Nigeria Oil Country Tubular Goods Market
The Nigeria oil country tubular goods market was worth US$ 440.51 million in 2019 and is projected to reach US$ 718.60 million by 2027; it is expected to grow at a CAGR of 6.5% during the forecast period.
Oil Country Tubular Goods i.e., OCTG, refers to a range of rolled metal items, more generally related to as pipes, and the various attachments used in the process of manufacture and operation. These can include tubes for drilling, lining or tubing, thread protectors, stabbing guides, bumper rings, and chocks for the screw. Due to the requirements of each pipe, the piping items classify as OCTG in terms of their appropriate charging conditions and what they can pass, how solid they are, and their composition. OCTG production is directly influenced by the rise in demand for fossil fuels. The more wells are drilled, the more OCTG is required, in simple terms. Oil price volatility affects demand for OCTG in the short term, as less wells are drilled during downturn in the industry. The main drivers for OCTG demand are underground, horizontal, sour gas, and offshore wells.
As per CIA World Factbook, Nigeria's main export partners are the United States, Spain, India, Brazil, France, and the Netherlands. Since 1936, Shell has been operating in Nigeria and currently dominates gas output in the country, as the Niger Delta, which comprises much of the gas wealth of Nigeria, also houses most of Shell's hydrocarbon reserves. Other natural resources in Nigeria, apart from petroleum, include natural gas, gold, iron ore, coal, calcareous, niobium, lead, zinc, and arable land. The oil & gas industry accounts for about 10 percent of gross domestic product, and revenue from petroleum exports accounts for about 86 percent of total revenue from exports. Major factors contributing towards the growth of Nigeria oil country tubular goods market growth includes substantial investment towards development of pipeline infrastructure, and increasing shale production and a subsequent hike in horizontal and unconventional drilling activity.
Strategic insights for the Nigeria Oil Country Tubular Goods provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 440.51 Million |
| Market Size by 2027 | US$ 718.60 Million |
| Global CAGR (2019 - 2027) | 6.5% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Process
|
| Regions and Countries Covered | Nigeria
|
| Market leaders and key company profiles |
The geographic scope of the Nigeria Oil Country Tubular Goods refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
Market Insights- Nigeria Oil Country Tubular Goods Market
Significant Investments to Build Pipeline Infrastructure Drives the Demand for Nigeria Oil Country Tubular Goods
The substantial investment towards the development of pipeline infrastructure is one of the major factors driving the Nigeria oil country tubular goods market. The use of natural gas has been made very appealing by environmental issues in Nigeria. With the increasing demand for electricity, natural gas (Gas-to-Power) consumption is likely to increase in the coming years and drive Nigeria oil country tubular goods market. Further, in the next ten years, the use of natural gas for producing electricity is expected to grow more than 25 percent faster than fuel consumption of other forms in the Nigeria oil country tubular goods market. However, synergies between gas consumption and electricity production have brought about the most significant boost to domestic and foreign marketing prospects for coal. The overall construction costs of natural gas pipelines range from US$ 800,000 per km to US$ 2 million per km (for projects with full diameters over rugged terrain). The Nigerian power sector can only operate successfully to the degree that they have a stable natural gas supply. There is also an export gas pipeline in the works, known as the West African Gas Pipeline, but it has faced several setbacks. The pipeline will allow natural gas transportation to Benin, Ghana, Togo, and Cote d'Ivoire. Much of Nigeria's natural gas is flared off, and it is estimated that the lack of flared gas causes Nigeria to lose $18.2 million every day.
Impact of COVID-19 Pandemic on the Nigeria Oil Country Tubular Goods Market
Coronavirus outbreak first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. As of March 2020, China, Italy, Iran, Spain, republic of Korea, France, Germany, and The US are some of the worst affected countries in terms confirmed cases and reported deaths. According to the latest WHO figures, there are ~ 3, 32,930 confirmed cases and ~14,510 total deaths globally. The COVID-19 is anticipated to hamper the market growth of Nigeria oil country tubular goods market to a large extent. As, the coronavirus outbreak has been affecting economies and industries in Nigeria due to lockdowns, travel bans, and business shutdowns.
Process Insights- Nigeria Oil Country Tubular Goods Market
Nigeria Oil country tubular goods market by process is segmented as seamless and welded. Seamless pipes are more preferred when compared to welded pipes owing to their capability to resist extremely high pressure without cracking. Moreover, seamless pipes provide uniformity of shape and avoid the chance of a weak seam that further makes it suitable for the high-pressure applications such as, hydrocarbon exploration and production. On the other hand, welded pipes are most cost-effective compared to seamless pipes and can be easily customized based on the operational requirements.
Strategic insights for the Nigeria Oil Country Tubular Goods provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 440.51 Million |
| Market Size by 2027 | US$ 718.60 Million |
| Global CAGR (2019 - 2027) | 6.5% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Process
|
| Regions and Countries Covered | Nigeria
|
| Market leaders and key company profiles |
The geographic scope of the Nigeria Oil Country Tubular Goods refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
Source: The Insight Partners Analysis, Primary Interviews, Magazines and Journals, and Secondary Sources
Product Insights- Nigeria Oil Country Tubular Goods Market
Nigeria Oil country tubular goods market by product is segmented as drill pipe, well casing, and production tubing. The drill pipe segment held the largest market share in 2019, while the well casing segment is expected to be the fastest growing segment in the market during the forecast period.
Application Insights- Nigeria Oil Country Tubular Goods Market
Nigeria Oil country tubular goods market by application is segmented as offshore and onshore. Apart from difference in their drilling locations they also vary in profits, timelines for processes & drilling and cost. With new developments in technology there is a rising demand for premium pipes. To save the overall cost & to reduce the hazards, the oil country tubular goods should be correctly selected during drilling activity. Growth of Market also depends on new advents in drilling technology in terms of improving efficiency to increase oil & gas recoverability.
Strategic Insights
Market initiative is a strategy basically adopted by the companies to expand their footprint across the world and meet the growing demand of their customers. The market players present in Nigeria oil country tubular goods market are mainly focusing towards development of advanced and efficient products. By signing partnership, contracts, joint ventures, funding, and inaugurating new offices across the world permit the company maintain its brand name.
Nigeria Oil Country Tubular Goods Market – By Process
Nigeria Oil Country Tubular Goods Market – By Product
Nigeria Oil Country Tubular Goods Market – By Application
Nigeria Oil Country Tubular Goods Market- Companies Profiles
The List of Companies - Nigeria Oil Country Tubular Goods Market
The Nigeria Oil Country Tubular Goods Market is valued at US$ 440.51 Million in 2019, it is projected to reach US$ 718.60 Million by 2027.
As per our report Nigeria Oil Country Tubular Goods Market, the market size is valued at US$ 440.51 Million in 2019, projecting it to reach US$ 718.60 Million by 2027. This translates to a CAGR of approximately 6.5% during the forecast period.
The Nigeria Oil Country Tubular Goods Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Nigeria Oil Country Tubular Goods Market report:
The Nigeria Oil Country Tubular Goods Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Nigeria Oil Country Tubular Goods Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Nigeria Oil Country Tubular Goods Market value chain can benefit from the information contained in a comprehensive market report.
Office No. 1011, First floor, Farena Corporate Park, Magarpatta-Mundhwa road, Pune - 411028, Maharashtra, India
US:+16467917070
sales@businessmarketinsights.com
Get Free Sample For Nigeria Oil Country Tubular Goods Market
