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 pipes are steel or aluminum tubulars fitted with threaded ends known tool joints, that are normally used in tension in the top part of the drill string to pump fluid and transmit torque to the bit. Using friction welding, tool joints are connected to the drill pipe tube to create a high integrity solid state welded link between the tool joint and the upset drill pipe.
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.
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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.
API drill pipe market is anticipated to grow at the highest rate during the forecast period. Cost-effectiveness, low temperature toughness and high torque resistance to withstand the harsh environmental conditions, are some of the underlying parameters which will propel the product adoption. Premium drill pipe market will also witness growth on account of its suitability for deep-water and ultra-deep-water exploration along with increasing offshore production.
Companies Covered: 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.
Based on the application, the drill pipes market is segmented into offshore and onshore. The onshore drilling segment is expected to have the highest demand mainly due to the high investments required in off-shore drilling and also the regional regulations on exploration activities. The market is also expected to witness growth on account of increasing rig count coupled with lower operational risks as compared to offshore drilling. Ongoing shale projects coupled with huge untapped potential will drive the industry growth. Offshore drill pipe market is predicted to expand during the forecast period. Rising number of onshore mature fields along with increasing investment toward ultra-deep exploration will propel the business growth.
Key Factors Impacting Growth of Drill Pipes Market:
- Expansion of production activities & exploration.
- Growing demand for energy and technological advancements
- Increasing investments on new offshore reserves.
- Increasing energy demands
- 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
- 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.
- 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.
What Does This Report Provide?
This report provides a detailed understanding of the global drill pipes market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the drill pipes market during the forecast period and an in-depth analysis of the leading companies operating in the drill pipes market.
- American Petroleum Institute (API)
Rest of the World
Reasons to Buy This Report:
- Market size estimation of the global drill pipes market on a regional and global basis.
- Unique research design for drill pipesmarket size estimation and forecast.
- Profiling of major companies operating in the drill pipesmarket with key developments.
- Broad scope to cover all the possible segments helping every stakeholder in thedrill pipes.
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