OCTG Market 2021: Strategic Assessment, Research, Region, Share and Global Expansion by 2027
According to Market Research Future (MRFR), the global Oil Country Tubular Goods (OCTG) market is estimated to reach USD 43 billion, with a CAGR of 7.14% from 2018 to 2023 (forecast period). The study identifies and examines the effect of the outbreak of COVID-19 on the global OCTG market, including possible opportunities and challenges, drivers, and threats. OCTG (Oil Country Tubular Goods) are the components used in the production of oil and gas from the well. Proper use of OTCG will help minimize the probability of mishaps, hazards, and risks that eventually save the company's production cost. It includes casing, drill pipe, tubing, etc. Market Dynamics The oil and gas field are capital intensive. It, therefore, requires maintaining the balance in the production of crude oil and gas in order to avoid any loss of money, machinery, and resources. This propels the global OCTG market. The global market for OCTG is very lucrative. Reservoir contracts are improving to ...