DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Global OCTG (Oil Country Tubular Goods) Market: Industry Analysis & Outlook (2017-2021)" report to their offering.
The OCTG market is a highly competitive sector because of the increasing oil & gas demand globally which has led to an increase in the number of exploration activities which directly affect the OCTG market. However, rising level of deep water exploration in coming years is expected to stimulate market growth around the world. The oil and gas demand is expected to expand at a much quicker pace, principally owing to the flourishing white collar class populace and globalization. Regionally China & Russia contributed the largest share in the global OCTG demand followed by the US & Canada and Latin America.
Oil Country Tubular Goods (OCTG) comprises of a wide range of steel tubular products that are used in Oil and Gas exploration and production and in particular drilling. They can be Seamless and Welded Pipes (Electric Resistance Welding (EWR) and come in various sizes and length. The process of manufacturing of seamless and welded pipes and tubes is different with the seamless pipes designed to bear much higher stress. OCTG generally includes three categories of products - drill pipe, casing, and tubing.
The key factors driving the growth of OCTG market are increasing demand for oil & gas, accelerating economic growth, future global energy consumption and demand growth for fossil fuels. A noteworthy trend of this industry is fluctuating global rig count. However, the expansion of the market is hindered by the challenges of drilling with casing for OCTG, depletion of limited oil and gas reserves, falling crude oil prices, environmental issues and the international political and economic instability.
The industry comprises few large players such as Nippon Steel & Sumitomo Metal Corporation, Tenaris S.A, TMK and Vallourec. All these companies have been profiled in the present report highlighting their key financials and business strategies for growth.
- Increasing Demand for Oil & Gas
- Accelerating Economic Growth
- Future Global Energy Consumption
- Demand Growth for Fossil Fuels
- Fluctuating Global Rig Count
- Drilling with Casing for OCTG
- Depletion of Limited Oil and Gas Reserves
- Falling Crude Oil Prices
- Environmental Issues
- International Political and Economic Instability
- Nippon Steel & Sumitomo Metal
- Tenaris S.A.
For more information about this report visit http://www.researchandmarkets.com/research/9xc25x/global_octg_oil