Oil Country Tubular Goods Market Strategies, Top Players, Growth Opportunities, Analysis and Forecast by 2031

The oil country tubular goods market size is expected to reach US$ 37,255.85 million by 2031 from US$ 25,501.47 million in 2024. The market is estimated to register a CAGR of 5.6% during 2025–2031. The rising rig count are likely to bring new trends to the market in the coming years.

Oil Country Tubular Goods Market Analysis

Key stakeholders in the oil country tubular goods market are raw material or component providers, oil country tubular goods manufacturers, distributors, service providers, and end users. The availability of a large number of raw material suppliers and low switching costs have reduced the impact of component suppliers and material providers in the market. The raw materials required for oil country tubular goods manufacturing mainly include stainless steel and steel alloys. In addition, steel billets, scrap steel, and alloying elements such as chromium, nickel, molybdenum, and manganese form the backbone of OCTG production. The mechanical properties of OCTG, particularly strength, corrosion resistance, and fatigue performance, are heavily dependent on the quality and composition of these raw materials. Components such as cameras are directly procured from component providers. Prominent raw material or component suppliers in the market include ArecelorMittal, ASA Alloys Inc, Belmont Metals Inc, Metal Alloys Corporation, Nippon Steel and Sumitomo Metal Corporation, Hebei Iron and Steel Group, Baosteel, POSCO, Shangshang Desheng Group, and others. The global oil country tubular goods market constitutes a notable number of market players with focused and diverse business offerings. Companies with regional presence generally rely on distributors and suppliers for their equipment sales. Oil Country Tubular Goods Market Overview

Oil country tubular goods (OCTG) is a vital commodity for upstream exploration and production in the energy sector, representing a significant portion of capital investment for exploration and production (E&P) operators. The demand for OCTG is closely tied to drilling activity, rig count, and global oil prices, making it a cyclical but strategically important segment within the supply chain. Leading OCTG manufacturers compete based on product quality, steel grade, heat treatment processes, and logistical efficiency. Premium connections, which improve sealability and resist deformation, constitute a high-margin segment that offers differentiation in a saturated market. Major global producers include Tenaris, Vallourec, and Nippon Steel, while domestic steelmakers typically supply local markets through trade protection measures such as anti-dumping duties and tariffs.

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Oil Country Tubular Goods Market: Strategic Insights

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Oil Country Tubular Goods Market Drivers and Opportunities

Increasing Oil & Gas Exploration and Production (E&P) Activities

The increased drilling and exploration activities in regions such as North America, the Middle East & Africa, and Asia Pacific significantly propel the oil country tubular goods market growth. For instance, in April 2025, the Minister of Energy and Natural Resources, Turkey, and the Petroleum and Mineral Resources Minister signed a hydrocarbon exploration and production agreement in onshore fields. Turkey discovered up to 20 billion barrels of crude oil in Somalia. The demand for oil & gas is rising worldwide owing to the increasing requirement for energy. As of October 2024, the International Energy Agency (IEA) expected the global oil demand to increase by 900,000 barrels/day (kb/d) in 2024 and by 1 million barrels/day in 2025. China’s demand for crude oil witnessed continuous growth, setting a record in March 2023 at 16 mb/d. Furthermore, the Russian Federation’s aggression in Ukraine has threatened the energy supply, and it tends to drive oil & gas prices up.

In addition, the Brazilian government's pro-investment regulatory framework, coupled with a strong commitment from Petrobras, highlighted by its US$ 77.3 billion CAPEX plan for 2024–2029, continues to attract major global energy companies. According to Brazil's 2022–2032 Energy Expansion Plan, national oil production is forecast to reach 4.9 million barrels per day by 2032, with pre-salt fields contributing nearly 80% of this output. This long-term production outlook supports sustained, high-volume OCTG requirements, particularly for seamless casing, tubing, and premium-grade materials.

As these nations enhance their roles in the global energy supply chain, the demand for oil country tubular goods (OCTG), which are crucial for well construction, is experiencing substantial growth. Brazil remains dominant in South America's offshore segment, underpinned by its extensive ultra-deepwater pre-salt reserves in the Santos Basin. In 2023, Brazil's oil production exceeded 3.4 million barrels per day, with flagship fields such as Tupi and Búzios accounting for more than 75% of total output. The complex geophysical conditions in these fields necessitate the use of high-performance, corrosion-resistant OCTG and premium connection technologies, firmly positioning Brazil as a leader in offshore drilling innovation in South America.

