Press release
Drill Pipe Market Size Projected To Reach $2.01 Billion By 2034 With A Cagr Of 6.2%
Drill Pipe
What Is the Projected Growth of the Drill Pipe Market?
The Drill Pipe Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].
What Is the Projected Growth of the Drill Pipe Market?
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What Are the Different Drill Pipe Market Segments?
The drill pipe market covered in this report is segmented -
1) By Type: Standard Drill Pipes, Heavy Weight Drill Pipes, Drill Collars
2) By Material: Alloys, Composites, Other Materials
3) By Application: Offshore, Onshore
4) By Industry: Oil And Gas Industry, Mining Industry, Agriculture Industry, Other Industries
Subsegments:
1) By Standard Drill Pipes: API Standard Drill Pipes, Premium Drill Pipes
2) By Heavy Weight Drill Pipes: Conventional Heavy Weight Drill Pipes, Enhanced Heavy Weight Drill Pipes
3) By Drill Collars: Steel Drill Collars, Non-Magnetic Drill Collars, Composite Drill Collars
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What Are the Primary Drivers Shaping the Drill Pipe Market?
The escalation in rig drilling activities is set to stimulate the advancement of the drill pipe industry in the future. Drilling rigs, which are an inclusive system that pierces beneath the surface of the earth to create wells for water or oil, or holes for construction purposes, utilize the drill pipe. This pipeline, used on drilling rigs, is characterized by its hollow, thin walls, and is typically constructed from steel or an aluminum alloy. For example, Baker Hughes Company, an oil field services company based in the US, reported in February 2023, that there was an increase in the number of drilling rigs operational in the US. The number rose by 2 units, reaching a total of 761 rigs for the week concluded on February 10, marking an increase of 126 units compared to the 635 rigs functioning during the same period the previous year. Consequently, the surge in rig drilling activities is triggering the growth in the drill pipe industry.
Which Companies Are Leading in the Drill Pipe Market?
Major companies operating in the drill pipe market include 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, DP-Master Manufacturing Ltd, RK Pipe & Supply LLC, Jindal Saw Ltd., 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., 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.
What Are the Major Trends Shaping the Drill Pipe Market?
Technological progress is becoming a pivotal trend in the drill pipe market. Major players in this market are leveraging cutting-edge technologies to consolidate their market presence. Take for instance, in April 2022, Vermeer Corporation, an establishment based in the US specialising in industrial and agricultural machinery, rolled out a 550,000-pound (249,475.8 kg) D550 HDD (Horizontal Directional Drilling)- a novel generation of maxi rig drills fortified with HDD technology. HDD - an intelligent drilling methodology, involves digging a tunnel beneath an identified area such as a canal, followed by dragging a pipeline or an equivalent utility through the dug tunnel. It demands precise drilling aligned to the chosen bore path and back reaming the necessary pipe with the assistance of a directional drilling machine and corresponding equipment. During the HDD drilling process, the earth is displaced to one side, thereby preventing the spread of soil contamination on the surface. Moreover, as these pipe connections are robust, the possibility of contaminated soil infiltrating the system is minimal.
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What Are the Top Revenue-Generating Geographies in the Drill Pipe Market?
North America was the largest region in the drill pipe market in 2024.Middle-East and Africa are expected to be the fastest-growing region in the global drill pipe market report during the forecast period. The regions covered in the drill pipe market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Drill Pipe Market?
2. What is the CAGR expected in the Drill Pipe Market?
3. What Are the Key Innovations Transforming the Drill Pipe Industry?
4. Which Region Is Leading the Drill Pipe Market?
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