China Trade Index: MoM: Unit Value: Import HS4: Bituminous Mastics, Cut-Backs and Other Bituminous Mixtures Based on Natural Asphalt, on Natural Bitumen, on Petroleum Bitumen, on Mineral Tar or on Mineral Tar Pitch(for Example, Bituminous Mastics, Cutbacks). data was reported at 93.800 Average 12 Mths PY=100 in Feb 2025. This records a decrease from the previous number of 96.900 Average 12 Mths PY=100 for Jan 2025. China Trade Index: MoM: Unit Value: Import HS4: Bituminous Mastics, Cut-Backs and Other Bituminous Mixtures Based on Natural Asphalt, on Natural Bitumen, on Petroleum Bitumen, on Mineral Tar or on Mineral Tar Pitch(for Example, Bituminous Mastics, Cutbacks). data is updated monthly, averaging 104.514 Average 12 Mths PY=100 from Jan 2018 (Median) to Feb 2025, with 82 observations. The data reached an all-time high of 167.100 Average 12 Mths PY=100 in Jul 2021 and a record low of 54.900 Average 12 Mths PY=100 in Mar 2020. China Trade Index: MoM: Unit Value: Import HS4: Bituminous Mastics, Cut-Backs and Other Bituminous Mixtures Based on Natural Asphalt, on Natural Bitumen, on Petroleum Bitumen, on Mineral Tar or on Mineral Tar Pitch(for Example, Bituminous Mastics, Cutbacks). data remains active status in CEIC and is reported by General Administration of Customs. The data is categorized under China Premium Database’s International Trade – Table CN.JE: Unit Value Index: MoM: HS4 Classification.

The price of crude oil has experienced significant fluctuations over the past 10 days due to various factors such as global economic concerns, rising U.S. inventories, and OPEC's production cuts. This article discusses the price movements within the 10-day period and analyzes the key factors that have influenced the market. It also highlights the potential impact of ongoing U.S.-China trade negotiations and geopolitical tensions in the Middle East on future oil prices.

China Trade Index: YoY: Unit Value: Import HS4: Bituminous Mastics, Cut-Backs and Other Bituminous Mixtures Based on Natural Asphalt, on Natural Bitumen, on Petroleum Bitumen, on Mineral Tar or on Mineral Tar Pitch(for Example, Bituminous Mastics, Cutbacks). data was reported at 77.400 Prev Year=100 in Mar 2025. This records a decrease from the previous number of 87.200 Prev Year=100 for Feb 2025. China Trade Index: YoY: Unit Value: Import HS4: Bituminous Mastics, Cut-Backs and Other Bituminous Mixtures Based on Natural Asphalt, on Natural Bitumen, on Petroleum Bitumen, on Mineral Tar or on Mineral Tar Pitch(for Example, Bituminous Mastics, Cutbacks). data is updated monthly, averaging 105.550 Prev Year=100 from Jan 2018 (Median) to Mar 2025, with 80 observations. The data reached an all-time high of 228.600 Prev Year=100 in Apr 2021 and a record low of 51.500 Prev Year=100 in Oct 2020. China Trade Index: YoY: Unit Value: Import HS4: Bituminous Mastics, Cut-Backs and Other Bituminous Mixtures Based on Natural Asphalt, on Natural Bitumen, on Petroleum Bitumen, on Mineral Tar or on Mineral Tar Pitch(for Example, Bituminous Mastics, Cutbacks). data remains active status in CEIC and is reported by General Administration of Customs. The data is categorized under China Premium Database’s International Trade – Table CN.JE: Unit Value Index: YoY: HS4 Classification.

Crude Oil fell to 59.17 USD/Bbl on December 2, 2025, down 0.25% from the previous day. Over the past month, Crude Oil's price has fallen 3.08%, and is down 15.40% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on December of 2025.

