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Drill Pipe Market Growth Analysis 2024 by Top Players Tenaris, Vallourec, Ferrostaal Piping Supply, HILONG GROUP OF COMPANIES, Premier Drill Pipe, DP-Master Manufacturing (S) PTE LTD, Tejas Tubular
Drill Pipe Market
Implementation of advanced techniques for crude production including hydraulic drilling in combination with horizontal drilling will drive the drill pipe market. Furthermore, ongoing E&P of unconventional resources will fuel the business growth. According to the Energy Information Administration, tight oil is anticipated to be the prime source of the U.S. oil production accounting for around 70% of the overall output by 2040.
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Premium drill pipe market will witness robust growth on account of the product's aptness for the exploration of deep & ultra-deep-water reservoirs coupled with the ability of these products to function efficiently across difficult geographical regions. API grade drill pipes are favored when compared to premium grade across onshore owing to their cost effectiveness.
Saudi Arabia drill pipe market is predicted to grow over 10% by 2024. Crude oil production targets set by the government along with rising onshore rig count will propel the product demand. For instance, in 2018, Saudi Aramco signed a contract with the National Oilwell Varco based in the U.S. for the manufacture of onshore rigs and other drilling equipment.
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Offshore drill pipe market is predicted to expand over 8% by 2024. Technological enhancements to effectively explore deep-water & ultra-deep-water reserves across different geographical terrains at optimum cost will stimulate the business growth. Favorable regulative policies to improve domestic production from untapped reserves will further drive the product deployment.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Tenaris
2. Tejas Tubular Products
3. Vallourec
4. Premier Drill Products
5. DP-Master Manufacturing (S)
6. E&M Supply Group
7. Ferrostaal Piping Supply
8. TMK Group
9. Oil Country Tubular Limited
10. Drill Pipe International
11. Texas Steel Conversion
12. Hilong Group
13. Holly Pipe Corporation
14. RK Pipe & Supply
Browse Complete Report Summary @ https://www.gminsights.com/industry-analysis/drill-pipe-market
Ongoing capital expenditure from independent players along with increasing exploration of unconventional wells will propel the U.S. drill pipe market. As per the U.S. EIA, 44 onshore companies have increased their capital expenditure by 72% between 2015 & 2016 in the country. Moreover, availability of recoverable shale O&G reserves will further drive the product adoption.
Increasing count of upstream projects across the Amazon region will fuel the LATAM drill pipe market. In 2016, Petroamazonas signed an accord worth about USD 1 billion to increase production output by approx. 30 thousand bbl/day in 2018 and to extract 84.6 MMbbl of crude from incremental reserves.
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