Drill Pipe Market -Grow Pricing, Features, Reviews & Comparison of Alternatives Forecast to 2029| Report by Introspective Market Research
Market Overview:
Market Overview:Global Drill Pipe Market was valued at USD 1.24 Billion in 2021 and is expected to reach USD 1.70 Billion by the year 2028, at a CAGR of 4.6%
A drill pipe is a hollow, thick-walled conduit used during rig drilling operations to transmit drilling fluid from the wellbore to the drill bit. Drill pipes are steel pipes that are seamless and are included in the assembling of the drill string. Additionally, designed to withstand the tremendous internal and external pressures that drilling fluids produce are drill pipes. It is produced, examined, and tested by the requirements established by the American Petroleum Institute. (API). According to their API grade, drill pipes are categorized as E grade, X-95, G-105, and S-135. A drill pipe is a thick-walled tubular pipe made of metal alloy and other composite materials. It consists of threaded ends called tool joints. Drill pipe is mainly used to connect the interface between the drilling rig and the boreholes.
The Report Will Include A Major Chapter
- Patent Analysis
- Regulatory Framework
- Technology Roadmap
- BCG Matrix
- Heat Map Analysis
- Price Trend Analysis
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Market Dynamics and Factors:
The primary driver of the market’s expansion is the constantly rising demand for oil and gas in the industrial, transportation, and residential sectors. Drill pipes are also crucial for oil and gas exploration because they can tolerate high heat, pressure, and stress from drilling and completion fluids. They also guard against failures that can result in delays and resource losses. Drill pipes are additionally used to drill through strata of rock both on land and in the ocean. The need for cutting-edge drill pipes rises as worldwide oil exploration expands to difficult terrain. Additionally, both established and emerging economies are increasing their investment in offshore exploration and production activities, which is fueling market expansion.
Recent discoveries of fresh hydrocarbon reserves, particularly in the South China Sea, Pakistan, Australia, Egypt, and Senegal, are anticipated to offer industry participants expansion prospects in the years to come. Drilling-related technology improvements and advancements are expected to open up new market expansion potential. Drill pipe offers numerous potentials for market participants to invest in market research and development throughout the projected period. With rising rig activities in the region, the development of offshore basins, strong economic growth, a sizable consumer base, and significant investment by top industry players considering potential growth opportunities, developing nations like China, Australia, India, and Indonesia are leading the Asia-Pacific market.
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Top Key Players Covered In The Drill Pipe Market:
- Drill Pipe International LLC. (US)
- Superior Drill Pipe Manufacturing Inc (US)
- DP Master Manufacturing Pte Ltd. (Singapore)
- RK Pipe LLC (US)
- TPS-Technitube Röhrenwerke (Germany)
- Oil Country Tubular Limited (India)
- Jiangyin Long Bright Drill Pipe Manufacture Co. Ltd. (China)
- Hilong Group (China)
- Tejas Tubular Products Inc. (US)
- Tenaris SA (Luxembourg), and Other Major Players.
Drill Pipe Market Report Highlight:
- By type, the standard drill pipe segment is anticipated to lead the growth of the Drill Pipe market in the forecasted timeframe. Standard drill pipes are most widely used for drilling operations, owing to their simple design and low cost of manufacturing. In addition, these pipes have a major volumetric share in the drill string assembly.
- By material, the alloy segment is expected to have the highest share of the Drill Pipe market over the projected period. Aluminum alloy piping is used on drilling rigs. It is hollow to allow drilling fluid to be pumped down the hole through the bit and back up the annulus. It comes in a variety of sizes, strengths, and wall thicknesses, but is typically 27 to 32 feet in length.
- By grade, the American Petroleum Institute (API) Grade segment is set to develop at the highest CAGR during the forecasted timeframe. API grade drill bit accounted for the largest share of global demand and is expected to continue its dominant position during the forecast period. Standardization of finished products and relatively low prices for their quality are expected to encourage market entry.
- By application, the onshore segment is expected to have the highest share of the drill pipe market over the projected period. A large amount of oil & gas is extracted through onshore wells. These are comparatively easy to drill and are available in large quantities, which makes the extraction process easier as compared to offshore wells.
- The North American region is expected to have the highest share of the Drill Pipe market over the projected period. An increase in investments in the oil & gas industry in North America offers lucrative growth opportunities for the market players.
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Key Industry Development:
In Feb-2022, NOV acquired the advanced drilling solutions (ADS) business of AFGlobal, an oil and gas OEM specializing in technology, products, and services. Under this acquisition, NOV’s experience and expertise combined with AFGlobal’s extensive portfolio provided the company with promising breakthrough opportunities in MPD.
Jan-2022, Jindal Saw formed a joint venture with Hunting Energy Services, the global leader in developing premium connection solutions. Through this joint venture, Jindal made way for the connection of OCTG from India to the world, and the Middle East in particular. The joint venture placed Jindal as an important player in the drilling activities of Oil and Gas and also added value to the company’s product portfolio.
Drill Pipe Market Segmentation:
By Type
- Standard Drill Pipe
- Heavy Weight Drill Pipe
- Drill Collar
By Material
- Alloys
- Composites
By Grade
- American Petroleum Institute (API) Grade
- Proprietary Grade
By Application
- Onshore
- Offshore
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For this report, Introspective Market Research has segmented the Drill Pipe Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
North America
- The U.S.
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Rest Of Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
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Scope of the Report:
The latest research on the Drill Pipe market provides a comprehensive overview of the market for the years 2022 to 2028. It gives a comprehensive picture of the global Drill Pipe industry, considering all significant industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter’s five forces analysis, Industry Value chain analysis, and PESTEL analysis of the Drill Pipe market. Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. The report is designed to help readers find information and make decisions that will help them grow their businesses. The study is written with a specific goal in mind to give business insights and consultancy to help customers make smart business decisions and achieve long-term success in their particular market areas.
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