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According to the latest research, the global OCTG Connections market size was valued at USD 2750.39 million in 2022 and is expected to expand at a CAGR of 11.83% during the forecast period, reaching USD 5379.19 million by 2028.
Leak-proof connections that are strong and durable are critical to oil and gas distribution networks. Oil Country Tubular Goods (OCTG) used for developing and producing oil, gas and geothermal energy are connected to each other with threaded connections. There are numerous types of connections for OCTG that vary according to the depth, pressure and environment of the wells where they are used.
The epidemic situation has led to a decline in downstream market demand
OCTG Connections are used both onshore and offshore for the production of oil and gas. In the course of the coronavirus pandemic, global crude oil production has been majorly curtailed as lockdowns led to the demand - and the price - of gasoline falling. North America has been the main driver behind the global increase in crude oil production over the past two decades, while the Middle East remained the biggest producer. Both regions saw major dips in oil production in 2020 and 2021, as did Africa and CIS countries.
The oil and gas industry affected by the epidemic is constrained by many aspects such as supply chain. Two years ago, after the massive unemployment in the oil industry, many people have left the industry. Affected by COVID-19, the operating cost has increased, and the limited supply of special pipes for petroleum industry has also limited the exploitation. COVID-19 leads to the decrease of oil and gas production, which directly affects OCTG Connections market demand.
Oil price rises
In 2021, although the international oil price rose, on the one hand, the uncertainty caused by the continuous impact of the epidemic, on the other hand, the investment in exploration and development of oil and gas companies was lagging behind, and the OCTG Connections market recovered relatively slowly. In 2022, the demand for refined oil recover, the international oil price will go up all the way, the global energy price will remain at a high level, the global oil and gas exploitation activities will gradually become active, and the prosperity of OCTG Connections will rise.
With the steady rise of crude oil prices, the willingness of upstream exploration and development is enhanced, and the willingness of oil and gas companies to invest is enhanced. The substantial increase in capital expenditure has brought substantial benefits to OCTG Connections enterprises. It is expected that the order volume of OCTG Connections will continue to increase.
Rising raw material prices
The manufacturing materials of OCTG Connections include Carbon Steels, Correction Resistant Alloy, 13cr/S13cr Materia, etc., which are directly related to the prices of various bulk metals. With the recovery of the global economy, the recovery of manufacturing industries in various countries has boosted the consumption growth of iron ore and coking coal and boosted their prices. In addition, affected by the Russian-Ukrainian war, the energy cost has increased. Short-term raw material and energy price increases are expected to have an impact on corporate profits.
Region Overview:
In global comparison, a significant portion of the revenue was generated in Americas (59.71% in 2021).
Company Overview:
The major players operating in the OCTG Connections market include Vallourec,Tenaris,Hunting,JFE, Nippon Steel & Sumitomo Metal, etc. Among which, Vallourec ranked top in terms of sales and revenue in 2022.
Vallourec is a world leader in premium tubular solutions for the energy markets and for demanding industrial applications such as oil & gas wells in harsh environments, new generation power plants, challenging architectural projects, and high-performance mechanical equipment. Vallourec's pioneering spirit and cutting-edge R&D open new technological frontiers. Operating in more than 20 countries, its 20,000 dedicated and passionate people work hand-in-hand with their customers to offer more than just tubes: they deliver innovative, safe, competitive and smart tubular solutions, to make every project possible.
Tenaris is a leading supplier of tubes and related services for the world's energy industry and certain other industrial applications. Tenaris mission is to deliver value to customers through product development, manufacturing excellence, and supply chain management. Tenaris employees around the world are committed to continuous improvement by sharing knowledge across a single global organization.
Segmentation Overview:
By type, Premium Connections segment accounted for the largest share of market in 2021.
Premium connections
Premium connections are proprietary connections that offer premium features not available on API connections. Most offer a metal-to-metal seal (e.g. VAM joint and Hydril joint) for improved high pressure seal integrity. Premium connections exist with features such as flush connections, recess free bores, and special clearance. This type of connection is preferred for gas wells, high-pressure wells, as well as for wells producing corrosive effluents.
Semi-Premium Connections
"Semi-Premium Connections" is a term used in the industry to identify proprietary connections that offers enhanced features over API Connections, yet compatible with one or more of the API connections types.
