Seamless product in OCTG is the fastest-growing market globally, as compared to the ERW (Electric Resistance Welding) product. All the major oil and gas producing region will witness rise in the demand for oil and gas. Other important factors which will be responsible for the growth in the OCTG market are, abundant shale oil and gas reserve-which require horizontal drilling and the increase in the intake of OCTG-as a higher amount of OCTG is being used for directional drilling. Another driving factor includes increased deepwater drilling activities around the world. The OCTG market is a highly competitive market, and with the increase in exploration activities in unconventional reserves, the competition has moved to a higher level. An increase in more complex horizontal and directional drilling has led to an increase in OCTG demand, especially among high strength grades and premium connections.
The European market has a share of around 8% of the global OCTG market in 2013. The total revenue generated by the European market is $2,939.1 million in 2013, which is expected to grow at a moderate CAGR of 7.9% from 2014 to 2019 to reach $4,639.1 million by 2019. The European market had 8% share in seamless whereas 5% share in ERW of global OCTG market in 2013. Increase in the demand of shale oil & gas and rise in the depth of the wells will lead to an increase in the number of OCTG needed for establishing a well. Three countries, Norway, Russia and U.K., majorly dominate the European OCTG market. These three countries account for around 80% market share in 2013.
Browse through the market data tables, figures and detailed TOC on the “European Oil Country Tubular Goods Market.”
Middle East Oil Country Tubular Goods Market
The Middle East had a share of around 7% of the global OCTG market by 2013. The total revenue generated by the Middle East OCTG market is $2,682.0 million in 2013, which is expected to grow at a moderate CAGR of 7.7% from 2014 to 2019 to reach $4,202.9 million by 2019. Middle East market has 8% share in seamless and 4% share in ERW of global OCTG market in 2013. Increased drilling activities in onshore and offshore and growing trends of horizontal drilling in unconventional reserves are driving the growth of OCTG market in this region. Saudi Arabia and Qatar are the key OCTG markets in the Middle East region.
African Oil Country Tubular Goods Market
Africa has 6.7% share in the global OCTG market in 2013. The total revenue generated by the African OCTG market is $2,606.0 million in 2013, which is expected to grow at a moderate CAGR of 9.0% from 2014 to 2019 to reach $4,346.6 million by 2019. African market had 8% share in seamless and 2% share in electric resistance welding (ERW) of the global OCTG market in 2013. Focus on unconventional reserves and growing in trend of horizontal drilling in unconventional reserve is driving the growth of OCTG market in this region. Angola and Egypt are the key OCTG markets in the African region.
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