Drill Pipe Market

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 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.

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 global drill pipe market has been segmented based grade, application and by region. On the basis of application, onshore accounted for the largest market share of 56% in 2016, with a market value of USD 564.7 million and is projected to grow at a CAGR of 2.12% during the forecast period. Based on grade, API grade accounted for the largest market share of 75.4 % in 2016, with a market value of USD 725.6 million and is projected to grow at a CAGR of 3.15% during the forecast period.

Market Size

2017: USD 989.0 million

2023: USD 1,213.6 million

CAGR

Key Geographies

North America: 39.1%

Europe: 20.2%

Asia-Pacific: 13.5%

Rest of the World: 27.2%

Key Leading Countries

U.S.

Canada

Saudi Arabia

Russia

Norway

China

Indonesia

Key Market Drivers

Increasing investment in Oil exploration activities

Advancement in drilling technologies

Key Market Restraints

High capital cost for drilling

Stringent regulations for drilling activities

Key Market Opportunities

New oil reserves discovery

Increased demand for oil in Asia-Pacific region

Key Vendors

Hilong Group of Companies

Drill Pipe International Llc.

DP Master Manufacturing Pvt. Ltd. (China).

Vallourec S.A (France)

National Oilwell Varco (U.S.)

Oil Country Tubular Limited. (India)

Tenaris S.A. (Luxembourg)

Jiangyin Long Bright Drill Pipe Manufacture Co. Ltd. (China)

RK Pipe LLC. (USA)

Superior Drill Pipe Manufacturing, Inc. (USA)

Tejas Tubular Products Inc. (USA)

Texas Steel Conversion Inc. (USA)

TMK Group. (Russia)

TPS TECHNITUBE RÖHRENWERKE GmbH. (Germany)