Oil Country Tubular Goods Market Size to Grow by USD 37.26 billion by 2031, Growth Due to Increasing Oil & Gas Exploration and Production (E&P) Activities | The Insight Partners

NEW YORK, July 21, 2025 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global Oil Country Tubular Goods Market is observing significant growth owing to increasing oil & gas exploration and production (E&P) activities.

The Oil Country Tubular Goods Market was valued at US$25.50 billion in 2024 and is projected to reach US$37.26 billion by 2031; it is expected to register a CAGR of 5.6% during 2025–2031. The global Oil Country Tubular Goods Market is observing substantial growth and is expected to maintain its upward trajectory in the foreseeable future.

This growth is attributed to the increasing focus on the increasing oil & gas exploration and production activities. The increased drilling and exploration activities in regions such as North America, the Middle East & Africa, and Asia Pacific significantly propel the oil country tubular goods market growth during the forecast period.

The report runs an in-depth analysis of market trends, key players, and future opportunities. The Oil Country Tubular Goods Market analysis focuses on a vast array of applications that are expected to determine market strength in the coming years.

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Overview of Report Findings

In April 2025, the Minister of Energy and Natural Resources, Turkey and the Petroleum and Mineral Resources Minister signed a hydrocarbon exploration and production agreement in onshore fields. Turkey discovered up to 20 billion barrels of crude oil in Somalia. The demand for oil & gas is rising worldwide owing to the increasing demand for energy. As per the information from the International Energy Agency (IEA) in October 2024, global oil demand is projected to increase by 900 thousand barrels/day (kb/d) in 2024 and by 1 million barrels/day in 2025. China's demand for crude oil witnessed continuous growth, setting a record in March 2023 at 16 mb/d. Furthermore, the Russian Federation's aggression in Ukraine has threatened the energy supply, and it tends to drive oil & gas prices up.

North America is among the largest crude oil and natural gas producers across the world. The US is the largest oil producer globally, with a crude oil production share of more than 20%. The country's oil & gas sector is proliferating year-on-year owing to the discovery of new oil & gas rigs. In addition, natural gas production in the US has grown significantly in recent years as improvements in drilling technologies have made it commercially viable to recover oil trapped in mature oil well. In April 2023, BP commenced oil production at its Argos platform located in the Gulf of Mexico.

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In May 2023, the Abu Dhabi National Oil Company (ADNOC) granted three contracts totaling US$ 4 billion to reduce carbon emissions and reach a production capacity of 5 million barrels per day by 2030. The contracts can cover ADNOC's onshore and offshore operations for five years with a two-year extension option. Thus, the growing adoption of carbon-neutral oil & gas production is expected to offer lucrative growth opportunities to the oil country tubular goods market in the coming years. In January 2024, TotalEnergies, along with its partners, started production of oil and gas from the Akpo West Floating Production Storage and Offloading (FPSO) facility on the PML2 license in Nigeria. The offshore field is expected to add 14,000 bbl of condensate production by Mid-2024 and up to 4 million cubic feet of gas per day by 2028.

Geographical Insights:

In 2024, North America led the market with a substantial revenue share, followed by Middle East and Africa and Asia Pacific. Further, Middle East and Africa is expected to register the highest CAGR during the forecast period.

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Market Segmentation

• Based on process, the market is categorized into seamless and welded. The seamless segment dominated the market in 2024.
• Based on product, the market is categorized into drill pipe, well casing, production tubing. The well casing segment dominated the market in 2024.
• Based on application, the market is categorized into onshore and offshore. The onshore segment dominated the market in 2024
• The Oil Country Tubular Goods Market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.

Competitive Strategy and Development

• Key Players: A few major companies operating in the Oil Country Tubular Goods Market are Corpac, ArcelorMittal SA, Vallourec SA, Tenaris SA, Jacob Tubing L.P., Nippon Steel Corp, United States Steel Corp, Kelly Pipe Co. LLC, TMK Group, Tianjin Pipe Corporation (TPCO), NOV Inc, Sumitomo Corporation, JFE Steel Corp, ILJIN STEEL CO., LTD., SB International, Inc., Weatherford International Plc
• Trending Topics: Offshore Oil and Gas, Oil and Gas Production, Managed Pressure Drilling.

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Global Headlines on Oil Country Tubular Goods

• NOV and Keystone.no have announced a strategic partnership to distribute Keystone's OPEN and RMS applications through NOV's Max data platform. This collaboration advances the industry's ability to make data-driven decisions for increased operational efficiency, safety, and productivity across all rig activities. (August, 2024).
• Vallourec has received a notice of award to supply Oil Country Tubular Goods (OCTG) to SONATRACH, Algeria's National Oil and Gas company. (April, 2025).
• ArcelorMittal Tubular Products Jubail has successfully secured full financial support from top-tier commercial banks in Saudi Arabia for the expansion of its heat treatment and advanced premium OCTG finishing line (May, 2025)

Conclusion

The market is expected to witness tremendous growth in the coming years owing to the rise in demand for oil and gas production and exploration, rising energy demand. Further, an increasing number of overall oil and gas rigs is one of the major factors driving the integration of large volumes of oil country tubular goods across the globe. In addition, increasing crude oil production is another major factor expected to generate new demand for the installation of oil country tubular goods in the coming years. The report from The Insight Partners, therefore, provides several stakeholders—including component providers, system technology integrators, system manufacturers, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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