Drill Pipe Market (by Grade (API grade, Premium grade)-by Application (Onshore, Offshore) –by Geography (North America, Europe, Asia Pacific, Middle East & Africa and Latin America)) –is expected to reach US 11.20 Bn by 2026 at CAGR 3.47%.
Drill pipe specify to a hollow thick-walled pipe, which is used to carry out horizontal drilling for facilitating drilling in a wellbore. A single length drill pipe consists of a hollow tube usually long in height with enough wall thickness along with tool joint connections at the two ends. The global oil field equipment rental market is majorly driven by the increase in drilling activities in the upstream Oil & gas business. The growing numbers of depth wells have raised the significance of drill pipe. However, the growth of this market is anticipated to be hindered by high capital cost for drilling and stringent regulations for drilling activities. Resisting the growth in the global drill pipe market is the tanking crude oil prices. Customers now have firm bargaining power in negotiating new contracts and extensions too on account of the downward pressure on prices.
American petroleum institute (API) grade drill pipes hold the biggest share in global demand and are anticipated to continue their dominance over the forecast period
In terms of grade, American petroleum institute (API) grade drill pipes hold the biggest share in global demand and are anticipated to continue their dominance over the forecast period. API grade products are mostly preferred in normal environment, and conventional vessel owing to the easy availability. The API grade drill pipes are cheaper as compared to the premium grade drill pipes. Premium grade drill pipes are generally suitable for abnormal drilling conditions such as high temperature, high pressure, corrosive environments etc. with the increase in the deep water drilling activities, the market for premium grade drill pipe is anticipated to grow higher rate than API drill pipe.
Onshore applications occupy the larger market size but the offshore regions show higher growth rate due to the rise in offshore drilling activity in regions such as Africa and the Middle East
In terms of application, onshore applications occupy the larger market size but the offshore regions show higher growth rate due to the rise in offshore drilling activity in regions such as Africa and the Middle East. Onshore drill pipe market is predicted to witness growth on account of increase in rig count coupled with lower operational venture as compared to offshore drilling.
North America drill pipe market will witness strong growth owing to rise in capital expenditure from independent players across the region
In terms of region, North America drill pipe market will witness strong growth owing to rise in capital expenditure from independent players across the region. Asia Pacific and Central & South America are anticipated to witness above average growth rates over the next few years. Expected increase in rig activities along with several new field developments including the offshore basins especially in China, Indonesia, Australia and India is anticipated to drive Asia Pacific drill pipes industry growth.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading manufacturers such asSuperior Drillpipe Manufacturing Inc., Tenaris Company, Drill Pipe International LLC, DP Master Manufacturing Pvt Ltd., Shanghai Hilong Drill Pipe Co. Ltd., RK Pipe LLC, TPS TECHNITUBE RÖHRENWERKE GmbH, and Interdril Asia Ltd.
This information is given by market research company (maximize market research)