OCTG Market

Global OCTG Market Overview:

As per MRFR analysis, the OCTG Market Size was estimated at 20.93 (USD Billion) in 2024. The OCTG Market Industry is expected to grow from 22.18 (USD Billion) in 2025 to 37.32 (USD Billion) till 2034, at a CAGR (growth rate) is expected to be around 5.95% during the forecast period (2025 - 2034). Rise in the upstream oil & gas operations and, development of deepwater and offshore reserves in challenging environments, and increasing exploration and production activities are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

OCTG Market Trends

• The exponential possibility of finding conventional and unconventional resources is driving market growth.

Market CAGR for OCTG is being driven by the growing potential in discovering conventional and unconventional reserves. Government and private entities are interested in discovering recent oil well reserves to fulfill future energy demands. A massive chunk of investment by key organizations in unlocking significant oil and gas reserves is set to drive the oil government tubular goods market. Additionally, the shale gas revolution in the U.S. is attracting more investors to invest in analyzing unconventional energy sources. Also, numerous countries are striving hard to facilitate foreign trade on imports of hydrocarbons by realizing conventional and unconventional resources in their territorial boundaries, fueling the OCTG market growth.

Additionally, the economic resurgence in various parts of the globe has expanded energy consumption. Oil and gas is the major source in the overall energy outlook of the globe. Hydrocarbons are broadly utilized in several operations, such as power generation, processing, transportation, and manufacturing. One of the highest OCTG market trends is the exponential acquisitions by oilfield service providers and operators in investigation and production activities to meet the massive demand for oil and gas. A tremendous growth in drilling operations in different parts of the globe and the industry's continuous growth is likely to drive the OCTG market revenue.

The increase in deepwater exploration in remote areas with harsh environments has increased the use of premium quality drilling equipment, resulting in the market's growth. The Middle East is the major offshore deepwater reserve and is anticipated to boost production during the forecast period. The deployment of the entire rig calculations in the US surged from 369 in January 2021 to about 601 in January 2022, detecting a growth of 63% due to the country's growing oil and gas drilling movements. An identical trend was noticed in Canada, which registered an expansion of 39% in drilling rig deployment from 137 in January 2021 to 190 rigs in January 2022. Such systems are anticipated to resume and expand OCTG demand during the forecast period.

OCTG Market Segment Insights:

OCTG Type Insights

The OCTG market segmentation, based on type, includes tubing, casing, and drill pipe. The drill pipe segment dominated the market, accounting for 35% of market revenue (78.48 Billion). In developing economies, category growth is driven by growing investment in onshore drilling procedures to create a significant amount of hydrocarbons. Onshore drilling has been carried out over various decades more easily than its counterpart. However, casing is the fastest-growing category as well casing is a quintessential element in drilling as it assists in avoiding contamination of groundwater and stabilizes uninterrupted drilling operations.

OCTG Make Insights

The OCTG market segmentation, based on make, includes seamless and welded. The seamless category generated the most income (70.4%). The surge in the usage of seamless tubes in the oil & natural gas industry is mostly as it is extruded and drawn from a billet. However, welded is the fastest-growing category as they are easily customized according to operational needs.

OCTG Grade Insights

The OCTG market segmentation, based on grade, includes premium and API. The premium category generated the most income (70.4%). The development and investigation of oil & natural gas fields in offshore regions and the need for high grade transportation tubes, which can resist corrosion, have guaranteed leakproof performance, and sealing integrity of the connections even when subjected to a combination of loads, bending, and high internal pressure. However, API is the fastest-growing category due to increased deepwater exploration in remote areas.

Figure 1: OCTG Market, by Grade, 2024 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

OCTG Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American OCTG market area will dominate this market, owing to enormous drilling activities across the region. Favorable government policies and investments by some of the notable players in this region. Further, the US OCTG market held the largest market share, and the Canada OCTG market was the fastest-growing in the North America region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: OCTG Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe OCTG market accounts for the second-largest market share due to the increasing oil and gas exploration and production operations in the region driving market growth. Further, the German OCTG market held the largest market share, and the UK OCTG market was the fastest-growing market in the European region.

The Asia-Pacific OCTG market is expected to grow at the fastest CAGR from 2025 to 2034. This is due to increasing oil and gas exploration and production operations in the region. Moreover, the China OCTG market held the largest market share, and the India OCTG market was the fastest-growing market in the Asia-Pacific region.

OCTG Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the OCTG market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, higher investments, mergers and acquisitions, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the OCTG industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the OCTG industry to benefit clients and increase the market sector. Major players in the OCTG market, including National-Oilwell Varco Inc., ILJIN Steel Co., Nippon Steel & Sumitomo Metal Corporation, ArcelorMittal SA, Tenaris SA., and others, are attempting to increase market demand by investing in research and development operations.