API Connections
API Connections main including short round thread casing (STC), long round thread casing (LTC) and buttress thread casing (BTC). STC and LTC both feature a non-runout design of round threads, each with eight round crested threads per inch. BTC has a square thread with a flat root and crest, a runout design, and five buttress threads per inch.
Corrosion-Resistant Alloy (CRA) Connections
Corrosion-Resistant Alloy (CRA) Connections are employed in severe oil and gas production environments that operate at high pressures and temperatures and contain chlorides, CO2, and H2S. They exhibit high resistance to uniform corrosion in these environments due to their passivity.
Application Overview:
By application, the Onshore segment occupied the biggest share from 2017 to 2022.
This report elaborates on the market size, market characteristics, and market growth of the OCTG Connections industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of OCTG Connections. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global OCTG Connections Market Report Include:
Market Size Estimates: OCTG Connections market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: OCTG Connections market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the OCTG Connections market
Segment Market Analysis: OCTG Connections market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: OCTG Connections market situations and prospects in major and top regions and countries
OCTG Connections Market
OCTG Connections Industry Chain: OCTG Connections market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
OCTG Connections Industry News, Policies by regions
OCTG Connections Industry Porters Five Forces Analysis
Key players in the global OCTG Connections market are covered in Chapter 2:
Baosteel
Jindal Saw
Hunting
ArcelorMittal
JFE
Tenaris
Voestalpine
Evraz
Vallourec
Interpipe
Nippon Steel & Sumitomo Metal
TPCO
TMK Group
In Chapter 6 and Chapter 9, on the basis of types, the OCTG Connections market from 2018 to 2028 is primarily split into:
Premium Connections
Semi-Premium Connections
API Connections
Corrosion Resistant Alloy (CRA) Connections
In Chapter 7 and Chapter 10, on the basis of applications, the OCTG Connections market from 2018 to 2028 covers:
Onshore
Offshore
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global OCTG Connections market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the OCTG Connections industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of OCTG Connections market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the OCTG Connections industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on OCTG Connections market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the OCTG Connections market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed OCTG Connections market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
2022
Leak-proof connections that are strong and durable are critical to oil and gas distribution networks. Oil Country Tubular Goods (OCTG) used for developing and producing oil, gas and geothermal energy are connected to each other with threaded connections. There are numerous types of connections for OCTG that vary according to the depth, pressure and environment of the wells where they are used.
The epidemic situation has led to a decline in downstream market demand
OCTG Connections are used both onshore and offshore for the production of oil and gas. In the course of the coronavirus pandemic, global crude oil production has been majorly curtailed as lockdowns led to the demand - and the price - of gasoline falling. North America has been the main driver behind the global increase in crude oil production over the past two decades, while the Middle East remained the biggest producer. Both regions saw major dips in oil production in 2020 and 2021, as did Africa and CIS countries.
The oil and gas industry affected by the epidemic is constrained by many aspects such as supply chain. Two years ago, after the massive unemployment in the oil industry, many people have left the industry. Affected by COVID-19, the operating cost has increased, and the limited supply of special pipes for petroleum industry has also limited the exploitation. COVID-19 leads to the decrease of oil and gas production, which directly affects OCTG Connections market demand.
Oil price rises
In 2021, although the international oil price rose, on the one hand, the uncertainty caused by the continuous impact of the epidemic, on the other hand, the investment in exploration and development of oil and gas companies was lagging behind, and the OCTG Connections market recovered relatively slowly. In 2022, the demand for refined oil recover, the international oil price will go up all the way, the global energy price will remain at a high level, the global oil and gas exploitation activities will gradually become active, and the prosperity of OCTG Connections will rise.
With the steady rise of crude oil prices, the willingness of upstream exploration and development is enhanced, and the willingness of oil and gas companies to invest is enhanced. The substantial increase in capital expenditure has brought substantial benefits to OCTG Connections enterprises. It is expected that the order volume of OCTG Connections will continue to increase.
Rising raw material prices
The manufacturing materials of OCTG Connections include Carbon Steels, Correction Resistant Alloy, 13cr/S13cr Materia, etc., which are directly related to the prices of various bulk metals. With the recovery of the global economy, the recovery of manufacturing industries in various countries has boosted the consumption growth of iron ore and coking coal and boosted their prices. In addition, affected by the Russian-Ukrainian war, the energy cost has increased. Short-term raw material and energy price increases are expected to have an impact on corporate profits.
