PUBLISHER: Allied Market Research | PRODUCT CODE: 1139880
PUBLISHER: Allied Market Research | PRODUCT CODE: 1139880
The drill pipe market size was valued at $1,303.1 million in 2021, and is projected to reach $2,212.5 million by 2031, registering a CAGR of 5.4% from 2022 to 2031.
Drill pipe also known as drill rode or drill tube, is a seamless steel pipe used to transfer drilling fluid through a wellbore to the drill bit during rig drilling. There are two types of drill pipes: namely, standard drill pipe and heavy weight drill pipe (HWDP). Drill pipes are manufactured, sampled, inspected, and tested in accordance with the American Petroleum Institute (API) standards, under which drill pipes are classified in to grades such as E, X-95, G-105, and S-135. However, it is also available in premium grades, which are not included in the API standards.
Rise in popularity of horizontal drilling used for small-sized rigs, utilities, and pipeline installation, is expected to boost demand for drill pipes. Increase in focus on environmental regulations propels the need for sustainable drilling techniques. Moreover, rise in government investments on new exploration and drilling projects in the oil & gas industry, which is expected to drive growth of the global drill pipe market.
However, fluctuations in raw material prices have a negative impact on the market. Political instability in countries such as Latin America and the U.S. and trade war in China has affected the oil & gas projects and industries. Hence, such factors hamper the market growth. .
Rise in demand for oil & gas and fossil fuels, owing to growth in population and supportive government policies for increasing oil output in various countries including China, the U.S., India, and Russia boosts growth of oil processing & extraction activities. According to the International Energy Agency (IEA), global investments in upstream oil & gas activities increased by 5% from 2017 to 2018 and by 2% from 2018 to 2019. In 2021 and 2022, this spending is expected to increase significantly , which would boost growth of the drill pipe market.
The drill pipe market is segmented on the basis of type, grade, application, and region. Depending on type, the market is classified into standard drill pipe and heavy weight drill pipe (HWDP). According to grade, it is categorized into API grade and premium grade. On the basis of application, it is classified into offshore and onshore. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Russia, UK, Norway, and rest of Europe), Asia-Pacific (China, India, Indonesia, and rest of Asia-Pacific), and LAMEA (Saudi Arabia, the UAE, Brazil, Colombia, and rest of LAMEA). North America is expected to hold the largest market share. However, Asia-Pacific is expected to grow at the fastest rate throughout the forecast period.
Competition Analysis
Key market players profiled in the report include Hilong Group of Companies, Jindal Saw Ltd. (Drill Pipes International LLC), NOV Inc., Oil Country Tubular Ltd., PetroMaterials Corporation, Tejas Tubular Products, Inc., Tenaris S.A., Texas Steel Conversion, Inc., TMK Steel Limited, and Weatherock Group Holding Limited.
Key Benefits For Stakeholders
Key Market Segments
By Type
By Grade
By Application
By Region