Rising Investment in Oil and Gas Projects

The growing investments in oil and gas infrastructure are likely to play a pivotal role in providing growth opportunities to the global oil country tubular goods market. Both government initiatives and private sector capital are being directed toward the development of new drilling sites, the expansion of existing fields, and the modernization of production facilities. In March 2025, Shell made the final investment decision for Gato do Mato, a deepwater project offshore Brazil with a capacity of 120,000 barrels of oil per day, where the first oil is expected to flow in 2029. The project plan includes the installation of a floating production storage and offloading vessel. The current estimated recoverable resource volume for this development is ~370 million barrels.

Oil Country Tubular Goods Market Report Segmentation Analysis

Key segments that contributed to the derivation of the oil country tubular goods market analysis are process, product, and application.

• In terms of process, the market is categorized into seamless and welded. The seamless segment dominated the market in 2024.
• By product, the market is categorized into drill pipe, well casing, and production tubing. The well casing segment dominated the market in 2024.
• Based on application, the market is divided into onshore and offshore. The onshore segment dominated the market in 2024.

Oil Country Tubular Goods Market Share Analysis by Geography

The oil country tubular goods market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South and Central America (SAM). North America dominated the market in 2024, followed by the Middle East and Africa and Asia Pacific.

North America consists of the US, Canada, and Mexico. North America is one of the major oil & gas exporters worldwide. The US accounts for more than 18% of global oil production, which shows the presence of a large number of onshore and offshore oil fields across the region. Oil & gas fields require a lot of pipelines for different applications, including upstream, midstream, and downstream operations. Moreover, oil & gas are processed with various chemicals that generate a lot of slag and corrosion in the oil country tubular goods (OCTG). For such issues, the OCTG is maintained or replaced (if required) periodically. One of the major factors driving the growth of the oil country tubular goods market is the number of oil & gas rigs across different countries of North America. The US is one of the world's largest producers of crude oil. As of December 2024, the country operated 599 oil and gas rigs, producing crude oil and natural gas for domestic consumption and export. Several countries, including Mexico, Canada, China, South Korea, and the Netherlands, rely on imports of US crude oil. During the war between Russia and Ukraine, many countries halted operations with Russian oil and gas companies, causing a shift of crude oil importers from Russia to the US and Saudi Arabia. The resulting increase in demand further boosted crude oil production in the US. The sudden increase in oil production is driving the demand to replace oil country tubular goods on US oil and gas platforms.

In addition, the big oil and gas companies in the Middle East and Asia, which include Saudi Aramco, ADNOC, Tokyo Gas Co. Ltd., and Mitsui & Co., Ltd., are aiming to invest in the US oil and gas sector. These companies aim to acquire oil and gas companies or acquire a minority stake in oil and gas projects. For instance, in June 2024, Mitsui & Co., Ltd., through its US-based subsidiary named Mitsui E&P USA LLC, acquired an unconventional gas asset in Texas, US, from Sabana, LLC and Vanna, LLC. The company aims to operate and fully develop the asset after 2026. Strategic investments by companies across the globe in the US are anticipated to fuel the demand for oil country tubular goods from 2025 to 2031.

Oil Country Tubular Goods Market Regional Insights

The regional trends and factors influencing the Oil Country Tubular Goods Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Oil Country Tubular Goods Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Oil Country Tubular Goods Market Report Scope

Oil Country Tubular Goods Market Players Density: Understanding Its Impact on Business Dynamics

The Oil Country Tubular Goods Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Oil Country Tubular Goods Market are:

1. NOV Inc
2. Sumitomo Corporation
3. JFE Steel Corp
4. ILJIN STEEL CO., LTD.
5. Corpac
6. SB International, Inc.

Disclaimer: The companies listed above are not ranked in any particular order.

Oil Country Tubular Goods Market News and Recent Developments

The oil country tubular goods market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the key developments in the oil country tubular goods market are listed below:

• Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced it had signed a strategic Memorandum of Understanding (MOU) with AIQ, the Abu Dhabi-based artificial intelligence (AI) champion developing innovative solutions for the energy sector. This partnership is set to bring transformative efficiency to energy production, leveraging advanced automation, data-driven insights, and the power of AI technology. (Source: Weatherford International plc, Press Release, April 2025)
• JSW Steel Limited, in partnership with Japan’s JFE Steel Corporation, announced the complete acquisition of thyssenkrupp Electrical Steel India Private Limited (tkES India), securing 100% equity ownership through their joint venture. (Source: JSW Steel Limited, Press Release, October 2024)

Oil Country Tubular Goods Market Report Coverage and Deliverables

The "Oil Country Tubular Goods Market Size and Forecast (2025–2031)" provides a detailed analysis of the market covering the areas mentioned below:

• Oil country tubular goods market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Oil country tubular goods market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST and SWOT analysis
• Oil country tubular goods market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the oil country tubular goods market
• Detailed company profiles