Region Overview:
In global comparison, a significant portion of the revenue was generated in Americas (59.71% in 2021).
Company Overview:
The major players operating in the OCTG Connections market include Vallourec,Tenaris,Hunting,JFE, Nippon Steel & Sumitomo Metal, etc. Among which, Vallourec ranked top in terms of sales and revenue in 2022.
Vallourec is a world leader in premium tubular solutions for the energy markets and for demanding industrial applications such as oil & gas wells in harsh environments, new generation power plants, challenging architectural projects, and high-performance mechanical equipment. Vallourec's pioneering spirit and cutting-edge R&D open new technological frontiers. Operating in more than 20 countries, its 20,000 dedicated and passionate people work hand-in-hand with their customers to offer more than just tubes: they deliver innovative, safe, competitive and smart tubular solutions, to make every project possible.
Tenaris is a leading supplier of tubes and related services for the world's energy industry and certain other industrial applications. Tenaris mission is to deliver value to customers through product development, manufacturing excellence, and supply chain management. Tenaris employees around the world are committed to continuous improvement by sharing knowledge across a single global organization.
Segmentation Overview:
By type, Premium Connections segment accounted for the largest share of market in 2021.
Premium connections
Premium connections are proprietary connections that offer premium features not available on API connections. Most offer a metal-to-metal seal (e.g. VAM joint and Hydril joint) for improved high pressure seal integrity. Premium connections exist with features such as flush connections, recess free bores, and special clearance. This type of connection is preferred for gas wells, high-pressure wells, as well as for wells producing corrosive effluents.
Semi-Premium Connections
"Semi-Premium Connections" is a term used in the industry to identify proprietary connections that offers enhanced features over API Connections, yet compatible with one or more of the API connections types.
API Connections
API Connections main including short round thread casing (STC), long round thread casing (LTC) and buttress thread casing (BTC). STC and LTC both feature a non-runout design of round threads, each with eight round crested threads per inch. BTC has a square thread with a flat root and crest, a runout design, and five buttress threads per inch.
Corrosion-Resistant Alloy (CRA) Connections
Corrosion-Resistant Alloy (CRA) Connections are employed in severe oil and gas production environments that operate at high pressures and temperatures and contain chlorides, CO2, and H2S. They exhibit high resistance to uniform corrosion in these environments due to their passivity.
Application Overview:
By application, the Onshore segment occupied the biggest share from 2017 to 2022.
This report elaborates on the market size, market characteristics, and market growth of the OCTG Connections industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of OCTG Connections. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global OCTG Connections Market Report Include:
Market Size Estimates: OCTG Connections market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: OCTG Connections market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the OCTG Connections market
Segment Market Analysis: OCTG Connections market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: OCTG Connections market situations and prospects in major and top regions and countries
OCTG Connections Market
Competitive Landscape
and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product/service profile and recent development/updates, etc.OCTG Connections Industry Chain: OCTG Connections market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
OCTG Connections Industry News, Policies by regions
OCTG Connections Industry Porters Five Forces Analysis
Key players in the global OCTG Connections market are covered in Chapter 2:
Baosteel
Jindal Saw
Hunting
ArcelorMittal
JFE
Tenaris
Voestalpine
Evraz
Vallourec
Interpipe
Nippon Steel & Sumitomo Metal
TPCO
TMK Group
In Chapter 6 and Chapter 9, on the basis of types, the OCTG Connections market from 2018 to 2028 is primarily split into:
Premium Connections
Semi-Premium Connections
API Connections
Corrosion Resistant Alloy (CRA) Connections
In Chapter 7 and Chapter 10, on the basis of applications, the OCTG Connections market from 2018 to 2028 covers:
Onshore
Offshore
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global OCTG Connections market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the OCTG Connections industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of OCTG Connections market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the OCTG Connections industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on OCTG Connections market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the OCTG Connections market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed OCTG Connections market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
Years considered for this report:
Historical Years:
2018-2022Base Year:
2022Estimated Year:
2023Forecast Period:
2023-2028Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
