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Nigeria Oil Country Tubular Goods Market to 2027 - Country Analysis and Forecasts by Process (Seamless, and Welded); Product (Drill Pipe, Well Casing, and Production Tubing); Application (Onshore, and Offshore)

Code: TIPRE00009678 | Pages: 126 | Industry: Manufacturing and Construction | Date: Mar 2020
Covid

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.

 

Lucrative Nigeria Oil Country Tubular Goods Markets

Lucrative Nigeria Oil Country Tubular Goods Markets


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.

 

Nigeria Oil Country Tubular Goods Market, by Process– 2019 & 2027

Nigeria Oil Country Tubular Goods Market, by Process– 2019 & 2027

 

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.

 

  • 2019: Vallourec won a US$ 900 Mn contract from Abu Dhabi National Oil Company (ADNOC) for the supply of tubing and casing.

 

  • 2019: TMK and NOVATEK signed a strategic partnership agreement Cooperation Agreement. The agreement includes the policies and approaches for supplying TMK’s premium casing and tubing pipe to NOVATEK

 

Nigeria Oil Country Tubular Goods Market – By Process

  • Seamless
  • Welded

 

Nigeria Oil Country Tubular Goods Market – By Product

  • Drill Pipe
  • Well Casing
  • Production Tubing

 

Nigeria Oil Country Tubular Goods Market – By Application

  • Onshore
  • Offshore

Nigeria Oil Country Tubular Goods Market- Companies Profiles

  • DAMAGIX GROUP
  • EVRAZ plc
  • Hunting Group
  • ILJIN STEEL CO., LTD
  • JFE Steel Corporation
  • National Oilwell Varco, Inc.
  • OilPro Oil and Gas Limited
  • Tecon Oil Sevices Ltd
  • Tenaris
  • TMK
  • TPCO Enterprise, Inc.
  • VALLOUREC
  • Baker Hughes Company

 

1.           Introduction

1.1         Study Scope

1.2         The Insight Partners Research Report Guidance

1.3         Market Segmentation

2.           Key Takeaways

3.           Research Methodology

3.1         Coverage

3.2         Secondary Research

3.3         Primary Research

4.           Nigeria Oil Country Tubular Goods Market Landscape

4.1         Market Overview

4.2         PEST Analysis

4.2.1        Nigeria – PEST Analysis

4.3         Ecosystem Analysis

4.4         Expert Opinion

5.           Nigeria OCTG Market – Key Market Dynamics

5.1         Market Drivers

5.1.1        Significant Investments to Build Pipeline Infrastructure

5.1.2        Rising Production of Shale and a Resulting Hike in Horizontal and Unconventional Drilling

5.2         Market Restraints

5.2.1        High Cost of Material and Overall Manufacturing Process

5.3         Opportunity

5.3.1        Refineries Acting as a Link Between the Petroleum Sector and GDP of Nigeria

5.4         Trends:

5.4.1        Exponential Investment by Oilfield Service Providers and Operators in Oil and Gas Exploration and Production Activities

5.5         Impact Analysis of Drivers And Restraints

6.           Oil Country Tubular Goods – Nigeria Market Analysis

6.1         Nigeria Oil Country Tubular Goods Market Overview

6.2         Nigeria Oil Country Tubular Goods Market – Revenue, and Forecast to 2027 (US$ Million)

6.3         Market Positioning – Nigeria Market Players Ranking

7.           Nigeria Oil Country Tubular Goods Market Analysis – By Product

7.1         Overview

7.2         Nigeria Oil Country Tubular Goods Market, By Product (2019 and 2027)

7.3         Drill Pipe

7.3.1        Overview

7.3.2        Drill Pipe: Nigeria Oil Country Tubular Goods Market – Revenue, and Forecast to 2027 (US$ Million)

7.4         Well Casing

7.4.1        Overview

7.4.2        Well Casing: Nigeria Oil Country Tubular Goods Market – Revenue, and Forecast to 2027 (US$ Million)

7.4.3        Conductor Casing

7.4.3.1          Overview

7.4.3.2          Conductor Casing: Nigeria Oil Country Tubular Goods Market – Revenue, and Forecast to 2027 (US$ Million)

