Global Drill Pipe Market Research Report - Forecast to 2023
Drill Pipe plays a crucial role in oil and gas exploration activities as they have to withstand enormous stress, load and heat during drilling operations. They are a critical part of the drilling operation as any failure can result in delays and operation and cost losses. The requirements of drill pipes for drilling operations get very stringent along the depth of the well. Furthermore, in well drilling operations, the well has to be drilled through rocky layers on land and sometimes inside the sea. As global oil and gas exploration activities are shifting towards difficult geographical areas, the demand for higher and better quality drill pipes are increasing in the recent years.
The global drill pipe market is expected to grow at 3.47% CAGR during the forecast period. In 2016, the market was led by North America, with a 39.1% share, followed by Europe and Asia-Pacific with shares of 20.2% and 13.5%, respectively.
The market is driven by various factors such as increasing investment in oil exploration activities, advancement in drilling technologies. Especially in the U.S., Canada, Russia, the oil and gas industry is determined to install many rigs for oil & gas exploration, and these are expected to drive the market for drill pipes in near future. However, the growth of this market is expected to be hindered by high capital cost for drilling and stringent regulations for drilling activities. Drill pipe market is segmented into application, grade and region wise. On the basis of application, Onshore accounted for the largest market share of 58.68% in 2016 and is projected to grow at a CAGR of 2.12% during the forecast period. On the basis of grade, it is segmented into API grade and premium grade. API Grade accounted for the largest market share and expected to grow at a CAGR of 3.15%. Drilling pipe has great scope in North America region due to rising number of onshore drilling activities and development in drilling technologies.
Study Objectives of Global Drill Pipe Market
- To provide detailed analysis of the market structure along with forecast for the next 10 years of the various segments and sub-segments of the Drill Pipe Market
- To provide insights about factors affecting the market growth
- To Analyze the drill pipe market based on various factors- Price Analysis, Supply Chain Analysis, Porter’s Five Force Analysis.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to six main geographies and their countries-Europe, North America, Asia-Pacific, Rest of the World.
- To provide country level analysis of the market with respect to the current market size and future prospective
- To provide country level analysis of the market for segments: application , grade as well as its sub segments
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
- To track and analyze competitive developments such as partnerships and collaborations, product launch, mergers and acquisitions, and expansions in the global drill pipe market
• Distributer & Supplier companies
• Consultants and Investment bankers
• Government as well as Independent Regulatory Authorities
Key Findings of the report “Global Drill Pipe Market” includes:
• Increasing investment in oil exploration activities and advancement in drilling technologies are some of the factors driving the market of drill pipe.
• Geographically, North America dominates the drill pipe market. U.S. accounted for the largest market share and is projected to grow at the highest CAGR of 4.83% during the forecast period
• API grade based drill pipe dominate the market by grade type in terms of market share.
Global Drill Pipe Market Share:
Some of the key players in the global drill pipe market are DP Master Manufacturing Pvt Ltd. (Singapore), Drill Pipe International Llc. (USA), Hilong Group. (China), Jiangyin Long Bright Drill Pipe Manufacture Co. Ltd. (China), National Oilwell Varco. (USA), Oil Country Tubular Limited. (India), R K Pipe & Supply L.L.C (USA), SUPERIOR DRILLPIPE MANUFACTURING, INC. (USA), Tejas Tubular Products Inc.(USA), Tenaris S.A.(Luxembourg), Texas Steel Conversion Inc.(USA), TMK Group. (Russia), TPS-Technitube Röhrenwerke GmbH (Germany) and Vallourec S.A. (France) among others. The companies in this market have adopted various strategies such as partnerships and collaborations, product launch, mergers and acquisitions, and expansions to append their market share.
The Drill Pipe market can be segmented on the basis of application as onshore and offshore. On the basis of grade, the market has been segmented as API Grade and Premium grade.
Regional Analysis of Drill Pipe Market
North America contributing substantially to the market growth on account of rising number of onshore drilling activities almost doubled from the past decade. Furthermore, The Europe oil and gas industry is expected to be dominated by countries such as U.K, Norway and Russia. The development of unconventional oil and gas exploration activities such as shale, is driving the market in the region.