With little fossil fuel resources of its own, Japan has largely depended on foreign petroleum imports for more than a century. Throughout the 1930s, imports from the United States fulfilled over 80 percent of Japan's oil needs, however, growing tensions between the two powers in the wake of Japan's invasion of China in 1937 saw the U.S. gradually cut trade ties with Japan. The U.S. was reluctant to cease this oil supply as it believed this would be taken as an act of war, but after Japan seized control of airfields in French Indochina (therefore blocking U.S. supply routes into China), the U.S. placed an oil embargo on Japan in August 1941. Japan's next invasion Japan's oil demand was already very high due to its military actions in China, and the U.S. believed that this move would bring the invasion to a halt. However, it had the opposite effect. On December 8, 1941 (Dec. 7 for Pearl Harbor due to time differences) Japan launched a full-scale invasion of Southeast Asia and the Pacific, with the intent of capturing the oil-rich regions of the Dutch East Indies and Burma. Europe's colonial powers were too preoccupied by war at home to respond effectively, and the attack on Pearl Harbor had temporarily neutralized the U.S. Navy's Pacific Fleet - within six months, Japan controlled virtually all of Southeast Asia. A new dilemma By mid-1942 Japan was in possession of the East Indies, the region's largest oil producer, but it now had to transport this oil roughly 6,000 kilometers to the metropole or China - a role that had previously been fulfilled by Western powers. A tanker manufacturing program was started immediately, with most Japanese oiler classes having a displacement between 10,000 and 20,000 tons each. In 1942, the U.S. Pacific Fleet became operational once more, but it was not until 1943 that U.S. submarines began aggressively targeting these new Japanese oilers. This campaign proved to be an enormous success, with Japanese losses exceeding production each year between 1943 and 1945. Without these actions, the Japanese may have been able to strengthen their position in the Pacific or push further into China and Burma, as the disruption of Japan's oil supply greatly weakened its ability to transport manpower and resources, or to run its tanks, aircraft, and navy.

Today, the price of Brent crude oil experienced fluctuations amid ongoing concerns about the world economy due to the trade tensions between the United States and China. The United States and China, the world's top oil consumers, have been imposing tariffs on each other's goods, raising concerns about the global economic growth and oil demand. Overall, the price of Brent crude oil today exhibited volatility due to the ongoing trade tensions and market expectations regarding production cuts.

China Trade Index: YoY: Unit Value: Export HS4: Bituminous Mastics, Cut-Backs and Other Bituminous Mixtures Based on Natural Asphalt, on Natural Bitumen, on Petroleum Bitumen, on Mineral Tar or on Mineral Tar Pitch(for Example, Bituminous Mastics, Cutbacks). data was reported at 92.600 Prev Year=100 in Mar 2025. This records an increase from the previous number of 92.500 Prev Year=100 for Feb 2025. China Trade Index: YoY: Unit Value: Export HS4: Bituminous Mastics, Cut-Backs and Other Bituminous Mixtures Based on Natural Asphalt, on Natural Bitumen, on Petroleum Bitumen, on Mineral Tar or on Mineral Tar Pitch(for Example, Bituminous Mastics, Cutbacks). data is updated monthly, averaging 102.067 Prev Year=100 from Jan 2018 (Median) to Mar 2025, with 79 observations. The data reached an all-time high of 244.432 Prev Year=100 in Nov 2018 and a record low of 55.700 Prev Year=100 in Feb 2020. China Trade Index: YoY: Unit Value: Export HS4: Bituminous Mastics, Cut-Backs and Other Bituminous Mixtures Based on Natural Asphalt, on Natural Bitumen, on Petroleum Bitumen, on Mineral Tar or on Mineral Tar Pitch(for Example, Bituminous Mastics, Cutbacks). data remains active status in CEIC and is reported by General Administration of Customs. The data is categorized under China Premium Database’s International Trade – Table CN.JE: Unit Value Index: YoY: HS4 Classification.

