Top 10 Leading Oil Country Tubular Goods Manufacturers in the World

Oil Country Tubular Goods are applied onshore and offshore in oil and gas production. The abbreviation OCTG is frequently used in the business to designate these tubular goods. Each wellbore goes through several stages, each of which has its own range of difficulties. They are predominately made of robust steel, which gives the essential material qualities, besides being the most cost-effective option. Oil Country Tubular Goods of varying diameters are employed at various depths in a single wellbore - this is mostly casing that can thwart down in size at the end. The present situation of lower oil prices will have a considerable impact on the tubular products industry in oil-producing countries. The global market for oil country tubular goods is likely to rise in sync with the large oil and gas industry. As per a report published by Fortune Business Insights™, this market is projected to grow to USD 31.54 billion by 2026 at a CAGR of 7.4% from 2019-2026.

List of 10 Major Oil Country Tubular Goods manufacturers in the Competitive Space:

TMK:

The firm is one of the top three pipe manufacturers in the world. It manufactures a wide range of pipes for the oil and gas sector. OCTG pipes provide the most to TMK, as the firm is specialized in oil country tubular products. TMK and NOVATEK signed an agreement in June 2019 to supply casing and tubing products. To facilitate efficient manufacturing, the agreement introduces formula-based pricing.

Tenaris:

In Europe, Tenaris is a major brand. It creates, produces, and sells steel pipes and associated services all over the world. In the OCTG sector, the company is a well-known seller. The technology launched by the firm is entirely customizable and recyclable. Tenaris purchased IPSCO Tubulars Inc., a U.S. steel pipe maker, from TMK in January 2020 for USD 1.1 billion. Tenaris will be able to provide the U.S. oil and gas sector with an efficient and unequaled product range, including OCTG, as a result of this purchase.

U.S. Steel Corporation:

The company has become one of the world's largest steel manufacturers and has been named to the Fortune 250 list. The firm produce oil country tubular goods that are custom-designed. The company's new Electric Arc Furnace (EAF) plant in Alabama is up and running. EAF improves the tubular products section. The U.S. Steel Corporation issued a fourth-quarter forecast in March 2021, stating that the OTCG business is seeing higher customer demand and that OCTG pricing is reflecting stronger market activity.

JFE Steel Corporation:

The company is the second-largest Japanese steel manufacturer, having a reputation for OCTG products and high-quality materials. JFE and JSW are conducting a feasibility study in India to establish a grain-oriented electrical steel sheet manufacturing and sales joint venture. The firm has been named the steel sustainability champion for 2020. JFE Steel Corporation announced plans to enhance its electrical steel sheet production capacity at its Kurashiki site in April 2021. This will quadruple the company's current manufacturing capacity.

NOV:

In the oil and gas industry, the corporation is the largest customer of a full package of oilfield tubular and ancillary services. The corporation has dominated the OCTG business for more than 80 years. NOV has developed cutting-edge technologies to improve drilling and output. However, due to sulfide stress cracking, failures in sour environments were reported across the world in December 2020 with the usage of common pipe grades. NOV introduced sour service drill stem products to meet this difficulty.

ILJIN Steel Corporation:

ILJIN, a renowned specialized steel tube maker, has developed an array of innovative global companies on its precision tube technology, including cold-drawn tubing, aluminum-clad steel wires, and cold-drawn bars. In 2019, ILJIN Steel Corporation constructed a new facility in Ismail County. This will help the company to establish their global operations.

Vallourec:

The corporation is a global leader in OCTG solutions, offering advanced and premium solutions in the market. OCTG was given to RITEK's exploratory well in the Volgograd region, which has excelled in several projects. This well has a complicated construction with seven strings to reach a depth of 6,100 meters. Vallourec's contract with Petrobras to offer tube services, including the products and related services, was extended until 2023 in July 2020.

Sumitomo Corporation:

The enterprise is a worldwide player with operations in 66 countries and has been listed in Fortune's Global 500 list for the past 26 years. The firm is a major OCTG pipe provider around the globe. BP Exploration Epsilon Ltd. has signed a four-year deal with the company's subsidiary SC Tubular Solution in Oman for OCTG supply chain management services. Shell has retained its 40-year collaboration with Sumitomo Corporation and Nippon Energy. They currently have a deal with Shell through 2025 to offer stable and high-performance OCTG.

ArcelorMittal:

In the integrated steel and mining industries, the company is an industry leader. Tubular products from ArcelorMittal Jubail have a 51 percent stake in a joint venture agreement with the Bin Jarallah Group of enterprises to design and build a seamless tube mill in Saudi Arabia. In addition, ArcelorMittal and Nippon Steel finalized the acquisition of Essar Steel for INR 42,000 crore (USD 5.57 billion) in December 2019. Essar Steel will be owned and operated by AM/NS India, a joint venture between ArcelorMittal and Nippon Steel.

EVRAZ North America:

Based in Chicago, the corporation produces and designs steel products. The firm has six manufacturing facilities in the U.S. and is a market leader in the OCTG and small diameter pipe markets in Western Canada. The firm was listed among the top 30 steel manufacturers in the world. In Pueblo, the company has three OCTG mills. In April 2021, EVRAZ announced that the Colorado OCTG mill would be restarted, as demand and prices are rising.

The existing global companies have made the industry highly competitive through organic and inorganic acquisitions of local vendors and the market is expected to witness significant growth in the coming years.