, is anticipated to be the largest market for OCTG in the region, given its heavy reliance on the oil and gas sector for economic stability.
The premium-grade OCTG segment is experiencing growth due to rising demand from upstream activities, particularly in gas wells and high-pressure environments. The exploration of natural gas, especially from shale reserves, is boosting this segment further. The United Arab Emirates and Kuwait are also significant players in the region, with substantial oil and gas production contributing to their economies. Collaborative projects, such as the development of the Durra offshore gas field between Kuwait and Saudi Arabia, highlight the region's focus on enhancing natural gas production. Despite challenges, countries like Iran, Iraq, and Egypt are expected to see increased upstream activities, further driving demand for premium-grade OCTG. The market is moderately fragmented, with major players like National-Oilwell Varco Inc., Nippon Steel Corporation, and Vallourec SA actively participating in the region's OCTG supply chain.
Middle-East Oil Country Tubular Goods (OCTG) Market Size - Table of Contents
-
1. MARKET OVERVIEW
-
1.1 Introduction
-
1.2 Market Size and Demand Forecast in USD billion, till 2027
-
1.3 Recent Trends and Developments
-
1.4 Government Policies and Regulations
-
1.5 Market Dynamics
-
1.5.1 Drivers
-
1.5.2 Restraints
-
-
1.6 Supply Chain Analysis
-
1.7 Porter's Five Forces Analysis
-
1.7.1 Bargaining Power of Suppliers
-
1.7.2 Bargaining Power of Consumers
-
1.7.3 Threat of New Entrants
-
1.7.4 Threat of Substitutes Products and Services
-
1.7.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 Manufacturing Process
-
2.1.1 Seamless
-
2.1.2 Electric Resistance Welded
-
-
2.2 Grade
-
2.2.1 Premium Grade
-
2.2.2 API Grade
-
-
2.3 Geography
-
2.3.1 Saudi Arabia
-
2.3.2 United Arab Emirates
-
2.3.3 Kuwait
-
2.3.4 Rest of Middle East
-
-
Middle-East Oil Country Tubular Goods (OCTG) Market Size FAQs
What is the current Middle-East Oil Country Tubular Goods (OCTG) Market size?
The Middle-East Oil Country Tubular Goods (OCTG) Market is projected to register a CAGR of greater than 4.20% during the forecast period (2024-2029)
Who are the key players in Middle-East 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 Middle-East Oil Country Tubular Goods (OCTG) Market.