7.4.4        Surface Casing

7.4.4.1          Overview

7.4.4.2          Surface Casing: Nigeria Oil Country Tubular Goods Market – Revenue, and Forecast to 2027 (US$ Million)

7.4.5        Others

7.4.5.1          Overview

7.4.5.2          Others: Nigeria Oil Country Tubular Goods Market – Revenue, and Forecast to 2027 (US$ Million)

7.5         Production Tubing

7.5.1        Overview

7.5.2        Production Tubing: Nigeria Oil Country Tubular Goods Market – Revenue, and Forecast to 2027 (US$ Million)

8.           Nigeria Oil Country Tubular Goods Market Analysis – By Application

8.1         Overview

8.2         Nigeria Oil Country Tubular Goods Market, By Application (2019 and 2027)

8.3         On-shore

8.3.1        Overview

8.3.2        On-shore: Nigeria Oil Country Tubular Goods Market – Revenue, and Forecast to 2027 (US$ Million)

8.4         Off-shore

8.4.1        Overview

8.4.2        Off-shore: Nigeria Oil Country Tubular Goods Market – Revenue, and Forecast to 2027 (US$ Million)

9.           Industry Landscape

9.1         Market Initiative

9.2         Merger and Acquisition

9.3         New Development

10.        Company Profiles

10.1      DAMAGIX GROUP

10.1.1     Key Facts

10.1.2     Business Description

10.1.3     Products and Services

10.1.4     Financial Overview

10.1.5     SWOT Analysis

10.1.6     Key Developments

10.2      EVRAZ plc

10.2.1     Key Facts

10.2.2     Business Description

10.2.3     Products and Services

10.2.4     Financial Overview

10.2.5     SWOT Analysis

10.2.6     Key Developments

10.3      Hunting Group

10.3.1     Key Facts

10.3.2     Business Description

10.3.3     Products and Services

10.3.4     Financial Overview

10.3.5     SWOT Analysis

10.3.6     Key Developments

10.4      ILJIN STEEL CO., LTD.

10.4.1     Key Facts

10.4.2     Business Description

10.4.3     Products and Services

10.4.4     Financial Overview

10.4.5     SWOT Analysis

10.4.6     Key Developments

10.5      JFE Steel Corporation

10.5.1     Key Facts

10.5.2     Business Description

10.5.3     Products and Services

10.5.4     Financial Overview

10.5.5     SWOT Analysis

10.5.6     ey Developments

10.6      National Oilwell Varco, Inc.

10.6.1     Key Facts

10.6.2     Business Description

10.6.3     Products and Services

10.6.4     Financial Overview

10.6.5     SWOT Analysis

10.6.6     Key Developments

10.7      OilPro Oil and Gas Limited

10.7.1     Key Facts

10.7.2     Business Description

10.7.3     Products and Services

10.7.4     Financial Overview

10.7.5     SWOT Analysis

10.7.6     Key Developments

10.8      Tecon Oil Sevices Ltd.

10.8.1     Key Facts

10.8.2     Business Description

10.8.3     Products and Services

10.8.4     Financial Overview

10.8.5     SWOT Analysis

10.8.6     Key Developments

10.9      Tenaris

10.9.1     Key Facts

10.9.2     Business Description

10.9.3     Products and Services

10.9.4     Financial Overview

10.9.5     SWOT Analysis

10.9.6     Key Developments

10.10   TMK

10.10.1  Key Facts

10.10.2  Business Description

10.10.3  Products and Services

10.10.4  Financial Overview

10.10.5  SWOT Analysis

10.10.6  Key Developments

10.11   TPCO Enterprise, Inc.

10.11.1  Key Facts

10.11.2  Business Description

10.11.3  Products and Services

10.11.4  Financial Overview

10.11.5  SWOT Analysis

10.11.6  Key Developments

10.12   VALLOUREC

10.12.1  Key Facts

10.12.2  Business Description

10.12.3  Products and Services

10.12.4  Financial Overview

10.12.5  SWOT Analysis

10.12.6  Key Developments

10.13   Baker Hughes Company

10.13.1  Key Facts

10.13.2  Business Description

10.13.3  Products and Services

10.13.4  Financial Overview

10.13.5  SWOT Analysis

10.13.6  Key Developments

11.        Appendix

11.1      About The Insight Partners

11.2      Word Index

LIST OF TABLES

Table 1.            Nigeria Oil Country Tubular Goods Market – Revenue, and Forecast to 2027 (US$ Million)

