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Drill Pipe Market to exceed 35 million feet by 2024 Top Key Players – TMK Group, Drill Pipe International, Vallourec, Texas Steel Conversion, Ferrostaal Piping Supply, Holly Pipe Corporation, E&M Supply Group, Premier Drill Products, RK pipe & supply an
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Having analyzed the potential of the oil & gas industry, drill pipe market players have been looking forward to improvising on the drilling capabilities of oil companies with the development of new drill pipe designs with which they might be able to stand a chance to consolidate their position in the industry. In 2017, the leading contributor of drill pipe industry, Vallourec revealed design of drill pipe connection that could be used in the critical and most challenging environments. In addition, the newly designed products would prove to be more effective to carry out exploration at remote hydrocarbon reservoirs. As oil and gas industries are struggling to overcome the limitation of drilling products and the costs and risks associated with drilling activities, research and development activities conducted by giants in drill pipe industry have proved to enhance the operational performance of the oil companies.
The increasing number of oil and gas drilling activities across the globe have been notably fueling the requirement of drill rigs. As per estimates, global rig count is poised for an increase since 2016 and is likely to fuel the demand for onshore drilling activities. This in consequence would have a transformational impact on drill pipe industry size from onshore applications.
The U.S. drill pipe market is set to surpass annual deployment of 13 million feet by 2024. Increasing exploration of unconventional wells coupled with ongoing capital expenditure from independent players will stimulate the industry growth in the country. According to the U.S. Energy Information Administration, 44 onshore oil companies have augmented their capex by 72% from 2015 to 2016 in the country. Furthermore, availability of proven technically recoverable shale oil and gas reserves will further enhance the product adoption.
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Offshore drill pipe market share is anticipated to witness gains over 8% by 2024. Technological advancements to efficiently explore deep-water and ultra-deep-water reserves in different terrain at an optimum cost will augment the business landscape. Favorable government policies to improve domestic crude production from untapped reserves will further fuel the product adoption.
Increasing number of E&P projects in the Amazon region will drive the Latin America drill pipe market growth. In 2016, Petroamazonas signed a treaty worth approx. USD 1 billion to extract 84.6 MMbbl of oil from incremental reserves and increase its output by around 30,000 bbl./day in 2018.
Key industry participants across the drill pipe market include Tenaris, Tejas Tubular Products, Vallourec, Premier Drill Products, DP-Master Manufacturing (S), E&M Supply Group, Ferrostaal Piping Supply, TMK Group, Oil Country Tubular Limited, Drill Pipe International, Texas Steel Conversion, Hilong Group, Holly Pipe Corporation and RK Pipe & Supply.
Browse key industry insights spread across 410 pages with 866 market data tables & 73 figures & charts from the report @ https://www.gminsights.com/industry-analysis/drill-pipe-market
Drill pipe market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume (Tons & Feet) and revenue from 2014 to 2024, for the following segments:
Drill Pipe Market, By Product
• API
• Premium
Drill Pipe Market, By Application
• Onshore
• Offshore
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