Conventional
fuels such as oil and gas remains the most used resources for
fulfilling energy demands. With a number of oil and gas reserves
discovered, the exploration activities have increased all over the
world in last decade. The upstream market’s growth supplements the
growth in related equipment and services’ market. Tubular goods are
very essential components for development of reserves to bring them
to desired production levels. These factors have formed the major
drivers of oil and gas tubular goods market.
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Oil
and gas tubular goods are widely known as Oil Country Tubular Goods
(OCTG). These products are made of hollow steel with circular cross
section. Oil and gas tubular goods are used in production and
exploration activities on offshore as well as onshore reserves. The
Oil Country Tubular Goods comprises of three major products as drill
pipe, tubing, and casing. These products are among key equipment used
in oil and gas exploration. The right selection of the product,
depending upon the quality and suitability, is important to prevent
damages during exploration activities such as leakages.
The
products can also be segmented on the basis of pressure, loads and
overall utilization time in a day. High axial tension resistance and
circumferential stress resistance are some of the major properties
Tubular Goods materials need to display. Drill pipes are about 30ft
long heavy seamless tubes. These pipes are used to circulate the
drilling fluids and turn the drill bit. Casing pipes are used to form
the surface of borehole. They are placed at the well head. The tubing
pipes are used after the completion of the drilling process. They are
inserted to extract the oil and gas to the surface from the depth of
the well bore. The oil and gas tubular goods’ market can also be
segmented on the basis of production process used to manufacture
goods as seamless and welded. Seamless goods have a higher thickness
and stress withstanding capacity as compared to its welded
counterparts.
The
Oil Country Tubular Goods can be divided according to the standard
grading procedure as API and premium. The American Petroleum
Institute (API) have set standard specifications for Oil Country
Tubular Goods based on their properties. The chemical composition of
the steel used and the heat treatment given to them are used for
dividing them among ten standard grades. One of the major bottlenecks
for the Oil Country Tubular Goods market is the steady and secure
supply of raw materials. The materials used in these products need to
exhibit a high level of corrosion resistance as well. High degree of
contaminants in reservoirs encountered during deep well drilling is
bolstering the demand for more robust materials to be used for
manufacturing these Oil Country Tubular Goods. Highly stringent
material specifications for OCTG manufacturing make it difficult to
source the desired quantity of raw materials at the right times. With
the falling prices of metals such as steel, the market may get the
production cost advantage. Efficient designing of Oil Country Tubular
Goods require extensive R&D initiatives and frequent product
testing.
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Excess
in production and stringent government policies on exploration
worldwide is likely to stagnate and subsequently reduce the demand in
major areas such as the US. However from a global perspective, large
market players are still aggressively pursuing exploration and
production activities; hence the demand Tubular Goods is not likely
to dry up anytime in the near future. Strong R&D and rapid
product innovation is expected in this market in the future and is
likely to drive down the costs for these Tubular Goods.
Asia-Pacific
and North America is likely to be strong demand centers for these
Tubular Goods in the forecast period. The Middle East and Latin
American regions are likely to display steady demand for such
products. Due to ongoing economic crisis, the demand profile of
Europe is still uncertain but is likely to recover in coming years.
By the nature of the business, manufacturing of Tubular Goods
requires high end technology, skilled labor and steep learning curves
in special equipment manufacturing. Chinese manufacturers are likely
to enter the market and capture significant market share within the
forecast horizon.
Some
of the major players in the Oil Country Tubular Goods include Tenaris
S.A., TMK Group, Vallourec S.A., Nippon Steel & Sumitomo Metal
Corporation, SPIE Oil & Gas Services, Hunting Energy Services,
Kelly Pipe Co. LLC, Argus Machine Co. Ltd., Benteler International
AG, MRC Global Inc., ACE O.C.T.G. Ltd, Centric Pipe, LLC, U. S. Steel
Tubular Products, Sandvik AB, and Energex Tube.
This
research report analyzes this market on the basis of its market
segments, major geographies, and current market trends. Geographies
analyzed under this research report include
- North America
- Asia Pacific
- Europe
- Middle East and Africa
- Latin America
This
report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
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and new entrants along with detailed value chain analysis.
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