Table 2.            List of Abbreviation

 

LIST OF FIGURES

Figure 1.          Nigeria Oil Country Tubular Goods Market Segmentation

Figure 2.          Nigeria Oil Country Tubular Goods Market Overview

Figure 3.          Seamless Process to Show Remarkable Traction During Forecast Period

Figure 4.          Drill Pipes –Product to Dominate the Nigeria OCTG Market

Figure 5.          On-Shore –Application to Dominate the Nigeria OCTG Market

Figure 6.          Nigeria – PEST Analysis

Figure 7.          Nigeria Oil Country Tubular Goods Market – Ecosystem Analysis

Figure 8.          Expert Opinion

Figure 9.          Nigeria OCTG Market Impact Analysis of Drivers And Restraints

Figure 10.       Nigeria: Oil Country Tubular Goods Market – Revenue and Forecast to 2027 (US$ Million)

Figure 11.       Nigeria Oil Country Tubular Goods Market Revenue Share, by Product (2019 and 2027)

Figure 12.       Drill Pipe: Nigeria Oil Country Tubular Goods Market – Revenue, and Forecast to 2027 (US$ Million)

Figure 13.       Well Casing: Nigeria Oil Country Tubular Goods Market – Revenue, and Forecast to 2027 (US$ Million)

Figure 14.       Conductor Casing: Nigeria Oil Country Tubular Goods Market – Revenue, and Forecast to 2027 (US$ Million)

Figure 15.       Surface Casing: Nigeria Oil Country Tubular Goods Market – Revenue, and Forecast to 2027 (US$ Million)

Figure 16.       Others: Nigeria Oil Country Tubular Goods Market – Revenue, and Forecast to 2027 (US$ Million)

Figure 17.       Production Tubing: Nigeria Oil Country Tubular Goods Market – Revenue, and Forecast to 2027 (US$ Million)

Figure 18.       Nigeria Oil Country Tubular Goods Market Revenue Share, by Application (2019 and 2027)

Figure 19.       On-shore: Nigeria Oil Country Tubular Goods Market – Revenue, and Forecast to 2027 (US$ Million)

Figure 20.       Off-shore: Nigeria Oil Country Tubular Goods Market – Revenue, and Forecast to 2027 (US$ Million)

 

The List of Companies - Nigeria Oil Country Tubular Goods Market

  1. DAMAGIX GROUP
  2. EVRAZ plc
  3. Hunting Group
  4. ILJIN STEEL CO., LTD
  5. JFE Steel Corporation
  6. National Oilwell Varco, Inc.
  7. OilPro Oil and Gas Limited
  8. Tecon Oil Sevices Ltd
  9. Tenaris
  10. TMK
  11. TPCO Enterprise, Inc.
  12. VALLOUREC
  13. Baker Hughes Company
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Nigeria oil country tubular goods market
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the Nigeria oil country tubular goods market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth market trends and outlook coupled with the factors driving the market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

 


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FAQ

The on-shore application based OCTG products dominated the Nigerian OCTG market in 2019 owing to considerable presence of existing infrastructure of pipeline in the country. However, from a growth perspective off-shore is projected to witness more lucrative growth due country’s focus towards off-shore oil exploration and production capabilities.

Factors such as favorable government policies as well as initiatives along with substantial investment towards development of new pipeline infrastructure is the major market driving forces. In addition to this, the growing production capabilities and energy demand from nearby African countries for fuels is anticipated to rise and subsequently drive the market growth for Nigeria OCTG market during the forecast period.

The seamless process based OCTG products are expected to maintain their dominance during the forecast period as well due to their considerable large market share and large scale adoption across different oil & gas industry verticals.

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