China IVI: YoY: HS4: Bituminous Mastics, Cut-Backs and Other Bituminous Mixtures Based on Natural Asphalt, on Natural Bitumen, on Petroleum Bitumen, on Mineral Tar or on Mineral Tar Pitch(for Example, Bituminous Mastics, Cutbacks). data was reported at 47.000 Prev Year=100 in Mar 2025. This records an increase from the previous number of 44.800 Prev Year=100 for Feb 2025. China IVI: YoY: HS4: Bituminous Mastics, Cut-Backs and Other Bituminous Mixtures Based on Natural Asphalt, on Natural Bitumen, on Petroleum Bitumen, on Mineral Tar or on Mineral Tar Pitch(for Example, Bituminous Mastics, Cutbacks). data is updated monthly, averaging 85.944 Prev Year=100 from Jan 2018 (Median) to Mar 2025, with 80 observations. The data reached an all-time high of 17,086.400 Prev Year=100 in Nov 2019 and a record low of 0.238 Prev Year=100 in Nov 2018. China IVI: YoY: HS4: Bituminous Mastics, Cut-Backs and Other Bituminous Mixtures Based on Natural Asphalt, on Natural Bitumen, on Petroleum Bitumen, on Mineral Tar or on Mineral Tar Pitch(for Example, Bituminous Mastics, Cutbacks). data remains active status in CEIC and is reported by General Administration of Customs. The data is categorized under China Premium Database’s International Trade – Table CN.JE: Trade Value Index: YoY: HS4 Classification.

Tight Oil Market Outlook

According to our latest research, the Global Tight Oil market size was valued at $57.8 billion in 2024 and is projected to reach $112.3 billion by 2033, expanding at a CAGR of 7.8% during 2024–2033. The primary driver for this robust growth is the increasing global demand for energy security, which has prompted significant investments in unconventional hydrocarbon resources such as tight oil. As conventional oil reserves decline and geopolitical uncertainties continue to impact supply chains, tight oil has emerged as a strategic alternative, offering both scalability and technological advancement. The integration of advanced extraction technologies, including hydraulic fracturing and horizontal drilling, has further accelerated the commercial viability of tight oil, making it a critical component of the global energy mix.

Regional Outlook

North America continues to dominate the tight oil market, accounting for the largest share in 2024, with a market value exceeding $39 billion. This region's supremacy is largely attributed to its mature exploration and production infrastructure, favorable regulatory frameworks, and the widespread adoption of cutting-edge extraction technologies. The United States, in particular, has been a global leader, driven by massive investments in shale oil plays such as the Permian Basin, Bakken, and Eagle Ford. Canada also plays a significant role, leveraging its vast tight oil reserves and supportive policies. The presence of established service providers, robust midstream infrastructure, and a highly skilled workforce further cements North America’s leadership position. In addition, government incentives and streamlined permitting processes have fostered a conducive environment for continuous innovation and expansion within the tight oil sector.

In contrast, the Asia Pacific region is witnessing the fastest growth, projected to expand at a CAGR of 10.2% through 2033. This rapid acceleration is driven by surging energy demand, particularly from emerging economies such as China and India, which are actively seeking to diversify their energy portfolios and reduce reliance on imported oil. Governments in this region are increasingly encouraging exploration and production of unconventional resources through policy reforms, subsidies, and partnerships with international oil companies. Recent discoveries in China’s Sichuan and Tarim Basins, coupled with significant investments in exploration technology and infrastructure, are propelling the region’s tight oil market. The ongoing modernization of upstream activities and the entry of global players are also expected to fuel sustained growth in the Asia Pacific, making it a focal point for future investments.

Emerging economies in Latin America and Middle East & Africa are gradually stepping into the tight oil landscape, albeit at a slower pace due to infrastructural and regulatory challenges. In Latin America, countries like Argentina and Brazil have begun to explore their tight oil potential, but face hurdles such as limited technical expertise, high extraction costs, and fluctuating policy environments. Similarly, the Middle East & Africa region, traditionally reliant on conventional oil, is exploring tight oil as part of its long-term diversification strategy. However, the adoption rate remains modest, hindered by capital-intensive technology requirements and the need for comprehensive regulatory reforms. Despite these challenges, localized demand for energy security and economic diversification is prompting gradual policy shifts and pilot projects, laying the groundwork for future growth.

Report Scope

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Oil Country Tubular Goods Market Size 2025-2029

The oil country tubular goods (OCTG) market size is forecast to increase by USD 12.35 billion at a CAGR of 6.4% between 2024 and 2029.