Tenaris SA, a subsidiary of The Techint Group, manufactures steel pipe products. It carries out the presentation and marketing of seamless steel and welded steel tubular developments and affiliated services. The firm's portfolio of products includes casing, line pipe, tubing, and mechanical and structural pipes. Tenaris serves oil and gas firms and engineering firms engaged in constructing oil and gas gathering, processing, transportation, and power generation facilities. It operates a worldwide network of steel pipe manufacturing, research, finishing, and service facilities. In November 2020, Tenaris launched its Rig Direct service for OCTG, which permits consumers to purchase and operate their tubular online, with real-time access to prices, inventory, and delivery status.

Vallourec SA (Vallourec) is a manufacturer of tubular solutions. It designs, develops, and produces hot-rolled seamless steel tubes and welded tubes. The company's product portfolio includes seamless tubes and connections; heat exchanger tubes and steam generator tubes; carbon and alloy steel pipes; hydraulic cylinders and precision tools; and hot finished structural hollow sections. Vallourec serves customers in the oil and gas, power generation, automobile, mechanical, construction, and other sectors in Europe, North America, South America, Asia, the Middle East, and other regions. It has manufacturing, sales, and other facilities across the world. In September 2019, Vallourec established its unique VAM SPRINT-SF connection for OCTG, which features a high-performance seal and improved torque capacity for challenging drilling environments.

Key Companies in the OCTG market include

• Nippon Steel & Sumitomo Metal Co. (Japan)
• Vallourec (France)
• Tenaris(Europe)
• National Oilwell Varco (U.S.)
• TMK (U.S.)
• Steel Tubular Products Inc (NA).
• ILJIN STEEL CO (S. Korea)
• Continental Alloys (Malaysia)
• Anhui Tianda Oil Pipe Company (China)

OCTG Industry Developments

December 2022: Vallourec secured a third prominent order in the framework of the Long-Term Agreement (LTA) signed in 2021 with ExxonMobil Guyana. Under the contract, Vallourec will deliver line pipe for ExxonMobil Guyana's deepwater Uaru project.

August 2022: Abu Dhabi National Oil Organization was awarded a five-framework agreement valued at USD 1.83 billion for logging during drilling and directional drilling. The project includes wellheads and related components, downhole completion equipment and associated services, liner hangers, cementing services, wireline logging, and directional drilling. With this framework agreement, the company aims to drill new wells and expand its production capacity.

January 2022: Jindal SAW announced that it had formed a joint venture (JV) with Hunting Energy Services to set up an OCTG threading plant in Nashik, India. The plant will manufacture the equipment used in oil and gas drilling services. The initial investment will be around USD 20–25 million in a 51:49 partnership in which Jindal SAW is the majority shareholder. The installation was actived by the end of 2022.

OCTG Market Segmentation

OCTG Type Outlook

• Tubing
• Casing
• Drill Pipe
• Others

OCTG Application Outlook

• Onshore
• Offshore

OCTG Make Outlook

• Seamless
• Welded

OCTG Grade Outlook

• Premium
• API

OCTG Regional Outlook

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Australia
  • Rest of Asia-Pacific
• Rest of the World
  • Middle East
  • Africa
  • Latin America

OCTG Market Segmentation

OCTG Type Outlook (USD Billion, 2018-2032)

• Tubing

• Casing

• Drill Pipe

OCTG Make Outlook (USD Billion, 2018-2032)

• Seamless

• Welded

OCTG Grade Outlook (USD Billion, 2018-2032)

• Premium

• API

OCTG Regional Outlook (USD Billion, 2018-2032)

• North America Outlook (USD Billion, 2018-2032)

  • North America OCTG by Type

    • Tubing

    • Casing

    • Drill Pipe

  • North America OCTG by Make

    • Seamless

    • Welded

  • North America OCTG by Grade

    • Premium

    • API

  • US Outlook (USD Billion, 2018-2032)

  • US OCTG by Type

    • Tubing

    • Casing

    • Drill Pipe

  • US OCTG by Make

    • Seamless

    • Welded

  • US OCTG by Grade

    • Premium

    • API

  • CANADA Outlook (USD Billion, 2018-2032)

  • CANADA OCTG by Type

    • Tubing

    • Casing

    • Drill Pipe

  • CANADA OCTG by Make

    • Seamless

    • Welded

  • CANADA OCTG by Grade

    • Premium

    • API

• Europe Outlook (USD Billion, 2018-2032)

  • Europe OCTG by Type

    • Tubing

    • Casing

    • Drill Pipe

  • Europe OCTG by Make

    • Seamless

    • Welded

  • Europe OCTG by Grade

    • Premium

    • API

  • Germany Outlook (USD Billion, 2018-2032)

