OCTG Market has been valued at US$ 21.11 billion in the year 2021 and it is estimated to reach US$ 31.86 billion by the year 2027, with a CAGR of 6.70% from 2022 to 2027. OCTG Oil Country Tubular Goods describes tubes that are used in oil and gas production: As a rule these include drill pipe, casing and tubing. Oil Country Tubular Goods are used both onshore and offshore. In the industry, they are also referred to by the acronym OCTG; these are the main factors that have considerably increased the demand for the OCTG in the market, thereby driving the huge growth of the OCTG market in the upcoming years

Market Drivers and Restraints:

The main factors that have considerably increased the demand for the OCTG in the market is mainly due to the is consolidation of group of tubular products such as drill pipe, casing, line pipe, and tubing that are subjected to loading conditions according to their specific application. American Petroleum Institute grade is widely used all over the world due to its versatility and safety. The main function of API is to define and draft standards for the oil and petroleum industry to ensure the safety and reliability of the industrial equipment. Premium grade products are those which follow the specification of the International Organization for Standardization; these are the main factors that have considerably increased the demand for the OCTG in the market, thereby driving the huge growth of the OCTG market in the upcoming years

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The report is segmented as:

OCTG Market is segmented on the basis of by:

By Grade (API and Premium),

By Products (Seamless, ERW)

Geographical Segmentation:

OCTG Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. North America has the dominant share in the OCTG is due to increase in the rig count of oil & gas fields in the offshore the these are the main factors that have considerably increased the demand for the OCTG in the North America, followed by Europe, Asia Pacific, Latin America and Middle East & Africa will register a slower increase in the OCTG Market

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Impact of COVID-19 on Market

Covid-19 pandemic has impacted the growth of the OCTG market, The COVID-19 has started in the end of 2019 in Wuhan china; this has affected many industries from different sectors in various countries and also affected OCTG market. Covid-19 pandemic has impacted huge on the sales revenue OCTG market. Due to the government restrictions like lockdown in many countries has stopped the production of products by the manufacturing companies, In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus are expecting to raise the OCTG market growth

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