The global Drill Pipe Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global Drill Pipe Market size is expected to value at USD 1.31 billion by 2025. The drill pipe industry is subject to witness a substantial growth due to the robust growth of oil& gas industry, especially in the North American and the Middle Eastern region. In addition, the development of advanced drilling techniques coupled with high-end productivity are expected to foster market growth in the upcoming years.
Key Players:
- Hilong Group
- National Oilwell Varco
- Tenaris S.A.
- Vallourec S.A.
- TMK Group
- Oil Country Tubular Limited
- Tejas Tubular Grades Inc.
- Texas Steel Conversion Inc.
- DP Master
- Jiangyin Long Bright Drill Pipe Manufacture Co. Ltd.
- Drill Pipe International LLC
- Superior Drill Pipe Manufacturing, Inc.
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Growth Drivers:
Presence of a large number of independent contractors and local manufacture, particularly in the U.S. and Canada has led to the market expansion in forecast period. In addition, increasing amount of onshore activities and growing demand from upstream or exploration & production companies are estimated to stimulate market growth in the near future. The technological advancements in the oil & gas sector coupled with development of novel techniques to meet the current energy demand are steering the growth of drill pipes industry as well.
However, higher production & installation cost and lack of skilled workforce are expected to negatively affect market progress. Additionally, shifting trend towards adoption of renewable energy sources coupled with numerous laws & regulation by local and international authorities such as Fund for Wild Nature (FWN) to regulate petroleum production is limiting the market growth.
Increasing concerns regarding environmental hazards due to excessive emission of greenhouse gas emission is hindering the market development in the recent years. The equipment rental services segment has also displayed a steady growth rate over the past couple of years. Yet, substantial recovery in the oilfield activities and stabilizing crude oil costs are anticipated to fuel market growth in next five years. Moreover, the new finding of hydrocarbon reserves in the South China Sea and South-East Asia are predicted to offer numerous opportunities for regional manufactures in the upcoming years.
Application Outlook:
- Onshore
- Offshore
Grade Outlook:
- API Grade
- Premium Grade
API grade drill pipes is considered as one of the fastest growing segment in the drill pipe market with largest market share in the last few years. Growing popularity of the API grade drill pipes in oil & gas industry is credited to higher approval rate among upstream or exploration & production, standardization of the finished products and declined operational cost. In addition, factors responsible for robust growth of the API grade drill pipes segment include higher market penetration and easy installation.
Regional Outlook:
North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in oil & gas industry, significant investment by downstream &exploration and production companies, and existence of well-established industrial infrastructure.
Asia-Pacific region is predicted to hold major market share in the drill pipes market with massive growth in forecast period. Countries such as China, Indonesia, Australia and India are leading the Asia-Pacific market with increasing rig activities in the region, development of offshore basins, strong economic growth, large consumer base, and significant investment by leading industry players considering potential growth opportunities.
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