Oil Country Tubular Goods (OCTG) Market: Onshore and Offshore Oil Exploration Activities to Drive Sale of Oil Country Tubular Goods (OCTG)
Oil Country Tubular Goods (OCTG) Market: Onshore and Offshore Oil Exploration Activities to Drive Sale of Oil Country Tubular Goods (OCTG)
Oil exploration activities continue to blow life into several industries and sectors such as oil country tubular goods. Despite clarion calls to initiate action against exploitative oil production, there is no contention about the massive size of the oil and gas industry. A part of the revenues generated across this industry trickle down to the global oil country tubular goods (OCTG) market. These goods primarily refer to drill pipes, tubing, and casings that facilitate onshore and offshore procurement of oil and gas. Therefore, the indispensability of these systems or equipment across the oil industry is expected to rope in fresh streams of revenue generation. Furthermore, oil country tubular goods could create a formidable market opportunity for vendors operating in the oil and gas equipment manufacturing sector.
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Quality Assurance to Play a Central Role in Growth of Oil Country Tubular Goods Market
The primary applications of OCTG including tubing and casing mandate the use of materials that are corrosion resistance. Therefore, OCTG companies are resorting to premium manufacturing processes that ensue optimization of quality of equipment. The need for developing reliable pipelines for transport and distribution of oil has brought OCTG under the spotlight of attention. Furthermore, adherence to strict quality standards for development of seamless pipeline infrastructure has enabled the inflow of fresh investments into the OCTG market. The vast global network of natural gas and liquid petroleum supplies is suggestive of the huge market opportunity within this domain.
North America Cruises Ahead in Terms of Deployment of Oil and Gas Pipelines
US has one of the most extensive networks for natural gas and petroleum supplies. The country has a natural gas pipeline spanning 1,232,999 miles, and a pipeline of 149,570 miles for petroleum products. Canada is not far behind in deployment of robust and extensive pipelines for natural gas and petroleum supplies. The Federal Energy Regulatory Commission (FERC) is making dedicated efforts to ensure seamless operation and functioning of these pipelines. Henceforth, the total volume of sales within the OCTG market in North America is slated to increase. Cross-country pipelines have also emerged across several other parts of the world such as Europe and Asia Pacific, giving a push to market growth in these regions.
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Growth in Offshore Drilling Activities to Unravel New Opportunities for Market Expansion
The humongous rise in demand for petroleum has led the oil and gas industry to go above and beyond its previous production capacity. Therefore, offshore exploration sites have emerged across several parts of the world. Several of these sites are still under development, and require robust investments in tubing, casing, and drilling technologies. Besides, these sites have been developed with the intent to support the oil production activities running across onshore sites. The collective impact of onshore and offshore oil exploration activities is expected to reflect through growth in sales for OCTG systems.
Some of the prominent players in the global OCTG market are Sanjack Petro, United Drilling Tools LTD, ILJIN STEEL CO., LTD., VALLOUREC, ArcelorMittal, Tubos India, NOV Inc., CONTINENTAL ALLOYS & SERVICES, NIPPON STEEL CORPORATION, and TMK Group.
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