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The demand for OCTG products is directly linked to the demand for oil and gas, which is growing with a great pace triggering the demand for OCTG products. http://www.micromarketmonitor.com/market/asia-pacific-oil-country-tubular-goods-octg-4794962580.html
(PRWEB) June 28, 2014
OCTG (oil country tubular goods) are the family of pipes and tubes, which are used to produce oil and gas from the reservoir. They are the primary unit of infrastructure used to access the reservoir and bring the components to surface. OCTG goods mainly consist of casing, tubing, and drill pipe. The demand for OCTG products is directly linked to the demand for oil and gas, which is growing with a great pace triggering the demand for OCTG products. All the major oil and gas producing region will witness increment in the demand for oil and gas.
The Asia-Pacific market has a largest share of around 41% in the global OCTG market in 2013. The total revenue generated by the Asia-Pacific market is $16,114.0 million in 2013, which is expected to grow, at a moderate CAGR of 6.9% from 2014 to 2019 to reach $24,393.4 million by 2019. Asia-Pacific had highest share in the seamless market of OCTG in 2013. Increase in the demand of shale oil & gas, rise in the depth of the wells, the number of OCTG needed for establishing a well also increases. Three countries, China, Thailand and Indonesia, dominate the Asia-Pacific OCTG market. These three countries account for around 82% market share in 2013.
Browse through the market data tables, figures and detailed ToC on the Asia-Pacific Oil Country Tubular Goods (OCTG) Market.
North America Oil Country Tubular Goods (OCTG) Market:
North America had a share of around 29% in the global OCTG market in 2013. The total revenue generated by the North American OCTG market is $11,570.8 million in 2013, which is expected to grow at a CAGR of 4.8% from 2014 to 2019 to reach $16,237.8 million by 2019. North America has highest market share in Electric Resistance Welding (ERW) market of OCTG in 2013. Increased drilling activities in onshore and offshore and growing trends of horizontal drilling in unconventional reserves, are driving the growth of OCTG market in this region. U.S. and Canada are the key OCTG markets in the North American region.
South America Oil Country Tubular Goods (OCTG) Market:
South America had a small share of 7.9% in the global OCTG market in 2013. The total revenue generated by the South American OCTG market is $3,026.3 million in 2013, which is expected to grow at a highest CAGR of 13.9% from 2014 to 2019 to reach $6,591.3 million by 2019. South America had equal market share in the seamless and ERW market of OCTG in 2013. Focus on unconventional reserves and growth in the trend of horizontal drilling in unconventional reserve, are the factors driving the growth of OCTG market in this region. Brazil is a key OCTG markets in the South American region.
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