Market Size of South and Central America 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 | 4.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
South and Central America Oil Country Tubular Goods Market Analysis
The South and Central America oil country tubular goods (OCTG) market is expected to register a CAGR of 4.5% during the forecast period.
The market studied was negatively impacted by COVID-19 in 2020. Since then, the market has been recovering and has now reached pre-pandemic levels.
Major factors driving the growth of the market studied are reducing the supply-demand gap, low oil breakeven prices due to technological advancement, reduced oil services cost, and increased directional drilling. However, volatile crude oil prices and the risk associated with the cyclic nature of the tube are expected to restrain the OCTG market's growth. Liberalization of the oil and gas industry by major countries in South and Central America is expected to increase foreign investment, thereby helping the oil and gas industry to grow, and is anticipated to boost the OCTG market's growth in the region.
Due to the increase in oil and gas exploration activities, Brazil is expected to witness significant demand in South and Central America during the forecast period.
South and Central America Oil Country Tubular Goods Industry Segmentation
Oil country tubular goods (OCTG) is a family of seamless rolled products consisting of drill pipe, casing, and tubing subjected to loading conditions.
The South and Central America Oil and Country Tubular Goods (OCTG) market is segmented by manufacturing process and grade. By manufacturing process, the market is segmented as 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 South and Central America Oil Country Tubular Goods (OCTG) market across the major region or countries. The market size and forecasts for each segment have been based on USD billion.
| By Manufacturing Process | |
| Seamless | |
| Electric Resistance Welded |
| By Grade | |
| Premium Grade | |
| API Grade |
| By Geography | |
| Brazil | |
| Argentina | |
| Venezuela | |
| Rest of South and Central America |
South and Central America Oil Country Tubular Goods (OCTG) Market Size Summary
The South and Central America oil country tubular goods (OCTG) market is poised for growth, driven by factors such as technological advancements, reduced oil service costs, and increased directional drilling. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. The liberalization of the oil and gas industry in the region is expected to attract foreign investments, further propelling market expansion. Brazil, a key player in the region, is anticipated to experience significant demand due to its extensive oil and gas exploration activities. The premium-grade OCTG segment is particularly poised for growth, fueled by the rising demand from upstream oil and gas activities, especially in complex applications requiring gas-tight sealing.
Brazil's robust oil and gas sector, bolstered by discoveries of large offshore pre-salt deposits, is a major contributor to the OCTG market's growth. The country's investor-friendly regulatory reforms and ongoing projects, such as the development of the Libra oil field and the Peregrino heavy oil field, are expected to drive market expansion. The presence of major industry players like National-Oilwell Varco Inc., Nippon Steel Corporation, Tenaris SA, ArcelorMittal SA, and Vallourec SA underscores the moderately consolidated nature of the market. Strategic initiatives, such as Vallourec SA's new business venture in Brazil and Tenaris SA's supply agreement in Argentina, highlight the dynamic landscape of the OCTG market in South and Central America.
South and Central America 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 2027
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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 By 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 By Grade
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2.2.1 Premium Grade
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2.2.2 API Grade
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2.3 By Geography
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2.3.1 Brazil
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2.3.2 Argentina
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2.3.3 Venezuela
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2.3.4 Rest of South and Central America
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South and Central America Oil Country Tubular Goods (OCTG) Market Size FAQs
What is the current South and Central America Oil Country Tubular Goods (OCTG) Market size?
The South and Central America Oil Country Tubular Goods (OCTG) Market is projected to register a CAGR of greater than 4.5% during the forecast period (2024-2029)
Who are the key players in South and Central America 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 South and Central America Oil Country Tubular Goods (OCTG) Market.
