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Drill Pipe Market – Challenges, Key Vendors, Drivers, Trends and Forecast To 2023

Drill Pipe Market – Challenges, Key Vendors, Drivers, Trends and Forecast To 2023

Drill Pipe Market is expected to reach a market size of USD 1,213.6 million at CAGR of 3.47%
Global Drill Pipe Market Information Report by Grade (API Grade and Premium Grade), Application (Onshore and Offshore), Region (North America, Europe, Asia-Pacific and Rest of World) and by Global Forecast to 2023

Market Highlights

Global Drill Pipe Market is expected to reach a market size of USD 1,213.6 million at CAGR of 3.47% by the end of the forecast period

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. Increasing investment in Oil exploration activities driving the growth of the market. Global oil and gas operators are stepping up the oil the gas exploration activities despite the recent slump in the oil prices. For instance, since 2009 oil exploration drilling in Norway accounted for about 12% of total investment in oil and natural gas extraction process. Additionally, increased demand for oil in Asia-Pacific region also provide further boost to the market. However, stringent regulations for drilling activities may hamper the growth of the market.

North America region dominates the Global Drill Pipes Market

On the basis of region, drill pipe market is dominated by North America. North America accounted for the largest market share of 39% in 2016, with a market value of USD 376.3 Million and is projected to grow at a CAGR of 4.30% during the forecast period.  The development in drilling technologies such as horizontal drilling and hydraulic fracturing have unlocked vast hydrocarbon reserves in the region. This has enabled oil and gas companies in the region to innovate to the point, where they can perform the drilling activities profitably. The U.S. accounts for the largest market share in the North American region with advancements in unconventional drilling technologies, which have attracted capital for oil and gas drilling projects. Europe was the second-largest market in 2016, valued at USD 194.4 Million in 2016; it is projected to grow at a CAGR of 3.32%. The Europe oil and gas industry is expected to be dominated by countries such as U.K, Norway and Russia. Russia has been one of the top oil and gas producing countries in the world and a major supplier of gas to the European countries. New discovery of oil has been found in the Laptev Sea offshore Northern Russia. This drives the market in the region.

Asia-Pacific is expected to show a high rate of growth in drill pipes market over the coming years, owing to increasing oil and gas exploration activity in the region. The drill pipes market is emerging in countries such as China, India, Indonesia, Australia and Thailand and is estimated to grow at a high rate in the forecast period.

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Key Players:

The key players of global drill pipe market are

  • DP Master Manufacturing Pvt Ltd. (China),
  • 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),
  • RK Pipe LLC.  (USA),
  • Superior Drill Pipe Manufacturing, Inc.  (USA),
  • Tejas Tubular Products Inc.(USA),
  • Tenaris S.A.(Luxembourg),
  • Texas Steel Conversion Inc.(USA),
  • TMK Group. (Russia),
  • TPS-Technitube Röhrenwerke (Germany)
  • Vallourec S.A. (France).

Market Research Analysis

Currently, North-America  is maintaining its highest position in drill pipe market share. However, Asia-Pacific market share is expected to grow at a faster rate during the forecast period among other regions. This is mainly due to the flexible regulatory scenario in the region, government regulations and large scale E&P activity have been carried out in the region, specifically in India, China, Singapore and Indonesia. China, Argentina, Venezuela and Canada lead in current E&P onshore operations, whereas Angola, Norway, Tanzania and USA lead in current E&P offshore operations.

Continuous growth in gas & oil sector with substantial demand  in various industrial, transportation and domestic use, increasing E&P activities around the world in both onshore and offshore sites, are major factors driving the growing demand of drill pipe market in the oil & gas industry. The new upgraded drilling technologies, pad drilling and horizontal drilling, which reduce the drilling downtime while increasing drilling efficiency, are resulting in economical drilling operations. One of the restraints of the drill pipe market is the  drop in crude oil price over past few years. Also, the reduced  oil rig rental may diminish the drill pipe market in offshore applications.

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Table of Content

1  Executive Summary

2  Introduction

2.1 Definition 14 
2.2 Scope Of The Study 14 
2.3 Assumptions 14 
2.4 Market Structure 15

 

3  Research Methodology

3.1 Research Process 16 
3.2 Primary Research 17 
3.3 Secondary Research 17 
3.4 Market Size Estimation 17 
3.5 Forecast Model 19

 

4  Market Dynamics

4.1 Drivers 21 
4.1.1 Increasing Investment In Oil Exploration Activities 21 
4.1.2 Advancement In Drilling Technologies 22 
4.2 Drivers: Impact Analysis 22 
4.3 Restraints 23 
4.3.1 High Capital Cost For Drilling 23 
4.3.2 Stringent Regulations For Drilling Activities 23 
4.4 Restraints: Impact Analysis 24 
4.5 Opportunities 24 
4.5.1 New Oil Reserves Discovery 24 
4.5.2 Increased Demand For Oil In Asia-Pacific Region 24

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