Drill Pipes Market Size to exceed USD 2.44 billion by 2028

According to the study, the expansion of production activities & exploration coupled with increased demand for energy, technological advances in oil field drill bits, increased demand for oil & gas, and huge investments in new offshore reserves are just some of the other factors that increase market growth during the forecast period. Between 2015-2020 the Kuwait Petroleum Corporation (KPC) announced an investment of more than USD 115 billion in oil and gas. Iraq's federal government also announced in 2018 its target for oil production to reach 7 million bpd by 2022.

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What are drill pipes?

Drill pipes are steel or aluminum tubulars equipped with known tool joints with threaded ends that are usually used in tension in the top part of the drill string to pump fluid and transfer torque to the bit. The tool joints are connected to the drill pipe tube using friction welding to create a high integrity solid state, welded connection between the tool joint and the upset drill pipe. Drill pipe has a significantly higher torsional ability than normal, which is suitable for prolonged drilling of depth. Its facilities are equipped with the most sophisticated fabrication equipment. This plays a vital role in the exploration of gas and oil. It has to withstand immense load, stress, and heat throughout the drilling operation.

Segmentation for better understanding of this market and its growth prospects:

During the forecast period API drill pipe market is expected to grow at the highest rate. Cost-effectiveness, low temperature durability and high torque resistance to the harsh conditions of the environment are some of the fundamental criteria that will drive product adoption.

The ability of these drill pipes to function effectively in difficult geographical terrains such as rocky layers will also drive their deployment.

The market for drill pipes is segmented into offshore and onshore based on application. The onshore drilling segment is expected to have the highest demand mainly due to the high investment required in offshore drilling, as well as the regional exploration activities regulations. The industry is also expected to see growth in comparison with offshore drilling due to increasing rig count coupled with lower operational risks. Ongoing shale projects coupled with enormous untapped potential will drive growth in the industry. The market for offshore drill pipe is forecast to expand during the forecast time. Rising number of onshore mature fields along with increasing investment toward ultra-deep exploration will propel the business growth.

Regional segmentation and analysis to understand growth patterns:

The market has been segmented in major regions to understand the global development and demand patterns of this market.

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The North American region is expected to lead the drill pipes market in drill pipes. This is because the US is increasing their exploration activities and production activities. The domestic oil and natural gas industry in America spent an estimated $122.8 billion in drilling approximately 28,809 oil and natural gas wells in 2015, according to API's 2015 Joint Association Survey on Drilling Costs. Development well expenditures were $109.6 billion in 2015, while exploratory well expenditures were estimated at $5.6 billion. Asia Pacific is also expected to have a significant share in the drill pipes market. Increasing residential and commercial demand for LNG & piped gas will boost the product penetration. For instance, as per the U.S. Energy Information Administration, China natural gas consumption is predicted to reach 38 billion cubic feet per day by 2040. Further, shifting trends toward E&P of unconventional well including light tight oil and shale will drive the business growth.

Key Factors Impacting Growth of Drill Pipes Market:

o Expansion of production activities & exploration.
o Growing demand for energy and technological advancements
o Increasing investments on new offshore reserves.
o Increasing energy demands

This report provides:
1) An overview of the global market for Drill Pipes Market and related technologies.
2) Analysis of global market trends, yearly estimates and annual growth rate projections for compounds (CAGRs).
3) Identification of new market opportunities and targeted consumer marketing strategies for Global Drill Pipes Market.
4) Analysis of R&D and demand for new technologies and new applications
5) Extensive company profiles of key players in industry.

The researchers have studied the market in depth and have developed important segments such as product type, application and region. Each and every segment and its sub-segments are analyzed based on their market share, growth prospects and CAGR. Each market segment offers in-depth, both qualitative and quantitative information on market outlook.

With an emphasis on both organic and inorganic growth strategies there have been several primary developments done by major companies like Drill Pipe International LLC, Hilong Group, National Oilwell Varco, Tenaris S.A., Vallourec S.A., TMK Group, Oil Country Tubular Limited, Tejas Tubular Products Inc., Texas Steel Conversion Inc., DP Master Manufacturing Pvt Ltd., Jiangyin Long Bright Drill Pipe Manufacture Co. Ltd., RK Pipe LLC, Superior Drill Pipe Manufacturing Inc., Tenaris S.A., TMK Group, TPS-TechnitubeRohrenwerke, and Vallourec S.A

Market Segmentation:

By Grade:

American Petroleum Institute (API)
Premium

By Application:

Onshore
Offshore

By Region:

North America
By Country (US, Canada, Mexico)
By Grade
By Application
Western Europe
By Country (Germany, UK, France, Spain, Rest of Western Europe)
By Grade
By Application
Eastern Europe
By Country (Russia, Turkey, Rest of Eastern Europe)
By Grade
By Application
Asia Pacific
By Country (China, Japan, India, Rest of Asia Pacific)
By Grade
By Application
Middle East
By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
By Grade
By Application
Rest of the World
By Region (South America, Africa, Rest of the World)
By Grade
By Application

Reasons to Buy This Report:

Market size estimation of the global drill pipes market on a regional and global basis.
Unique research design for drill pipesmarket size estimation and forecast.
Profiling of major companies operating in the drill pipesmarket with key developments.
Broad scope to cover all the possible segments helping every stakeholder in thedrill pipes market.

Customization:

We provide customization of the study to meet specific requirements:
By Segment
By Sub-segment
By Region/Country

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This release was published on openPR.