Market Research Report
Drill Pipe Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||945310|
|Published||Content info||112 Pages
Delivery time: 2-3 business days
|Drill Pipe Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: June 18, 2020||Content info: 112 Pages||
The global drill pipe market grew at a CAGR of around 5% during 2014-2019. A drill pipe is a thick-walled tube-shaped conduit made using alloy and other composite materials. It consists of threaded ends, which are known as tool joints. A drill pipe is primarily used to provide a connection between the surface equipment and bottom hole assembly for drilling purposes. It is also used for transferring fluid downwards toward the drill point or upwards using an annulus. A variety of drill pipes are available for directional drilling and providing a gradual transition from heavy drill collars to lightweight alternatives.
Continually increasing demand for oil and gas supply from industrial, transportation and residential sectors is the major factor driving the market growth. Furthermore, drill pipes play an important role in oil and gas explorations as they can withstand immense stress, heat and load during drilling operations. They also prevent operation failures that can lead to delays and loss of resources. Furthermore, in cases of well-drilling, drill pipes are used to cut through rocky layers on land and underwater. As the global oil explorations are transitioning toward challenging geographical areas, there is an increasing demand for advanced drill pipes. Additionally, the market is also driven by increased investments in offshore exploration and production activities conducted in both developed and emerging nations. Numerous product innovations, such as the introduction of drill pipes that can function in places with high pressure, temperatures, permafrost or with high concentrations of toxic substances like hydrogen sulfide (H2S), are further augmenting the growth of the market. This further includes the production of stronger tubular, higher-torque connections and metallurgical properties for enhanced robustness and longevity. Looking forward, IMARC Group expects the market to witness moderate growth during the forecast period (2020-2025).