Oil Country Tubular Goods (OCTG) Market 2020 Global Insights and Business Scenario – Vallourec, Tenaris, TMK, JFE Holdings Inc., Nippon Steel & Sumitomo Corporation
Harrisburg, NC -- (SBWire) -- 10/29/2020 --The Oil Country Tubular Goods (OCTG) Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies. We analyzed the impact of COVID-19 (Corona Virus) on the product industry chain based on the upstream and downstream markets, on various regions and major countries and on the future development of the industry are pointed out.
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The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Oil Country Tubular Goods (OCTG) Market: Vallourec, Tenaris, TMK, JFE Holdings Inc., Nippon Steel & Sumitomo Corporation, Sandvik, EVRAZ, ArcelorMittal, ChelPipe Group, U.S. Steel Corporation (USS).
Execution of Strategic Partnership with BP Oman
Jul. 30, 2018: Nippon Steel & Sumitomo Metal Corporation (NSSMC) has agreed to a strategic partnership for the supply of Oil Country Tubular Goods (OCTG) with Sumitomo Corporation and BP Exploration (Epsilon) Limited of Oman (BP Oman) which is under the umbrella of BP p.l.c. of London. The ceremony was held in Oman on July 25th, 2018.
Since 1997, NSSMC and Sumitomo Corp. have been linked by a long-term contract with BP for the supply of OCTG for BP's worldwide operations. In Oman, NSSMC and Sumitomo have been supplying OCTG to the Khazzan tight gas field* since its initial stage of development by BP Oman. On the present occasion Sumitomo's subsidiary SC Tubular Solutions Oman LLC and BP Oman signed a four-year contract for OCTG supply chain management services. As a premium supplier of OCTG, NSSMC will continue supplying high-end products to BP Oman based on the strategic partnership.
NSSMC received Shell's Global Partner Award
Nippon Steel & Sumitomo Metal Corporation (NSSMC) and Sumitomo Corporation have jointly received the Global Partner Award during the Supplier Engagement Session hosted by Royal Dutch Shell plc (Shell) on November 18, 2015.
The Global Partner Award is one of the eight awards given during the Supplier Engagement Session which suppliers are invited to attend once a year. The Award is given to a supplier who greatly contributes to Shell's oil and gas drilling business. NSSMC, the only pipe and tube company awarded this time, was commended for its excellent capabilities in product supply, product development, and making value added proposals cost competitiveness.
NSSMC and Sumitomo Corp have had long-term contracts for oil country tubular goods (OCTG) with Shell for over four decades. We have contributed to Shell's business by proposing total solutions which include stable supply of high-performance OCTGs, development of new products which match specific needs of Shell, and solid delivery service by use of Supply Chain Management (SCM). By making best use of our technology and services, we will be further committed to contribute to oil and gas development efforts, which are becoming increasingly difficult and advanced.
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Key Market Trends
The Oil Country Tubular Goods Market was valued at USD 28.9 billion in the year 2018 with global production volume accounted for 15,100.21 Thousand tonnes. Increase in drilling and production activities, growing energy demand to fulfil the consumption needs, rise in offshore drilling activities, need for alternative technologies, exploration of shale resources as well as CAPEX improvement in upstream sector are the basic reasons behind increased demands for the Oil Country Tubular Goods Market. Global Oil Country Tubular Goods market has gained importance as increasing consumption requirement influences the exploration of offshore oilfields and increase in capital investment by the operators in the upstream sector. These markets are influenced by many factors including fluctuating crude oil and natural gas prices, changing consumer preferences, growing concern to reduce greenhouse emission and the overall strength of the economy.
On the basis of grade, the segments are Premium and API which are the grades of steel pipe that require on the basis of their properties like ductility, temperature and thermal compatibility.
Among the regions, Americas currently leads the Oil Country Tubular Goods market owing to considerable investments planned in offshore deep water and ultra-deep water drilling activities, growing number of oil and gas wells as well as exploration of shale resources. Moreover, countries like China, Russia, Saudi Arabia are expected to grow faster owing to increased investment in the upstream sector.
Influence Of The Oil Country Tubular Goods (OCTG) Market Report:
-Comprehensive assessment of all opportunities and risk in the Oil Country Tubular Goods (OCTG) market.
- Oil Country Tubular Goods (OCTG) market recent innovations and major events.
-A detailed study of business strategies for growth of the Oil Country Tubular Goods (OCTG) market-leading players.
-Conclusive study about the growth plot of Oil Country Tubular Goods (OCTG) market for forthcoming years.
-In-depth understanding of Oil Country Tubular Goods (OCTG) market-particular drivers, constraints and major micro markets.
-Favourable impression inside vital technological and market latest trends striking the Oil Country Tubular Goods (OCTG) market.
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