Press release
Drill Pipe Market : Industry Analysis by Application Potential, Price Trends, Competitive Market Share with Key Players - Premier Drill Products,Hilong Group, E&M Supply Group
Drill Pipe Market
Directional drilling, horizontal drilling, vertical drilling, well intervention & completion, drill bit and artificial lifting are some of the important services which will stimulate the drill pipe market. Global rig count in 2016 increased by 74 platforms compared in June 2016. Canada rig count escalated by 31 rigs to 94 platforms, U.S. installed 32 rigs to 449 platforms, Argentina added 9 platforms with the existing rig counts, Norway installed 4 rigs to the existing 20 units and Mexico rig count increased by 3 units.
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Offshore was accounted for over 50% drill pipe market share in 2015 and is projected to witness a substantial growth by 2025. Growing offshore drilling activities in virgin areas will drive the business outlook. Myanmar is experiencing continuously offshore exploration and production projects. In April 2016, Total initiated 2D seismic survey in Yetagun West Block which resulted for higher returns to the company.
API grade drill pipe market was over 60% in 2015 and is estimated to grow owing to its high quality and low cost. Premium grade segment will witness a strong growth pertaining to rising offshore production, which is more suitable for deep, ultra deep water extraction subjected to its high temperature and pressure standard. Gazprom plans to produce approximately 1.1 billion cubic meter (CM) of natural gas located in Kirinskoye field at Russia. China National Offshore Oil Corporation (CNOOC) has initiated exploration and production activity at Pearl River Mouth basin situated near South China sea.
U.S. drill pipe market share will witness a significant growth due to large amount of exploration and production and rising investment for untapped shale oil and gas reserves. In April 2016, American Chemistry Council (ACC) announced that U.S. chemical industries are planning to invest over USD 164 billion for affordable natural gas liquids (NGLs) and natural gas from shale formation including 40% of the spending for 264 projects expansions and new facilities and they have commissioned for investing over 55% in coming years.
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Saudi Arabia drill pipe market will witness a considerable growth owing to increasing demand for oil in sweltering Middle East. In 2014, crude oil, heavy fuel oil and diesel combustion was accounted over 68% of fossil fuel utilization to generate electricity.
Russia drill pipe market was over 60% in 2015 and is projected witness high growth by 2025 subjected to increasing investment in development of gas field. Deutsche Erdoel AG (DEA) plans to spend USD 1.26 billion to expand Davlin natural gas field at Norway. In 2015, Petroleum Development Oman (PDO) signed a contract with Medco Energi USD 600 million, to continue the development for 18 marginal and small oil field at southern Oman.
Key players in drill pipe market are Tenaris S.A, Hilong Group, Tejas Tubular Products, TMK Group, DP Master, National Oilwell Varco, Drill Pipe International, Vallourec S.A., Jiangyin Long Bright, Texas Steel Conversion, Superior Manufacturing and Oil Country Tubular.
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