The market is experiencing significant growth driven by increasing investments in upstream activities, particularly in deep-water and ultra-deep-water exploration and production. This trend is expected to continue as companies seek to expand their reserves and meet rising energy demand. However, the market is not without challenges. Environmental concerns related to drilling are becoming increasingly prominent, with stricter regulations and growing public pressure. As a result, OCTG manufacturers must adapt to meet evolving sustainability standards and reduce their carbon footprint. Additionally, price volatility in raw materials and geopolitical risks can impact market dynamics.
The OCTG market is also witnessing the integration of emerging technologies like blockchain technology, advanced manufacturing techniques, and additive manufacturing to enhance data security and optimize production processes. Companies seeking to capitalize on this market's opportunities must stay informed of regulatory developments, invest in research and development to improve product sustainability, and build resilient supply chains to navigate price fluctuations and geopolitical risks. By doing so, they can effectively navigate the complexities of the OCTG market and position themselves for long-term success.

What will be the Size of the Oil Country Tubular Goods (OCTG) Market during the forecast period?

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The market in the United States experiences significant activity due to the ongoing demand for tubing and related products in the oil and gas industry. Factors driving market growth include the increasing adoption of hydraulic fracturing and other advanced drilling techniques, the need for corrosion prevention and flow assurance, and the integration of digital technologies such as simulation software, artificial intelligence, and digital twins. High-performance tubing, lightweight materials, and premium OCTG are gaining popularity due to their ability to enhance production efficiency and reduce operational costs.
Technological advancements in areas like automated welding, laser cutting, and materials science continue to shape the market. Additionally, the use of specialty tubular goods, such as those with ceramic and thermal spray coatings, is on the rise for their ability to improve pipeline integrity and reduce downtime. Overall, the market is expected to continue growing, driven by the increasing demand for oil and gas and the continuous innovation in tubing technologies.

How is this Oil Country Tubular Goods (OCTG) Industry segmented?

The oil country tubular goods (OCTG) industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Product

  Seamless
  Welded


Application

  Onshore
  Offshore


Type

  Well casing
  Production tubing
  Drill pipe
  Others


Grade Type

  API grade
  Premium grade


Geography

  North America

    US
    Canada


  APAC

    China
    India
    Japan
    South Korea


  Europe

    Germany
    UK


  South America

    Brazil


  Middle East and Africa

By Product Insights

The seamless segment is estimated to witness significant growth during the forecast period. Seamless tubular goods, specifically drill pipes, represent a significant segment in the oil and gas industry. Produced in pipe mills using specialized processes, seamless OCTG are manufactured from solid cylindrical steel billets, which are then rolled and stretched to meet customer specifications. The superior mechanical properties of seamless OCTG, including high tensile and yield strength, make them ideal for high-pressure drilling environments. The absence of welded seams in seamless OCTG eliminates potential leakage sources, ensuring greater reliability. Additionally, the accurate calculation of pipe pressure is facilitated by the seamless design. Advanced technologies, such as Artificial Intelligence (AI), Digital Transformation, and Non-Destructive Testing (NDT), are increasingly being integrated into the production process to enhance quality control, production optimization, and well life extension.

Seamless OCTG finds extensive applications in various drilling operations, including subsea production, directional drilling, and deepwater drilling. Downhole tools, wellhead equipment, and casing strings are essential components where high-strength alloys and premium connections are crucial. Enhanced oil recovery techniques, such as Carbon Capture and high-pressure/high-temperature (HPHT) drilling, require the use of OCTG with enhanced corrosion resist

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Downhole Tools Market Size 2024-2028

The downhole tools market size is forecast to increase by USD 9.8 billion at a CAGR of 4.82% between 2023 and 2028. The market is experiencing significant growth due to several key drivers. One major factor is the increasing production capacity in the energy sector, particularly in the exploration and extraction of unconventional oil and gas resources. Another trend is the adoption of new-generation automated drilling rigs, which improve efficiency and reduce operational costs. Additionally, volatility in crude oil prices continues to influence market growth. However, the industry is also facing challenges, such as the shift towards renewable energy and the need to reduce carbon emissions. Industry executives are focusing on developing heat transfer models and other advanced technologies to optimize downhole operations and improve overall performance. This market analysis report provides a comprehensive assessment of these trends and challenges, offering valuable insights for stakeholders in the downhole tools industry.

