25 September 2020
Visiongain has launched a new report Asia Oil Country Tubular Goods (OCTG) Market Report: Forecasts by Heat Source (Coal, Natural Gas, Renewable, Oil & Petroleum Products), by Application (Residential, Commercial, Industrial), by Region and Analysis of Leading Companies.
Technology is a primary concern in countries all over the world and it requires consuming resource to achieve growth. The increase in energy demand leads to higher oil and gas prices. This further leads to rising exploration and production activities and thereby accelerating OCTG market demand. The major trends driving growth in the oil country tubular goods (OCTG) market are increased exploration and production activities, global rig counts, increased horizontal and directional drilling, and unconventional reserves. The Asia oil country tubular goods market is anticipated to see substantial growth due to factors such as lower supply-demand gap, low oil breakeven prices due to technical advancements and reduced oil service costs and increased directional drilling will drive the market. In addition , oil country tubular goods are likely to be accelerated through an anticipated recovery of crude oil prices and strategic measures taken by the companies operating in the upstream sector to increase the E&P activities.
The premium grade oil country tubular goods (OCTG) market is in the development phase due to escalating demand for the same from upstream oil and gas activities. Premium grade applications in gas wells, horizontal wells, high pressure (above 5,000 psi), and high temperature (above 250 F) wells are prevalent. Natural gas exploration is receiving enormous impetus with a surge in shale reserve production. In addition, horizontal directional drilling has promulgated natural gas production from shale deposits, which, in turn, is a major boost to the premium-grade oil country tubular goods (OCTG) market.
In terms of geography, China dominated the regional market as it has a well-established oil country tubular goods (OCTG) manufacturing network. It is estimated that Chinese domestic equipment manufacturers would hold around 85 per cent of the domestic oilfield services market. Furthermore, China benefited by exporting a major share of oil country tubular goods (OCTG) to the United States when it was witnessing a boom in shale production. Consequently, on a long-term forecast, with expected improvements in domestic oil & gas production, demand for oil country tubular goods (OCTG) products is expected to rise, with a significant share coming from rising numbers of offshore oil & gas projects in China.
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