Drill Pipe Market Size To Expand at a Notable CAGR Of 3.47% During 2017 – 2023 :
Pune, India, February,2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Drill Pipe Market.
Market Insights
Drill pipes are specific types of piping which are hollow, have thin walls and are made from steel or aluminum alloy piping for use on drilling rigs. Drill pipes are largely used to allow drilling fluid to be pumped into and out of the hole and can be found in a variety of thicknesses, sizes, and strengths. Drill pipes are an essential part of drilling rigs. Market Research Future has prepared a detailed report regarding the growth of the drill pipe market which is expected to witness expansion at a CAGR of 3.47% during the assessment period.
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Applications of drill pipes are largely limited to onshore and offshore exploration & production activities for oil and gas. Although drilling rigs have been used more for onshore exploration, offshore exploration has been increasing rapidly. Advancements in technology, particularly drilling technology have increased drilling efficiency, thus helping drilling rigs have lower downtimes. As a result, drilling operations are increasingly being optimized, resulting in increased activities which subsequently are resultant in an increased demand for drill pipes. The demand for drill pipes in closely tied in with the demand for oil & gas. This demand has been growing significantly as urbanization, industrialization and a growing automotive sector has placed a high demand for oil & gas as the global economy is still largely run by traditional fuel sources. These factors among others are likely to spark growth in the coming decade.
Notably, the support for renewable energy sources and the dedicated development of the same is expected to hinder the growth of the global drill pipe market. Moreover, the anticipated growth of the market is somewhat hindered by the fluctuation of crude oil prices.
Market Segmentation
The global drill pipe market has been segmented on the basis of vital factors such as grade, application, and region. Grade has been segmented into API grade and premium grade. The API grade segment is leading the market with a majority share of 75.4% in 2016 and a market value of USD 725 Mn. Projections of growth for the API grade segment are growth at a CAGR of 3.15% during the assessment period.
Application has been segmented into onshore and offshore. Increasing offshore activities are expected to drive the segment's growth significantly over the assessment period. However onshore applications accounted for the largest share of 56% in 2016 with a market value of USD 564.7 Mn. Onshore segment is expected to grow at a CAGR of 2.12%.
Regions that are included in the global analysis of the market have been segmented into Asia Pacific, Europe, North America, and the Rest of the World.
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Regional Analysis
The global drill pipe market is being dominated by North America with a share of more than 39.1% and the region is followed by Europe and the Asia Pacific which have respective shares of 20.2% and 13.5% respectively. North America is home to one of the larges basins of crude oil in the world, the Permian Basin. The sedimentary basin is truly massive and is largely present in the U.S. Onshore drilling activities around this basin are increasing and as such, the demand for drill pipes has gone up. Europe and the Asia Pacific are also witnessing rising oil exploration activities due to the high demand for oil & gas products for an number of end-use activities.
Key Players
MRFR’s analysis of the competitive landscape in the global drill pipes market include players such as Jiangyin Long Bright Drill Pipe Manufacture Co. Ltd. (China), Tejas Tubular Products Inc.(USA), National Oilwell Varco. (USA), RK Pipe LLC. (USA), Vallourec S.A. (France), Drill Pipe International Llc. (USA), Oil Country Tubular Limited. (India), TPS-Technitube Röhrenwerke (Germany), Tenaris S.A.(Luxembourg), TMK Group. (Russia), Hilong Group. (China), Superior Drill Pipe Manufacturing, Inc. (USA), Texas Steel Conversion Inc.(USA), and DP Master Manufacturing Pvt Ltd. (China).
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