After coal, the discovery of oil
and gas was one of the most landmark developments in the history of mankind.
Oil and gas not only fulfills the major energy needs of the world but numerous
petro products form the backbone of many scientific and industrial developments.
Exploration and production of oil and gas increased over the decades. OCTG
products being integral component in the exploration and production of oil and
gas, their market too has correspondingly grown.
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The oil and gas exploration and production activity in the US displays a trend of continuous growth driving the demand for OCTG products in the region. The growth in rig count and expansion of shale drilling regions will bring a paradigm shift in the US energy supply in the years to come. The Russian OCTG market is also experiencing steady growth in the light of recent changes in the oil taxation regime and enhanced drilling activity. Due to the trade actions in the US and Europe, Chinese OCTG exporters have shifted their focus to regions like Indonesia, South America, and the Middle East, among others. This is expected to bring a noticeable growth in the Chinese OCTG market.
The global rig counts have reported a rise both in pre and post economic crisis period, suggesting a positive trend driving the demand of OCTG products. Further, with the ever increasing demand for oil and gas, the growth in the OCTG market is expected to continue to gain strength in the times to come. Also, increasing oil prices and rising capital expenditure by E&P companies will boost the drilling activity resulting in more consumption of OCTG products. However, the industry also faces a challenge in the form of rising steel prices and finite reserves of oil and gas.
With more exploration and production activities being carried out in complex environments and consequent demand for high value, premium products, the competition in the OCTG market has intensified. The current leading players of the market include Tenaris S.A., Vallourec S.A., and Sumitomo Metal Industries Ltd., among others.
The report provides an analysis of the global OCTG market. It discusses major market trends, growth drivers, and challenges faced by OCTG market. The report also presents the competitive structure of the industry and profiles major players in the OCTG market.
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By combining SPSS Inc.s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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