New York, United States, April 04, 2024 (GLOBE NEWSWIRE) -- The Global Drill Pipe Market Size is to Grow from USD 2,480.5 Million in 2023 to USD 3,601.2 Million by 2033, at a Compound Annual Growth Rate (CAGR) of 3.8% during the projected period.
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Drill pipes are thin-walled steel and aluminum alloy piping used primarily for horizontal drilling or borehole drilling. Its hollow shape allows drilling fluid to be pumped down the hole through the bit and the annuals. However, the drill pipe is only one component of the drill string, which includes the bottom hole assembly and the drill pipe. Every section of the drill pipe with two ends is joined by tool joints. Drill pipes are further divided into three types: standard drill pipes, heavy weight drill pipes, and drill collars. The primary driver of market growth is the rising demand for oil and gas from the industrial, transportation, and residential sectors. Furthermore, drill pipes are important in oil and gas exploration because they can withstand high stress, heat, and loads during drilling and completion fluid operations. They also avoid operational failures, which can cause delays and resource losses. Furthermore, drill pipes are used to cut through rocky layers on land and underwater during well drilling. However, Lack of interoperability is a significant factor that is expected to limit market growth. These interoperability issues in multiple countries might limit future market growth, resulting in lower drill pipe sales and usage in the coming years. This is because drill pipes do not meet interoperability requirements.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the " Global Drill Pipe Market Size, Share, and COVID-19 Impact Analysis, By Type (Standard Drill Pipes, Heavy Weight Drill Pipes, Drill Collars), By Material (Alloys, Composites, Others), By Grade (American Petroleum Institute (API) Grade, Premium Grade), By Application (Agriculture, Mining, Oil & Gas Industry, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The standard drill pipes segment is expected to hold the largest share of the global drill pipe market during the forecast period.
Based on the type, the global drill pipe market is categorized into standard drill pipes, heavy weight drill pipes, and drill collars. Among these, the standard drill pipes segment is expected to hold the largest share of the global drill pipe market during the forecast period. The primary reason for this is that standard drill pipes are lighter, which makes them easier to transport and operate. Furthermore, standard drill pipes require less manual labor and are less expensive than heavy-duty drill pipes.
The composites segment is expected to hold the largest share of the global drill pipe market during the forecast period.
Based on the material, the global drill pipe market is categorized into alloys, composites, and others. Among these, the composites segment is expected to hold the largest share of the global drill pipe market during the forecast period. The primary reason for this is that composite drill pipes are more corrosion resistant, flexible, durable, strong, and stable than drill pipes made of metallic alloys. Composite drill pipes are expected to grow during forecast period due to their lightweight design, low cost, and low maintenance requirements.
The American Petroleum Institute (API) grade segment is expected to hold the largest share of the global drill pipe market during the forecast period.
Based on the grade, the global drill pipe market is categorized into American Petroleum Institute (API) grade, and premium grade. Among these, the American Petroleum Institute (API) grade segment is expected to hold the largest share of the global drill pipe market during the forecast period. The primary reason for this is that higher API graded drill pipe indicates a lighter or lower-density crude, which is generally more valuable because it yields high-quality products. The use of these products reduces operating costs for E&P and operator companies. API grade products are widely used in normal environments and conventional basins due to their ease of availability and low operating costs for both E&P and contractors.
The oil & gas industry segment is expected to hold the largest share of the global drill pipe market during the forecast period.
Based on the application, the global drill pipe market is categorized into agriculture, mining, oil & gas industry, and others. Among these, the oil & gas industry segment is expected to hold the largest share of the global drill pipe market during the forecast period. The primary reason for this is the rising demand for oil and gas production in numerous countries around the world. For example, in 2019, the NGOC announced that it had set aside INR 6,000 crore (US$ 8.2 billion) to drill 200 wells in Assam over the next seven years to increase state output. The wells are scheduled to be drilled over the next seven years.
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North America is anticipated to hold the largest share of the global drill pipe market over the predicted timeframe.
North America is projected to hold the largest share of the global drill pipe market over the forecast period. owing to increased drilling activities and extensive share gas extraction. The United States is playing a critical role in meeting the rising global demand for drill pipe. The demand for drill pipe in European countries is expected to steadily increase. Russia, the United Kingdom, Italy, and other countries are expected to account for a large share of the drill pipe market.
The Asia Pacific market is expected to grow at the fastest CAGR growth during the forecast period. China's independent and government energy companies are investing heavily in drilling activities to meet rising demand for oil and gas. China is expected to lead the drill pipe market in Asia Pacific. MEA oil exporting countries, including Saudi Arabia, the United Arab Emirates, Iran, and Kuwait, are expected to increase hydrocarbon production.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global drill pipe market are DP Master Manufacturing Pvt. Ltd, Hilong Group, Jiangyin Long Bright Drill Pipe Manufacture Co. Ltd, Interdril Asia Ltd, National Oilwell Varco, R K Pipe LLC, Oil Country Tubular Limited, Superior Drill Pipe Manufacturing Inc, Tenaris SA, Tejas Tubular Products Inc, Texas Steel Conversion Inc, TPS-Technitube Röhrenwerke, TMK Group, Vallourec SA, and among others.
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Recent Developments
- In February 2022, Vedanta-Cairn, the Directorate General of Hydrocarbons (DGH), and the Ministry of Petroleum and Natural Gas of India announced the discovery of a new exploratory oil block in the Barmer district, in which Vedanta has a 100% participating interest. After determining the discovery's commercial viability, the company intends to proceed with production.
- In September 2021, PetroChina intends to invest billions of dollars in developing rare shale oil and gas formations in northeastern China to meet demand as the world's largest consumer of refined petroleum.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Drill Pipe Market based on the below-mentioned segments:
Global Drill Pipe Market, By Type
- Standard Drill Pipes
- Heavy Weight Drill Pipes
- Drill Collars
Global Drill Pipe Market, By Material
- Alloys
- Composites
- Others
Global Drill Pipe Market, By Grade
- American Petroleum Institute (API) Grade
- Premium Grade
Global Drill Pipe Market, By Application
- Agriculture
- Mining
- Oil & Gas Industry
- Others
Global Drill Pipe Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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