Energia
Oil Country Tubular Goods Market to Reach $37.5 Bn, Globally, by 2030 at 6.5% CAGR: Allied Market Research
Increase in drilling &production activities, advent of technologically advanced pipes, exploration of resources, and the growing global offshore rig count drive the growth of the global oil country tubular goods market. On the other hand, rise in import duty on oil country tubular goods and uncertainties in the international crude oil prices restrain the growth to some extent. Moreover, extensive expansion of oil and gas resources is expected to create lucrative opportunities in the industry.
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Based on manufacturing process, the electric resistance welded segment contributed to nearly three-fifths of the global oil country tubular goods market share in 2020, and is anticipated to rule the market by 2030. This is due to increase in oil and natural gas transportation from source to consumer and increase in construction activities across the developing nations. The seamless segment, on the other hand, would register the fastest CAGR of 6.8% throughout the forecast period.
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By product, the well casing segment held the major share in 2020, more than one-third of the global oil country tubular goods market, and is projected to maintain the lion's share, as it provides aid in the drilling process. The production tubing segment, on the other hand, is projected to cite the fastest CAGR of 6.8% throughout the forecast period.
Based on region, North America garnered the major share in 2020, holding nearly two-fifths of the global oil country tubular goods market, and is expected to continue its dominance by 2030. This is attributed to increase investment in the upstream sector which leads to increase in number of rig charter activities and wells drilled. However, the market across Europe would cite the fastest CAGR of 6.9% from 2021 to 2030. The research also includes Asia-Pacific, North America , and LAMEA regions.
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