North America and South America Drill Pipe Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (API Grade and Premium Grade) and Application (Onshore and Offshore)

North America and South America Drill Pipe Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (API Grade and Premium Grade) and Application (Onshore and Offshore)

The North America and South & Central America drill pipe market is expected to grow from US$ 554.75 million in 2021 to US$ 737.4 million by 2028; it is estimated to grow at a CAGR of 4.1% from 2021 to 2028.

The demand for drill pipes is reliant on the demand for oil and gas. Hence, the rising business of the automotive sector globally will have a positive impact on the drill pipe market. The automotive sector is powered by rise in population, increase in disposable income, and ease of availability of credit and financing, especially in developing economies. Additionally, the automotive sector is expected to experience an increased demand for commercial vehicles from the flourishing logistics and passenger transport sector. Therefore, the developments in the automotive sector are expected to boost oil and gas consumption and will subsequently lead to a surge in the demand for drill pipes.

Furthermore, the auto industry free-trade agreements between developing countries such as Mexico and Brazil are expected to increase their automotive sector business, which will have a positive impact on the demand for oil and gas. For instance, in March 2019, Brazil and Mexico entered into an agreement, which stipulates the free trades of light commercial vehicles (LCVs) and automobile parts between the two countries. The agreement eliminates quotas and fees on exports and imports on LCVs. In addition, the agreement will include the import and export of heavy vehicles (trucks and buses) by 2022. Hence, the free trade agreements are expected to boost the demand for cars and heavy vehicles, which will have a positive impact on fuel and gas exploration activities, and this development is expected to drive the growth of the drill pipe market.

A few key companies operating in the drill pipe market and profiled in the report are TMK; National Oilwell Varco, Inc.; National Oilwell Varco, Inc.; Texas Steel Conversion, Inc.; and Hunting PLC.

The overall size of the drill pipe market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the drill pipe market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the drill pipe market.

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