Market Research Future published a research report on “Global Drill Pipe Market Research Report – Forecast to 2025” – Market Analysis, Scope, Stake, Progress, Trends and Forecast Report to 2025.
The global drill pipe market is growing at a rapid pace. The market growth attributes to the increasing automation and investments in the rapidly growing oil and gas industries. Besides, increasing integrations of innovative technologies such as robotics in offshore and onshore drilling activities drive the growth of the market. Moreover, advances in drilling technologies such as horizontal drilling and hydraulic fracturing escalate market growth.
According to Market Research Future (MRFR), the global Drill Pipe Market is poised to reach USD 1,019.6 MN by 2025, growing at 3.52% CAGR throughout the forecast period (2019 -2025). Substantial investments transpired in the developments of techniques and drilling process drive the market growth. Stringent government regulations for pipeline safety assessment and the increase in focus on remote management of O&G process optimization and automation foster market growth.
Additionally, increasing regulatory actions by the government and growing use of drill pipe act as significant tailwinds for the growth of the market. Furthermore, the augmenting demand for energy and the rising crude oil prices impact the growth of the market. Conversely, the lack of interoperability is a major factor projected to impede the development of the market. Nevertheless, increasing population, urbanization, and industrialization would support market growth throughout the review period.
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Global Drill Pipe Market – Competitive Analysis
Highly competitive, the drill pipe market appears fragmented with the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/ technology launch.
Players make substantial R&D investments focusing on product development and geographical expansion. The market is projected to witness relentless innovations and new product launches that would eventually result in intensifying the competition among manufacturers.
Players leading the global drill pipe market include Drill Pipe International, LLC (US), Hilong Group of Companies (China), DP-Master Manufacturing (S) Pte Ltd (China), National Oilwell Varco (US), Jiangyin Long Bright Drill Pipe Manufacture Co. Ltd (China), Oil Country Tubular Limited (India), Superior Drill pipe Manufacturing (US), RK Pipe & Supply, LLC (US), Tejas Tubular Products, Inc. (US), Texas Steel Conversion, Inc. (US), Tenaris (Luxembourg), TMK Group (Russia), VALLOUREC (France), and TPS-Technitube Röhrenwerke GmbH (Germany), among others.
Global Drill Pipe Market – Segmentation
The report is segmented into three dynamics;
By Grade : American Petroleum Institute (API) Grade and Premium Grade.
By Application : Onshore and Offshore.
By Regions : Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Global Drill Pipe Market – Regional Analysis
North America dominates the global drill pipe market. The region has the largest number of O&G infrastructures. North America is the key producer and consumer of O&G products, globally, which drives the market growth exponentially. Besides, the largest market share attributes to the rising number of onshore drilling and advances in drilling techniques, including hydraulic fracturing and horizontal drilling, propel the market growth in the region.
The US and Canada are the major drill pipe markets contributing to the regional market significantly. Also, increasing onshore & offshore infrastructure upgrades in the region influence the growth of the market. Increased government mandates and regulations for assessing O&G infrastructures and remote management for process optimization and automation drive the regional market growth. The North American drill pipe market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global drill pipe market. Market growth is driven by the advancements in unconventional drilling technologies and vast hydrocarbon resources in shale basins. Additionally, drop in oil prices and lowering costs for drilling operations in the region create substantial market demand. Furthermore, the presence of notable players integrating robotics in onshore and offshore oilfields boosts the growth of the regional market.
Moreover, increasing drilling activities, well-developed oilfield infrastructure, and the increasing demand for fossil fuels the uptake of drill pipes in the oilfields. European countries are initiating, transforming regulations to increase the use of drill pipe in oilfield applications, influencing the regional market growth. Increasing R & D investments to drive product developments and modifications act as major tailwinds for the growth of the market.
The Asia Pacific drill pipe market is growing rapidly. Factors such as the augmenting demand for automation in oilfield infrastructures and the burgeoning O&G sector in the region foster market growth. Besides, the increasing R&D investments led by the rapid economic growth in the region accelerate the growth of the market. Furthermore, the increase in demand from the rapidly growing O&G industry propels the regional market growth.
India and China hold sizable shares in the regional market due to the improving drilling techniques and robotics in oilfields. The APAC drill pipe market is expected to witness significant growth during the forecast period.
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Table of Content:
Chapter 1: Drill Pipe Market Overview
Chapter 2: Global Economic Impact on Industry
Chapter 3: Drill Pipe Market Competition by Manufacturers
Chapter 4: Global Production, Revenue (Value) by Region
Chapter 5: Global Supply (Production), Consumption, Export, Import by Regions
Chapter 6: Global Production, Revenue (Value), Price Trend by Type
Chapter 7: Global Market Analysis by Application
Chapter 8: Manufacturing Cost Analysis
Chapter 9: Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 10: Marketing Strategy Analysis, Distributors/Traders
Chapter 11: Drill Pipe Market Effect Factors Analysis
Chapter 12: Global Drill Pipe Market Forecast
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