Market Size of North America Oil Country Tubular Goods Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 7.90 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Oil Country Tubular Goods Market Analysis
The North America oil country tubular goods (OCTG) market is expected to grow at a CAGR of over 7.9% during the forecast period. Factors such as increased investment in the upstream sector have resulted in an increased number of rig charter activities and in the number of wells drilled and in production, resulting in greater demand for OCTG in the region. Moreover, the widespread development of oil & gas fields in the region both onshore and offshore is likely to provide huge business for the OCTG market during the forecast period. However, volatile crude oil prices and increased import duty in the United States are expected to restrain the growth of the market in North America.
- The premium-grade OCTG products are likely to dominate the market on account of increasing focus on the development of deepwater and offshore reserves, like the Gulf of Mexico. The requirement of premium grade OCTG products is higher in harsher and challenging upstream operation.
- Liberalization of the oil and gas industry in Canada and Gulf of Mexico 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.
- The United States was the largest crude oil producers in the world, as of 2019. During the past decade, the shale drilling regions of the United States have expanded the use of horizontal and directional drilling activities, further driving the OCTG market in the country.
North America Oil Country Tubular Goods Industry Segmentation
The North America oil country tubular goods (OCTG) market report includes:
| Manufacturing Process | |
| Seamless | |
| Electric Resistance Welded |
| Grade | |
| Premium | |
| API |
| Geography | |
| United States | |
| Canada | |
| Rest of North America |
North America Oil Country Tubular Goods Market Size Summary
The North America oil country tubular goods (OCTG) market is poised for significant growth, driven by increased investments in the upstream sector, which have led to a rise in rig charter activities and well drilling. This surge in activity is expected to boost the demand for OCTG products across the region. The development of both onshore and offshore oil and gas fields further supports this growth trajectory. However, challenges such as volatile crude oil prices and increased import duties in the United States may pose constraints on market expansion. The market is anticipated to be dominated by premium-grade OCTG products, which are essential for the development of deepwater and offshore reserves, particularly in challenging upstream operations like those in the Gulf of Mexico.
The United States is expected to lead the OCTG market in North America, benefiting from the expansion of shale drilling regions and the adoption of horizontal and directional drilling techniques. These advancements have significantly increased the demand for tubular products, as longer lateral runs and greater drilling complexities necessitate more OCTG consumption per rig. The liberalization of the oil and gas industry in Canada and the Gulf of Mexico is likely to attract foreign investment, further bolstering the OCTG market. Key players in this moderately fragmented market include National-Oilwell Varco Inc., ILJIN Steel Co., Nippon Steel Corporation, TMK PAO, and Tenaris SA, all of which are well-positioned to capitalize on the growing opportunities in the region.
North America Oil Country Tubular Goods 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 Manufacturing Process
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2.1.1 Seamless
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2.1.2 Electric Resistance Welded
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2.2 Grade
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2.2.1 Premium
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2.2.2 API
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2.3 Geography
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2.3.1 United States
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2.3.2 Canada
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2.3.3 Rest of North America
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North America Oil Country Tubular Goods Market Size FAQs
What is the current North America Oil Country Tubular Goods Market size?
The North America Oil Country Tubular Goods Market is projected to register a CAGR of greater than 7.90% during the forecast period (2024-2029)
Who are the key players in North America Oil Country Tubular Goods Market?
National-Oilwell Varco Inc, ILJIN Steel Co, Nippon Steel Corporation, TMK PAO and Tenaris SA are the major companies operating in the North America Oil Country Tubular Goods Market.
