Oil & Gas Casing & Tubing Category Procurement Intelligence Report 2026-2030

The global Oil Country Tubular Goods (OCTG) casing and tubing market sits at approximately USD 32.5 billion in 2025 (base year), held in a structurally balanced-to-tight position between upstream capex cycles, Chinese supply dominance subject to an evolving US tariff stack, and the sequential regulatory upgrades embodied in API Spec 5CT 11th Edition (effective January 2025, addendum published May 2025). The category is expanding at roughly 4.2 percent CAGR to 2032, but the composition of growth is bifurcated: North American unconventional drilling drives the near-term volume while deepwater and CCUS-linked well construction holds the longer-cycle upside. > **Analyst Take.** The single most mispriced risk in this category is the Section 122 10 percent surcharge introduced in February 2026. Most buyer models still anchor on the 25 percent Section 301 List 3 rate alone, ignoring the additio

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