Market Analysis

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The market plays a pivotal role in the hydrocarbon industry, particularly in the context of drilling processes and well intervention. These tools are essential components of the bottom hole assembly (BHA) used in oil well drilling, both onshore and offshore. They facilitate efficient drilling operations, improve formation evaluation, and ensure a reliable supply of crude oil and natural gas. Drilling techniques have evolved significantly over the years, with the advent of horizontal drilling and hydraulic fracturing revolutionizing the exploration and production of unconventional hydrocarbons such as shale gas and tight gas.

Moreover, downhole tools have been instrumental in enabling these advanced drilling methods, providing precise control and monitoring capabilities. The hydrocarbon industry's focus on energy security and supply reliability necessitates the continuous improvement of drilling operations. Downhole tools contribute to this goal by enhancing the performance of drilling activities, optimizing well completion, and facilitating effective well intervention. Formation evaluation is a critical aspect of drilling processes, and downhole tools play a significant role in this area. They enable accurate measurement of various geological parameters, providing valuable data for reservoir characterization and production forecasting. Trade activity in the hydrocarbon industry remains strong, with ongoing onshore projects and offshore ventures driving the demand for advanced downhole tools. Furthermore, the market for these tools is expected to grow, fueled by the increasing complexity of drilling operations and the need for improved efficiency and productivity.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Drilling
  Well intervention
  Completion


Geography

  North America

    US


  Middle East and Africa



  Europe



  APAC

    China


  South America

    Brazil

By Application Insights

The drilling segment is estimated to witness significant growth during the forecast period. The energy sector, particularly oil companies, continues to face the challenge of extracting hydrocarbons from increasingly complex formations, with an average well depth surpassing 8,000 feet. To drill at these depths, specialized downhole tools are essential. These tools provide the necessary weight and pressure to maintain the drill string's cutting efficiency without significantly impacting the Rate of Penetration (ROP). The drilling segment dominates The market due to its extensive application. Furthermore, advanced well logging services, such as logging while drilling (LWD) and measurement while drilling (MWD), rely on downhole drilling tools for accurate data acquisition.

Furthermore, the market's growth is driven by the energy sector's need to maximize production capacity and improve operational efficiency. As the industry transitions towards renewable energy sources and reduces carbon emissions, the demand for downhole tools will remain significant.

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The drilling segment accounted for USD 21.80 billion in 2018 and showed a gradual increase during the forecast period.

Regional Insights

North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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In the Americas, the demand for downhole

China EVI: MoM: HS4: Bituminous Mastics, Cut-Backs and Other Bituminous Mixtures Based on Natural Asphalt, on Natural Bitumen, on Petroleum Bitumen, on Mineral Tar or on Mineral Tar Pitch(for Example, Bituminous Mastics, Cutbacks). data was reported at 70.500 Average 12 Mths PY=100 in Feb 2025. This records a decrease from the previous number of 115.300 Average 12 Mths PY=100 for Jan 2025. China EVI: MoM: HS4: Bituminous Mastics, Cut-Backs and Other Bituminous Mixtures Based on Natural Asphalt, on Natural Bitumen, on Petroleum Bitumen, on Mineral Tar or on Mineral Tar Pitch(for Example, Bituminous Mastics, Cutbacks). data is updated monthly, averaging 70.500 Average 12 Mths PY=100 from Jan 2018 (Median) to Feb 2025, with 67 observations. The data reached an all-time high of 443.400 Average 12 Mths PY=100 in Mar 2020 and a record low of 5.300 Average 12 Mths PY=100 in Feb 2023. China EVI: MoM: HS4: Bituminous Mastics, Cut-Backs and Other Bituminous Mixtures Based on Natural Asphalt, on Natural Bitumen, on Petroleum Bitumen, on Mineral Tar or on Mineral Tar Pitch(for Example, Bituminous Mastics, Cutbacks). data remains active status in CEIC and is reported by General Administration of Customs. The data is categorized under China Premium Database’s International Trade – Table CN.JE: Trade Value Index: MoM: HS4 Classification.