The North America oil country tubular goods market size is projected to expand at a considerable CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing demand for premium pipes, growing number of shale reserves, and developments in the technologies leading to rising directional & horizontal drilling.
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Oil country tubular goods are the combinations of different types of steel tubular products that are used to perform the drilling activities without any interference. The steel tubular products used to make oil country tubular goods are production tubing, well casing, and drill pipe. It is majorly used for producing gas and oil as well as in both offshore and onshore.
The wellbore has multiple phases in which tubing, casing, and drill pipe is used on the alternative basis. The drill pipe is heavy that circulates the drilling fluid and also rotates the drill bit. Casing pipes is essential component as it controls the pressure of wellbore at the time of production, drilling, & repairing operations as well as maintains the stability. Casing pipes lines the wellbore and the pipe that is responsible for transporting oil & gas from the wellbore is known as tubing.
Market Trends, Drivers, Restraints, and Opportunities
- Rising production of sour crude is estimated to propel the market expansion in the coming years.
- Growing exploration and production activities is expected to boost the market growth during the forecast period.
- Rapid growth of the iron & steel industry is major factors spurring the market expansion.
- High initial setup price is anticipated to hamper the market growth in the coming years.
- Lack of skilled labors for exploration and production acts as main challenge that can impede the market expansion.
- R&D investment and technological advancement in oil country tubular goods market is expected to offer significant opportunities for the market players.
Market Segment Insights:
Seamless segment is projected to account for a large market share
Based on manufacturing process, the North America oil country tubular goods market is divided into electric resistance welded and seamless. The seamless segment is expected to constitute a key share of the market during the forecast period owing to wide availability, ability to hold out against high pressure without cracking and high usage in production activities & hydrocarbon exploration.
American Petroleum Institute segment is projected to hold a key market share
On the basis of grades, the market is segmented into American Petroleum Institute and premium. The American Petroleum Institute segment is expected to represent a key share of the market in the coming years due to its various standard specifications and its properties such as temperature, thermal compatibility, & ductility. There are chemical compositions used to segregate the products among ten standard grades by providing them heat treatment.
United States is expected to dominate the market
On the basis of geography, the North America oil country tubular goods market is categorized as Canada, United States, and Rest of North America. The market of United States is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to rising offshore drilling operations and favorable government investments & policies. The United States is focusing on leveraging the production of gas & oil for balancing the demand-supply ratio.
Competitive Landscape
Key players competing in the North America oil country tubular goods market include ILJIN Steel Co.; TMK PAO; National-Oilwell Varco Inc.; Nippon Steel Corporation; Tenaris SA; United States Steel Corporation; Evraz Plc.; Tenergy Equipment and Services Ltd.; SB International Inc.; and JFE Steel Corporation. Some of these players are engaged in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
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