Press release
Global Drill Pipe Market To Grow At A CAGR Of 5.4% Until 2027
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The key highlights of the report include:
Market Overview (2017-2027)
• Historical Market Size (2021): USD 1.60 billion
• Forecast CAGR (2022-2027): 5.4%
• Forecast Market Size (2027): USD 2.19 billion
The surging focus on expanding new oil and gas fields is driving the market growth of drill pipes across the globe. The increasing demand for energy coupled with the growing drilling operation and rising industrialisation is expected to fuel the market growth of drill pipes over the coming years.
The rising investment in drilling activities along with the surging technological advancements and innovations correlated to drilling activities are further expected to propel the global drill pipe market demand during the forecast period. Moreover, the surging investment in unconventional gas exploration is further driving the market growth of drill pipes.
Drill Pipe Industry Definition and Major Segments
Drill pipes are utilised to manage different types of loads and are implemented in various environmental conditions. It has become a crucial tool used for drilling in oil fields. It features hollow piping that has thick walls that transmits the required drilling fluids and torque to the drill bit across the wellbore on the drilling rig.
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By type, the drill pipe market is divided into:
• Standard Drill Pipe
• Heavy Weight Drill Pipe (HWDP)
Based on grade, the market is bifurcated into:
• API
• Premium
On the basis of application, the market is segmented into:
• Onshore
• Offshore
Based on region, the market is categorised into:
• Latin America
• North America
• Europe
• Asia Pacific
• Middle East and Africa.
Drill Pipe Market Trends
The global drill pipe market is anticipated to witness growth during the forecast period due to an increase in onshore oil production coupled with increasing onshore drilling activities in regions like North America. Moreover, the substitute of the existing drilling activities to boost the production capacity of the rig is further anticipated to fuel the market growth of drill pipes across the globe over the coming years.
With an upsurge in demand for oil and gas production activities in countries like Canada and the United States, the market growth of drill pipes is expected to bolster globally in the upcoming years.
Key Market Players
Some major players in the market:
• Drill Pipe International, LLC
• RK Pipe and Supply, LLC
• Premier Drill Products
• Oil Country Tubular Limited.
• PetroMaterials Corporation
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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