The global drill pipe market revenue was around US$ 1.3 billion in 2022 and is estimated to reach US$ 2.08 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.4% during the forecast period from 2023 to 2031.
A drill pipe is a hollow, thick-walled conduit used during rig drilling operations to transmit drilling fluid from the wellbore to the drill bit. They are thought of as a drill string assembly component and are seamless steel pipes. Additionally, they are designed to withstand the intense internal and exterior forces that drilling fluids produce.
Market Driving Factors
The surge in demand for gas and oil production is most likely to increase the demand for the product which creates a positive impact on the market. Drill pipes are crucial in the oil and gas exploration process because they can endure a great deal of heat, pressure, and load during drilling and flow completion activities.
The concentration on lowering carbon emissions during oil extraction creates demand for new drill pipes. Additionally, several oil-producing companies have set a target of producing net zero carbon emissions throughout operations to battle worries about climate change and global warming. This is anticipated to create opportunities in the market.
Changing the pricing of raw materials like crude oil can impede market expansion.
Regional Analysis
North America dominated the market in terms of the largest share and is estimated to continue its dominance throughout the forecast period. This can be attributed to the large investment by major E&P firms in both conventional and unconventional fields have been the main factor for the market.
Europe dominates the market during the projection period. This is due to the decline in oil prices and decreased expenses for drilling activities in the region. In addition, advancements in unconventional drilling techniques and the discovery of enormous hydrocarbon reserves in shale basins surge the drill pipe market. Furthermore, many European nations are taking the initiative and changing rules to expand the usage of drill pipes in oilfield applications, which will subsequently enhance the regions. Moreover, the well-developed infrastructure for oilfields, the expansion of drilling operations, and the region's rising need for fossil fuel boost the adoption of drill pipes in the oilfields, which is driving the market growth.
Segmentation Insights
Grade Insight
API segment dominated the market in terms of revenue during the forecast period. This can be attributed to the lighter or lower-density crude, and lighter crudes are typically more expensive since they create high-value products. Additionally, the usage of these products guarantees lower operational expenses for E&P and operator businesses. This segment product is typically preferred in conventional basins and normal environments, due to their widespread availability and low OpEx for both E&P and contractors.
Application Insight
The onshore segment dominated the market in terms of the largest share and is expected to continue its dominance during the forecast period. This can be attributed to the significant advancements in onshore basins especially in Venezuela, the Middle East, Nigeria, and the United States. Furthermore, the high rate of Rig activities, high IRR, minimal risk as compared with offshore drilling, and substantial familiarity with the leading operators in the industry are the key elements to propel the market growth.
Prominent Companies
Segmentation Outline
The global drill pipe market segmentation focuses on Type, Grade, Application, and Region.
By Type
By Grade
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL DRILL PIPE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: DRILL PIPE MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL DRILL PIPE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL DRILL PIPE MARKET, BY TYPE
5.1 OVERVIEW
5.2 STANDARD DRILL PIPE
5.3 HEAVY-WEIGHT DRILL PIPE (HWDP)
6 GLOBAL DRILL PIPE MARKET, BY GRADE
6.1 OVERVIEW
6.2 API
6.3 PREMIUM
7 GLOBAL DRILL PIPE MARKET, BY APPLICATION
7.1 OVERVIEW
7.2 OFFSHORE
7.3 ONSHORE
8 GLOBAL DRILL PIPE MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3. 1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL DRILL PIPE MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 NOV INC
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 OIL COUNTRY TUBULAR LTD
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 TEXAS STEEL CONVERSION INC
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 WEATHEROCK GROUP HOLDING LIMITED
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 HILONG GROUP OF COMPANIES
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 TEJAS TUBULAR PRODUCTS INC
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 JINDAL SAW LTD
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 TMK STEEL LIMITED
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 TENARIS S.A.
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 PETROMATERIALS CORPORATION
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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