Global Oil and Gas Tubular Goods Market: a Geography-wise Overview

During the recovery of oil and gas from a reservoir, pipes and tube products are used during the various phases in the production process. Usually, these products fall in three categories:

• Drilling pipes
• Casings (used for lining a wellbore), and
• Tubing (production or delivery tubes used for transporting oil and gas to the surface)

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Combined, these products are called oil and gas tubular goods. These oil and gas tubular goods, also called oil country tubular goods, are used alternately in various steps of oil and gas recovery in both onshore and offshore reservoirs. With oil and gas recovery reaching even deeper underground and underwater, the oil and gas industry demands tubular goods that can handle the most rugged, complex, and remote environments.The material used in tubular goods also needs to exhibit a high level resistance against corrosion along with properties such as excellent tensile strength, circumferential stress resistance, and axial tension resistance.

Dwindling Oil and Gas Prices Drain Complementary Markets; Tubular Goods Market Suffers too

The global oil and gas market is currently treading along a rough patch owing to supply glut and record low prices. While major oil and gas producers are wrapping many multi-million dollar exploration projects to survive the tough situation and cut-costs for favorable future finances, the development of many industries closely connected to the global oil and gas industry is questionable, at least until the stirring depression in the market settles. Point in case is the global market for oil and gas tubular goods.However, as large market players are still pursuing exploration and production activities, albeit at a modest pace, the demand for tubular goods is not likely to diminish very drastically anytime in the near future.

North America is expected to be a strong demand driver for the global tubular goods market owing to the vast number of new oil and gas exploration projects running in the region. The demand for tubular goods in Latin America and the Middle East is expected to display steady growth over the future years. The ongoing economic crisis in Europe present uncertain growth prospects for the global oil and gas tubular goods market.

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Due to the nature of the business, manufacturing of oil and gas tubular goods requires technical expertise in the field of special equipment manufacturing, high-end technological resources, and skilled labor. The continuous supply of a variety of raw materials also decides the overall development of the global oil and gas tubular goods market. Asia Pacific has many factors essential for the smooth operation of the tubular goods industry: the region is the hub of the global steel industry, has abundant supply of essential raw materials, has technical expertise, and features cheap labor costs. Owing to all these factors, the global oil and gas tubular goods market is projected to expand at a significant pace in the region over the next few years. Chinese manufacturers, especially, are expected to enter the market and acquire significant market shares over the future years.

Global Oil and Gas Tubular Goods Market: Key Players

Some of the key businesses operating in the global oil and gas tubular goods market include Nippon Steel & Sumitomo Metal Corporation, Tenaris S.A., Kelly Pipe Co. LLC, TMK Group, SPIE Oil & Gas Services, Vallourec S.A., MRC Global Inc., Benteler International AG, U. S. Steel Tubular Products, Centric Pipe, LLC, Hunting Energy Services, Energex Tube, Argus Machine Co. Ltd., and Sandvik AB.

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Oil and Gas Tubular Goods Market Analysis And Forecast 2015 - 2023

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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This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.

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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

Contact

Mr.Nachiket

90 State Street, Suite 700

Albany, NY 12207

Tel: +1-518-618-1030

USA - Canada Toll Free: 866-552-3453

Email: sales@transparencymarketresearch.com

Website: http://www.transparencymarketresearch.com/

Visit : http://researcherville.blogspot.in/