by James Ikenna……..,.
The Nigeria oil 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 percent during the forecast period.
The rising production of shale and a resulting hike in horizontal and unconventional drilling is one of the major driving factors of the Nigeria oil country tubular goods market.Shale oil and shale gas, much like crude oil and natural gas, are hydrocarbon commodities; the difference between them is the source from which they are extracted.
Shale oil and shale gas are extracted from shale formations that lie below the surface of the earth via a horizontal drilling and hydraulic fracturing process in which water, sand, and chemical additives are injected under high pressure to create and maintain fractures in underground formations.They are referred to as unconventional sources of hydrocarbon resources, while traditional sources are called crude oil and natural gas in the Nigeria oil country tubular goods market.
The development of shale resources seems to have finally brought solace to some of those countries who for years have been craving for energy self-sufficiency.The consequence of this is that there will be fewer oil imports from foreign countries on their side, some of which are located in volatile regions of the world.
The effect on those foreign countries that export crude oil is that their income from oil exports will decline, and for those whose economies rely on the revenue from the selling these resources, it could spell doom for them as their primary source of income is cut short. Nigeria is one such country that finds itself in such a precarious situation. Despite the popularity of such a thought, one may have no other choice but to hold the same views. If, however, a holistic view of the whole scene is taken, one observes that the Nigerian economy’s future vis-à-vis shale growth is not as grim as is commonly believed.
The Nigeria oil tubular goods market is segmented into process, product, and application.Based on process, the Nigeria oil tubular goods market is further segmented into seamless and welded.
Based on product, the Nigeria oil tubular goods market is further segmented into drill pipe, well casing, and production tubing. Based on application, the Nigeria oil tubular goods market is further segmented into onshore and offshore.
The well-established market players operating in the Nigeria oil tubular goods market include 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; and Baker Hughes Company.
The overall Nigeria oil tubular goods market size has been derived using both primary and secondary sources.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Nigeria oil tubular goods market.
It also provides an overview and forecast for the Nigeria oil goods market based on all the segmentations provided for Nigeria.Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in oil tubular goods across Nigeria.