  • Germany OCTG by Type

    • Tubing

    • Casing

    • Drill Pipe

  • Germany OCTG by Make

    • Seamless

    • Welded

  • Germany OCTG by Grade

    • Premium

    • API

  • France Outlook (USD Billion, 2018-2032)

  • France OCTG by Type

    • Tubing

    • Casing

    • Drill Pipe

  • France OCTG by Grade

    • Premium

    • API

  • France OCTG by Make

    • Seamless

    • Welded

  • UK Outlook (USD Billion, 2018-2032)

  • UK OCTG by Type

    • Tubing

    • Casing

    • Drill Pipe

  • UK OCTG by Make

    • Seamless

    • Welded

  • UK OCTG by Grade

    • Premium

    • API

  • ITALY Outlook (USD Billion, 2018-2032)

  • ITALY OCTG by Type

    • Tubing

    • Casing

    • Drill Pipe

  • ITALY OCTG by Make

    • Seamless

    • Welded

  • ITALY OCTG by Grade

    • Premium

    • API

  • SPAIN Outlook (USD Billion, 2018-2032)

  • Spain OCTG by Type

    • Tubing

    • Casing

    • Drill Pipe

  • Spain OCTG by Make

    • Seamless

    • Welded

  • Spain OCTG by Grade

    • Premium

    • API

  • Rest Of Europe Outlook (USD Billion, 2018-2032)

  • Rest Of Europe OCTG by Type

    • Tubing

    • Casing

    • Drill Pipe

  • REST OF EUROPE OCTG by Make

    • Seamless

    • Welded

  • Rest Of Europe OCTG by Grade

    • Premium

    • API

• Asia-Pacific Outlook (USD Billion, 2018-2032)

  • Asia-Pacific OCTG by Type

    • Tubing

    • Casing

    • Drill Pipe

  • Asia-Pacific OCTG by Make

    • Seamless

    • Welded

  • Asia-Pacific OCTG by Grade

    • Premium

    • API

  • China Outlook (USD Billion, 2018-2032)

  • China OCTG by Type

    • Tubing

    • Casing

    • Drill Pipe

  • China OCTG by Make

    • Seamless

    • Welded

  • China OCTG by Grade

    • Premium

    • API

  • Japan Outlook (USD Billion, 2018-2032)

  • Japan OCTG by Type

    • Tubing

    • Casing

    • Drill Pipe

  • Japan OCTG by Grade

    • Premium

    • API

  • Japan OCTG by Make

    • Seamless

    • Welded

  • India Outlook (USD Billion, 2018-2032)

  • India OCTG by Type

    • Tubing

    • Casing

    • Drill Pipe

  • India OCTG by Make

    • Seamless

    • Welded

  • India OCTG by Grade

    • Premium

    • API

  • Australia Outlook (USD Billion, 2018-2032)

  • Australia OCTG by Type

    • Tubing

    • Casing

    • Drill Pipe

  • Australia OCTG by Grade

    • Premium

    • API

  • Australia OCTG by Make

    • Seamless

    • Welded

  • Rest of Asia-Pacific Outlook (USD Billion, 2018-2032)

  • Rest of Asia-Pacific OCTG by Type

    • Tubing

    • Casing

    • Drill Pipe

  • Rest of Asia-Pacific OCTG by Grade

    • Premium

    • API

  • Rest of Asia-Pacific OCTG by Make

    • Seamless

    • Welded

• Rest of the World Outlook (USD Billion, 2018-2032)

  • Rest of the World OCTG by Type

    • Tubing

    • Casing

    • Drill Pipe

  • Rest of the World OCTG by Grade

    • Premium

    • API

  • Rest of the World OCTG by Make

    • Seamless

    • Welded

  • Middle East Outlook (USD Billion, 2018-2032)

  • Middle East OCTG by Type

    • Tubing

    • Casing

    • Drill Pipe

  • Middle East OCTG by Make

    • Seamless

    • Welded

  • Middle East OCTG by Grade

    • Premium

    • API

  • Africa Outlook (USD Billion, 2018-2032)

  • Africa OCTG by Type

    • Tubing

    • Casing

    • Drill Pipe

  • Africa OCTG by Make

    • Seamless

    • Welded

  • Africa OCTG by Grade

    • Premium

    • API

  • Latin America Outlook (USD Billion, 2018-2032)

  • Latin America OCTG by Type

    • Tubing

    • Casing

    • Drill Pipe

  • Latin America OCTG by Make

    • Seamless

    • Welded

  • Latin America OCTG by Grade

    • Premium

    • API