The Global Drill Pipes Market is projected to reach USD 2.44 billion by 2028, growing at a CAGR of 1.5% during the forecast period.
Drill pipe refers to a hollow thick-walled pipe, which is used to carry out horizontal drilling for facilitating drilling in a wellbore. A single length drill pipe consists of a hollow tube usually long in height with adequate wall thickness along with tool joint connections at the two ends. Drill pipes are subject to torsional stress and fatigue at the time of drilling, thus they are seamless in nature and are heat-treated to conform to API specifications.
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Rising investments toward technological enhancement with an aim to improve efficiency across the complete spectrum of E&P technology will stimulate the drill pipe market growth. Recent innovations including pad and horizontal drilling have reduced the downtime of drilling rig which in turn will propel the industry growth. Furthermore, development of extreme reach drill pipes for extended reach drilling will propel the business growth.
Key Factors Impacting Growth of Drill Pipes Market:
o Expansion of production activities & exploration.
o Growing demand for energy and technological advancements
o Increasing investments on new offshore reserves.
o Increasing energy demands
o In March 2017, Noble Energy (US)announced to allocate USD 1.8 billion across onshore with major focus toward Eagle Ford, DJ Basin and Delaware Basin for drilling and completion
o In February 2018, National Hydrocarbon Commission of Mexico (CNH) announced that Qatar Petroleum & Shell gained the rights for exploration blocks as part of Mexico Deep Water Round 2.
o In February 2019, Baker Hughes(US), a GE company, the world’s first fullstream oil and gas company, has signed a Memorandum of Understanding (MoU) with Qatar Petroleum (QP) to explore new opportunities to expand its presence in the country and to support Qatar Petroleum’s Tawteen Program.
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The North American region is expected to lead the drill pipes market in drill pipes. This is because the US is increasing their exploration activities and production activities. The domestic oil and natural gas industry in America spent an estimated $122.8 billion in drilling approximately 28,809 oil and natural gas wells in 2015, according to API’s 2015 Joint Association Survey on Drilling Costs.
Key market Players:
Major Companies profiled in the report which are key players in the global drill pipes market. Drill Pipe International LLC, Hilong Group, National Oilwell Varco, Tenaris S.A., Vallourec S.A., TMK Group, Oil Country Tubular Limited, Tejas Tubular Products Inc., Texas Steel Conversion Inc., DP Master Manufacturing Pvt Ltd., Jiangyin Long Bright Drill Pipe Manufacture Co. Ltd., RK Pipe LLC, Superior Drill Pipe Manufacturing Inc., Tenaris S.A., TMK Group, TPS-TechnitubeRohrenwerke, and Vallourec S.A….
o American Petroleum Institute (API)
o North America
By Country (US, Canada, Mexico)
o Western Europe
By Country (Germany, UK, France, Spain, Rest of Western Europe)
o Eastern Europe
By Country (Russia, Turkey, Rest of Eastern Europe)
o Asia Pacific
By Country (China, Japan, India, Rest of Asia Pacific)
o Middle East
By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
o Rest of the World
By Region (South America, Africa, Rest of the World)
Reasons to Buy This Report:
o Market size estimation of the global drill pipes market on a regional and global basis.
o Unique research design for drill pipesmarket size estimation and forecast.
o Profiling of major companies operating in the drill pipesmarket with key developments.
o Broad scope to cover all the possible segments helping every stakeholder in thedrill pipes market.
We provide customization of the study to meet specific requirements:
o By Segment
o By Sub-segment
o By Region/Country
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