The expansion of exploration & production activities in emerging economies and growing production of sour crude is driving the growth at a CAGR of at a CAGR of 7.5% during the forecast period 2023 to 2032

Market Research Future (MRFR) has published on the “Global Oil Country Tubular Goods Market”.

The Global Oil Country Tubular Market is estimated to register a CAGR of 7.5% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the Global oil country tubular goods market— ArcelorMittal, EVRAZ plc, ILJIN STEEL CO. LTD., JFE Steel Corporation, NIPPON STEEL CORPORATION, NOV Inc., Oil Country Tubular Limited, Sumitomo Corporation, Tenaris, SB International, Inc. and others.

Market Highlights

The Global oil country tubular goods market is accounted for to register a CAGR of 7.5% during the forecast period and is estimated to reach USD 42,732.1 Million by 2032.

A type of crude oil called sour crude is distinguished by its comparatively high sulfur content. Sulfur makes oil more expensive and difficult to refine, which makes sour crude a less desirable type of crude oil. Most of the oil that is produced in these areas is sour crude. Due to the growing global economy, oil output has risen steadily in these areas over the past few years. The greater refining expenses of sweet oil also contribute to the lower sour crude pricing than sweet crude prices. This is one of the main causes of the rising output of sour crude during the projection period.

However, high-sulfur crude oil prices have recently fallen compared to low-sulfur crude oil prices. Lower prices for sour crude oils compared to low-sulfur (sweet) crude oils result from rising crude oil exports from OPEC countries that produce higher-sulfur crude oils, commonly known as sour crude oils, and higher natural gas costs. According to the U.S. Energy Information Administration, In the first half of 2022, U.S. crude oil production averaged 11.1 million barrels per day (b/d), up from an annual average of 10.8 million b/d in 2021 and over the first half of 2022, U.S. production of light crude oil with an API gravity higher than 45 degrees increased by 185,000 b/d to 3.1 million b/d. Although large quantities of crude oil are produced in the United States, it still imports crude oil to meet domestic refining needs. Crude oils vary in qualities, including API gravity and sulfur content. Sweet crude oils have relatively low sulfur content, and sour crude oils have relatively high sulfur content. The U.S. refining complex is advanced and capable of refining heavier, more sour crude oils, which generally cost less than lighter, sweeter grades of crude oil. Additionally, the increase in the manufacture of cars and power is driving up demand for diesel. High-quality OCTGs are utilized to reduce the danger of leakage into the environment because sour crude is very acidic. The production of sour crude typically uses premium-grade materials that can operate in the oil well for longer periods due to their extremely corrosive character.

Browse In-depth Detailed Research Report [Table of Content, List of Figures, List of Tables] of Oil Country Tubular Goods Market Trends

Segment Analysis

The global oil country tubular goods market has been segmented based on product, application, dimension, process and grade.

Based on product, the market is categorized into Drill Pipe, Casing Pipe, Tubing Pipe, and Others. Among these, casing pipe is projected to dominate the Global oil country tubular goods market revenue through the projected period as estimated by MRFR analysts. The production of sour crude, which contains high levels of sulfur, is increasing. Sour crude requires specialized tubing pipe that can withstand the corrosive properties of the crude oil. This has led to an increased demand for tubing pipe in the OCTG market.

Based on application, the global oil country tubular goods market has been segmented into onshore and offshore. The onshore segment is projected to dominate the Global oil country tubular goods market revenue through the projected period as estimated by MRFR analysts. The onshore segment dominates the global OCTG market due to the rise in drilling and exploration activities on land. Onshore drilling refers to the process that takes place on land and is associated with oil, gas, or condensate production. The depletion of onshore resources has led to an increased focus on onshore drilling, driving the demand for OCTG in onshore segment.

Based on dimension, the global oil country tubular goods market has been segmented into Below 140 mm, 140 mm to 200mm, and Upto 406mm. The upto 406 mm segment is projected to dominate the Global oil country tubular goods market revenue through the projected period as estimated by MRFR analysts. The advancements in well-drilling technology have led to the exploration and production of oil and gas resources from unconventional reserves, such as shale and ultra-deepwater reserves. These reserves often require larger-sized tubular goods to withstand the challenging drilling conditions and extract resources efficiently thus, driving the demand for the segment.

Based on process, the global oil country tubular goods market has been segmented into Electric Resistance Welded (ERW) and Seamless. The seamless segment is projected to dominate the Global oil country tubular goods market revenue through the projected period as estimated by MRFR analysts. Seamless oil country tubular goods are manufactured from solid cylindrical steel called billets. The absence of welds in seamless pipes eliminates the risk of weak seams and potential leaks. This seamless construction provides superior strength and integrity, making them suitable for high-pressure drilling environments thus, driving its demand in the oil country tubular goods market.

Based on grade, the global oil country tubular goods market has been segmented into API grade and Premium grade. The API grade segment is projected to dominate the Global oil country tubular goods market revenue through the projected period as estimated by MRFR analysts. API grade tubular goods are designed to be compatible and interchangeable with other API-certified equipment. This allows for seamless integration and interchangeability of components during drilling and production activities. The standardized API grade ensures that the tubular goods can be easily sourced, replaced, and maintained across different projects and locations.

Regional Analysis

By region, the global oil country tubular goods market, has been divided into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Among these, the North America emerged as the leading region. The growth of North America oil country tubular goods market owes to the widespread development of oil & gas fields in the region. North America has seen significant development in oil and gas fields, both onshore and offshore. This development has created a substantial demand for OCTG products such as casings, drill pipes, and pipes. The exploration and production activities in crude oil and gas resources have contributed to the growing demand for OCTG in the region. According to the U.S. Energy Information Administration, in 2022 the oil and natural gas production has witnessed an increase in the US. Oil production reached 12.1 million barrels per day (b/d), while natural gas production (gross withdrawals) reached 121.1 billion cubic feet per day (Bcf/d) in December 2022. This growth in production has contributed to the increased demand for OCTG in the region.

Key Findings of the Study

• The Global oil country tubular goods market is expected to reach USD 42,732.1 Million by 2032, at a CAGR of 7.5% during the forecast period.


• The Asia Pacific region accounted for the fastest-growing global market, owing to the growing energy consumption in the region.


• Based on product, the drill pipe market segment was attributed to holding the largest market in 2022.


• Based on Application, the onshore segment was attributed to holding the largest market in 2022.


• Based on dimension, the upto 406 mm segment was attributed to holding the largest market in 2022.


• Based on process, the seamless segment was attributed to holding the largest market in 2022.


• Based on grade, the API grade segment was attributed to holding the largest market in 2022.


• ArcelorMittal, EVRAZ plc, ILJIN STEEL CO. LTD., JFE Steel Corporation, NIPPON STEEL CORPORATION, NOV Inc., are some of the key market players.