According to our latest study on "Oil Country Tubular Goods Market Size and Forecasts (2025 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis - by process, product, and applications," the oil country tubular goods market size was valued at US$ 25,501.47 million in 2024 and is expected to reach US$ 37,255.85 million by 2031; it is estimated to record a CAGR of 5.6% from 2025 to 2031.

The oil country tubular goods market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. North America dominated the market in 2024, followed by Europe and APAC, respectively. The North America oil country tubular goods market is segmented into the US, Canada, and Mexico. North America consists of the US, Canada, and Mexico. North America is one of the major oil & gas exporters worldwide. The US accounts for more than 18% of global oil production, which shows the presence of a large number of onshore and offshore oil fields across the region. Oil & gas fields require a lot of pipelines for different applications, including upstream, midstream, and downstream operations. Moreover, oil & gas are processed with various chemicals that generate a lot of slag and corrosion in the oil country tubular goods (OCTG). For such issues, the OCTG is maintained or replaced (if required) periodically. One of the major factors driving the growth of the oil country tubular goods market is the number of oil & gas rigs across different countries of North America.

The US is one of the world's largest producers of crude oil. As of December 2024, the country operated 599 oil and gas rigs, producing crude oil and natural gas for domestic consumption and export. Several countries, including Mexico, Canada, China, South Korea, and the Netherlands, rely on imports of US crude oil. During the war between Russia and Ukraine, many countries halted operations with Russian oil and gas companies, causing a shift of crude oil importers from Russia to the US and Saudi Arabia. The resulting increase in demand further boosted crude oil production in the US. The sudden increase in oil production is driving the demand to replace oil country tubular goods on US oil and gas platforms.

In addition, the big oil and gas companies in the Middle East and Asia, which include Saudi Aramco, ADNOC, Tokyo Gas Co. Ltd., and Mitsui & Co., Ltd., are aiming to invest in the US oil and gas sector. These companies aim to acquire oil and gas companies or acquire a minority stake in oil and gas projects. For instance, in June 2024, Mitsui & Co., Ltd., through its US-based subsidiary named Mitsui E&P USA LLC, acquired an unconventional gas asset in Texas, US, from Sabana, LLC and Vanna, LLC. The company aims to operate and fully develop the asset after 2026. Strategic investments by companies across the globe in the US are anticipated to fuel the demand for oil country tubular goods from 2025 to 2031.

Key Findings of Oil Country Tubular Goods Market Study:

The oil country tubular goods market is segmented on the basis of process, product, and application. Based on process, the market is bifurcated into seamless and welded. In terms of product, the market is segmented into drill pipe, well casting, and production tubing. Based on application, the market is bifurcated into onshore and offshore. Based on geography, the market is segmented into North America, Europe, the Middle East and Africa, Asia Pacific, and South America.

Based on application, the global oil country tubular goods market is bifurcated into onshore and offshore. Onshore segment registered the highest market share in 2024 and is expected to maintain its dominance during the analyzed timeframe. The onshore drilling segment is a cornerstone of global oil country tubular goods market, driven by significant oil and gas reserves in countries such as Argentina, Brazil, and Colombia. This segment encompasses the deployment of casing, tubing, and drill pipes in land-based drilling operations, which are essential for maintaining well integrity, facilitating fluid transport, and ensuring pressure control throughout the well's lifecycle. The market growth in this segment is further supported by advancements in drilling technologies, such as horizontal drilling and hydraulic fracturing, which enhance extraction efficiency and extend the operational life of wells. Additionally, the liberalization of the oil and gas industry in several global countries has attracted foreign investments, further stimulating demand for high-quality OCTG products.

In conclusion, the onshore drilling segment plays a crucial role in the global OCTG market, underpinned by rich hydrocarbon reserves, technological advancements, and favorable investment climates. For instance, according to Brazil's 2022-2032 Energy Expansion Plan, national oil output is projected to reach 4.9 million barrels per day by 2032, with pre-salt fields expected to account for nearly 80% of this volume. The country's regulatory framework is highly supportive of foreign investment, attracting major global energy companies. Petrobras, the state-owned energy giant, has pledged US$ 77.3 billion in investments from 2024 to 2029, reinforcing Brazil's status as a dominant force in offshore oil exploration and production. As exploration and production activities continue to expand, the demand for reliable and durable OCTG products is expected to rise correspondingly.

Major players operating in the global oil country tubular goods market include Corpac, ArcelorMittal S.A., Vallourec S.A., Tenaris, Jacob Tubing LP, Nippon Steel, Kelly Pipe Co. LLC, Sumitomo Corporation, United States Steel Corporation, and TMK Group among others. Research and development activities for new product development and strategic alliances with other companies through mergers and acquisitions, partnership, business expansion, and collaboration are a few of the key business strategies of companies operating in the oil country tubular goods market. Several other major players were studied and analyzed during the oil country tubular goods market analysis to get a holistic view of the market and its ecosystem. The oil country tubular goods market report also provides detailed market insights, which help the key players strategize their growth. The report includes growth prospects owing to the current oil country tubular goods market trends and their foreseeable impact during the forecast period.

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