Drill Pipe Market is Expected to Grow With a High CAGR in the Forecast Period.
Growing demand of energy consumption and
rising drilling project investment propelling the market growth in the forecast
period.
According to TechSci
Research report, “Global Drill Pipe Market - By Region, Competition Forecast & Opportunities,
2018-2028F,” the
Global Drill Pipe Market is expected to register
robust growth during the forecast period 2024-2028. The primary driver
of market expansion is the steadily rising demand for oil and gas supplies from
the industrial, transportation, and residential sectors. Because they can sustain
great strain, heat, and load during drilling and completion fluid activities,
drill pipes are crucial in oil and gas exploration. A conduit with a thick wall
and a tube shape composed of alloy and other composite materials is known as a
drill pipe. It comprises of tool joints, which have threaded ends. To drill
holes, a drill pipe is usually used to connect the bottom hole assembly and
surface equipment. Moreover, it can move fluid upward using an annulus or
downward towards the drill site.
Drill pipes are classified
as X-95, E grade, G-105, and S-135, based on their API grade. The lowest yield
strength per unit area is found in Grade E drill pipe, also referred to as mild
steel, with a total yield strength less than 80,000 psi. It may withstand more
stretch or strain before breaking in comparison to drill pipe grades with
higher strengths. It is also less prone to corrosion and cracking. Grade E is used
in medium-depth wells between 10,000 and 15,000 feet. It is thought that the
grades S-135, X-95, and G-105 have high strength. To serve deeper wells, they
have larger yield strengths.
A significant market for
drill pipes exists in North America as a result of recent shale gas drilling
across the continent. The demand for drill pipe in the area is being further
complemented by increased exploration in the Gulf of Mexico. North
America generated the second-highest proportion of the world's oil, according
to the Statistical Review of World Energy 2021 published by BP (British
Petroleum). The area produced 23.52 million barrels per day in 2020.
The offshore rig count and
offshore oil output in the United States increased dramatically because of
increasing oil prices and falling drilling costs, indicating expanding offshore
drilling, which is anticipated to be a key factor in the country's drill pipe
industry.
Browse over XX market data Figures
spread through XX Pages and an in-depth TOC on the "Drill Pipe Market"
The Global Drill Pipe
Market is divided into Type, Grade, Application, and Region. Based on Type, the
market is segmented into Standard drill pipe and Heavy weight drill pipe
(HWDP). Based on Grade, the market is divided into API and Premium. Based on
Application, the market is segmented into Offshore and Onshore. Based on Region,
the market is segmented into North America, Asia-Pacific, Europe, South
America, and Middle East.
Based on Grade, the drill
pipe market is bifurcated into standard drill pipe and heavy weight drill pipe
(HWDP). The heavy-weight drill pipe segment led the drill pipe market in 2021.
A tube known as heavy weight drill pipe (HWDP) serves as a connecting element
or weight for the drill string. In order to reduce fatigue failures, it acts as
a connecting section of the drill pipe between the drill collar and the
standard drill pipe. In other applications, the HWDP is used as an additional
weight to slow the drill pipe.
Based on Grade, the drill
pipe market is segmented into API and premium categories. Drill pipe with an
API grade offers improved fatigue resistance, along with improved mechanical
and hydraulic performance. The API grade drill pipe is an excellent option in
many drilling applications because of its resistance to rough terrain and
ability to function with minimal strain. The global increase in rig count is
driving the significant expansion of the onshore drill pipe market. In terms of
revenue, the premium segment significantly dominated the drill pipe market in
2021. Only the used, normal-weight drill pipe is eligible for the Premium Class
certification. There must be at least 80% of the new nominal wall thickness in
the tube's residual wall thickness (WT). In the sector, these pipes are now
considered standard. They are affordable and readily available since they are
in use.
Based on Application, the
drill pipe is divided into two categories: offshore and onshore. In terms of
revenue, the onshore sector dominated the drill pipe market in 2021. Onshore
wells are easier to dig and more widely available, which makes the extraction
process easier. Many oil and gas reserves are extracted via onshore wells. They
are more accessible and relatively simple to drill, making them easier to
extract than offshore wells. Due to the recent volatility in oil prices, the
expansion of the global market for drill pipes has slowed. The market is
anticipated to expand during the projection period as the price of oil
stabilises. Around 70% of the world's oil production occurs on land. The market
for drill pipes is anticipated to grow as onshore exploration activity
increases in the future.
Major market players in the Global Drill
Pipe Market: -
- Hunting PLC
- Hilong Group of Companies Ltd.
- International Drilling Services Ltd.
(IDS)
- TMK Group
- National Oilwell Varco, Inc. (NOV)
- Tenaris S.A.
- Drill pipe international LLC
- Oil Country Tubular Limited
- Workstrings International
- Texas Steel Conversion, Inc.
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"The
increased drilling of new oil and gas extraction locations is driving the
growth of the drill pipe market. The amount of oil and gas exploration has
increased as a result of recent advancements in drilling technology and
techniques. Also, the creation of new extraction and exploration sites boosts
the demand for drill pipes, fueling market expansion. Additionally, it is
anticipated that the growing acceptance of horizontal directional drilling
using drill pipes would increase the demand for the Global Drill Pipe Market.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based Global
management consulting firm.
Global Drill Pipe Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028F, Segmented
By Type (Standard drill pipe, Heavy weight drill pipe (HWDP)), By Grade (API,
Premium), By Application (Offshore, Onshore), By Region has
evaluated the future growth potential of Global Drill Pipe Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in the Global
Drill Pipe Market.
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