Drill Pipe Market Size, Growth, Analysis 2022-2027

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The new report by Expert Market Research titled, ‘Global Drill Pipe Market Size, Share, Demand, Report and Forecast 2022-2027’, gives an in-depth analysis of the global drill pipe market, assessing the market based on its segments like type, grade, application, and major regions.

Drill Pipe Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2017-2027)

Historical Market Size (2021): USD 1.60 billion

Forecast CAGR (2022-2027): 5.4%

Forecast Market Size (2027): USD 2.19 billion

Report Attribute	Details
Historical Period	2017-2021
Forecast Period	2022-2027
Base Year	2021
Market Size in 2021	USD 1.60 billion
Revenue Forecast in 2027	USD 2.19 billion
Growth Rate CAGR	5.4%
Major Players	Drill Pipe International, LLC, RK Pipe and Supply, LLC, Premier Drill Products, Oil CountryTubular Limited., and PetroMaterials Corporation, among others.

The surging focus on expanding new oil and gas fields is driving the market growth of drill pipes across the globe. The increasing demand for energy coupled with the growing drilling operation and rising industrialisation is expected to fuel the market growth of drill pipes over the coming years.

The rising investment in drilling activities along with the surging technological advancements and innovations correlated to drilling activities are further expected to propel the global drill pipe market demand during the forecast period. Moreover, the surging investment in unconventional gas exploration is further driving the market growth of drill pipes.

Drill Pipe Industry Definition and Major Segments

Drill pipes are utilised to manage different types of loads and are implemented in various environmental conditions. It has become a crucial tool used for drilling in oil fields. It features hollow piping that has thick walls that transmits the required drilling fluids and torque to the drill bit across the wellbore on the drilling rig.

By type, the drill pipe market is divided into:

Standard Drill Pipe
Heavy Weight Drill Pipe (HWDP)

Based on grade, the market is bifurcated into:

API
Premium

On the basis of application, the market is segmented into:

Onshore
Offshore

Based on region, the market is categorised into:

Latin America
North America
Europe
Asia Pacific
Middle East and Africa.

Drill Pipe Market Trends

The global drill pipe market is anticipated to witness growth during the forecast period due to an increase in onshore oil production coupled with increasing onshore drilling activities in regions like North America. Moreover, the substitute of the existing drilling activities to boost the production capacity of the rig is further anticipated to fuel the market growth of drill pipes across the globe over the coming years.

With an upsurge in demand for oil and gas production activities in countries like Canada and the United States, the market growth of drill pipes is expected to bolster globally in the upcoming years.

Drill pipe is the significant part for the development of unrefined components like raw petroleum. The cost of natural substances from drill pipes is likewise hampered by vulnerability in the interest for unrefined petroleum. For example, the global benchmark at oil costs across the world otherwise called Brent unrefined costs diminished to $9.12 per barrel on April 21, 2020, which was the most reduced record since December 10, 1998. In April 2020, India’s Raw petroleum Bin (COB) came to $19.90 per barrel, which was the most reduced record since February 2002. During the initial 11 months of the year 2020-21, the normal yearly value of India’s COB was around $42.72 per barrel, which diminished by 30 % than the typical COB cost in 2019-20. Similarly, according to reexamined gauges for 2020-21, the COB has expanded by around 35% from its underlying financial plan gauge.

Key Market Players

Some major players in the market:

Drill Pipe International, LLC
RK Pipe and Supply, LLC
Premier Drill Products
Oil Country Tubular Limited
PetroMaterials Corporation
Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.