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Drill Pipe Market Trends, Top Companies, Share, Growth And Forecast 2033
Drill Pipe Market Trends
According to The Business Research Company's, The drill pipe market size has grown strongly in recent years. It will grow from $1.43 billion in 2023 to $1.52 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to increased oil and gas exploration boom, investments in offshore exploration, environmental and safety regulations, infrastructure development, global economic trends.
The drill pipe market size is expected to see strong growth in the next few years. It will grow to $1.88 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to renewable energy transition, emerging market opportunities innovation in materials, energy transition policies, geopolitical factors. Major trends in the forecast period include increasing demand in oil and gas exploration, technological advancements, environmental regulations impact, market consolidation and competition, supply chain challenges .
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Market Drivers and Trends:
The increasing rig drilling operations are expected to propel the growth of the drill pipe market going forward. A drilling rig is an integrated system that penetrates the subsurface of the ground to create wells, such as water or oil wells, or holes for piling and other building needs. Drill pipe is a type of pipeline used on drilling rigs that is hollow, thin-walled, and made of steel or an aluminum alloy. For instance, in February 2023, according to Baker Hughes Company, a US-based oil field services company, the number of drilling rigs operating in the US climbed by 2 units to 761 rigs for the week ending February 10, a rise of 126 units from the 635 rigs operating at the same time last year. Therefore, increasing rig drilling operations are driving the growth of the drill pipe market.
Technological advancements are a key trend gaining popularity in the drill pipe market. Major companies operating in the drill pipe market are adopting new technologies to sustain their position in the market. For instance, in April 2022, Vermeer Corporation, a US-based industrial and agricultural machines manufacturer company launched 550,000-pound (249,475.8-kg) D550 HDD (Horizontal directional drilling), a newest generation of maxi rig drills backed with HDD technology. Horizontal directional drilling (HDD) is a smart drilling technology that involves drilling a tunnel under a canal or other defined region and then pulling a pipeline or other utility through the tunnel. It entails precise drilling along the selected bore path and back reaming the necessary pipe using a directional drilling machine and related equipment. During HDD drilling, the earth is pushed to one side rather than brought to the surface to prevent spreading soil contamination above ground. Additionally, because the pipe connections are durable, tainted dirt should not enter the system.
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Major Key Players of the Market:
Hilong Group of Companies Ltd.; Oil Country Tubular Ltd.; Texas Steel Conversion Inc.; Drill Pipe International LLC; National Oilwell Varco Inc.; PetroMaterials Corporation; Tejas Tubular Products Inc.; Tenaris S.A; TMK Steel Limited; Weatherrock Group Holding Limited; DP-Master Manufacturing Ltd; RK Pipe & Supply LLC; Jindal Saw Ltd.; Alcoa Oil & Gas Inc; International Drilling Services Ltd; Hunting PLC; Challenger International Inc; Premier Drill Products LLC; Vallourec SA; Jiangyin Long Bright Drill Pipe Manufacture Co. Ltd.; TPCO Enterprise Inc.; United States Steel Corporation; Superior Drillpipe Manufacturing Inc.; TenarisHydril; ERUI International Electronic Commerce Co. Ltd.; ILJIN Steel Corporation; EVRAZ North America; TPS Technitube Röhrenwerk GmbH; JFE Steel Corporation; Tenergy Equipment & Service Limited; Hubei Petrokh Machine Manufacturing Limited Company; Shandong Molong Petroleum Machinery Co. Ltd.; Wuxi Eastsun Bright Steel Tube Co. Ltd.; Kelly Pipe Co. LLC; St. Louis Pipe & Supply; Shanxi Fenglei Drilling Tools Co. Ltd.; Deep Drill Supply Group; Zhejiang Shihao Industry & Trade Co. Ltd.; Zekelman Industries Inc.; Wuhan Xinxing Copper & Aluminum Company Limited
Drill Pipe Market 2024 Key Insights:
• The drill pipe market will grow to $1.88 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Surge In Rig Drilling Operations Propels Expansion Of The Drill Pipe Market
• Revolutionizing Drilling With Smart Horizontal Directional Drilling (HDD) Technology
• North America was the largest region in the drill pipe market in 2023
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