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The oil country tubular goods (OCTG) market size is forecast to increase by USD 19.3 billion at a CAGR of 7.3% between 2023 and 2028. The market is experiencing significant growth due to increasing investments in upstream drilling activities, particularly in deep-water and ultra-deep-water Exploration and Production (E&P) projects. The rising demand for drilling fluids to maintain the annulus pressure during drilling operations is driving the market's growth. However, environmental concerns related to drilling activities are posing challenges to market growth. These concerns include the need for more sustainable drilling practices and the increasing focus on renewable energy sources such as solar and wind. Emerging economies with growing energy demands and a focus on energy security are also driving the need for domestic energy resources, increasing the demand for OCTG. Despite these challenges, the market is expected to continue growing due to the increasing demand for drilling rigs and the ongoing exploration of tight oil reserves. Solar and wind energy investments are also expected to create opportunities for the OCTG market in the future as the renewable energy sector expands.
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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