The report, now available on ASDReports, recognizes the following companies as the key players in the global OCTG market: ArcelorMittal, NSSMC, Tenaris, TMK, and U.S. Steel
Other Prominent Vendors in the market are: ACE O.C.T.G, Benteler, Corpac Steel Products, ISMT, JFE Steel, Jindal Steel & Power, Tata Steel, and Vallourec.
Commenting on the report, an analyst said: “Increasing directional drilling activity worldwide is one of the major trends observed in the global offshore drilling market. The market for directional drilling is rapidly increasing because it enables drilling into the reservoirs where vertical drilling alone is not feasible. Moreover, directional drilling enables the grouping of wellheads together in one surface location. This makes the entire process easier and cost-effective and has less impact on the environment as multiple wells are bored from a single location.”
According to the report, opening up of new avenues for oil and gas markets will drive growth in the market. As discussed in earlier sections, the era of easy oil is coming to an end. This has resulted not only in inflated costs of hydrocarbon acquisition but has also displaced oil drilling operations geographically. Much of the past century saw drilling operations being carried out at established locations worldwide. The major hydrocarbon-rich regions around the globe were identified in the early 20th century and most operations were based out of these areas for the next century or so. However, things have started to change significantly now and the E&P companies have started to look at unconventional avenues for hydrocarbon exploration.
Further, the report states that prolonged periods of lull in global steel prices may hinder the growth of the OCTG market. The global oil country tubular goods market is highly dependent on the state of the overall steel industry as the tubular goods are products forged in a steel plant. In the earlier section of the report, we discussed the boosting effects of the fall in the iron ore prices and a resultant reduction in raw material costs for the global oil country tubular goods market. However, the prolonged ebbs in the iron ore and steel prices have a significant cross-effect that is weighing down on the global oil country tubular goods market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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Source: ASDReports - Market Research
Date: Oct 26, 2016