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According to the latest report by IMARC Group, titled "Drill Pipe Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global drill pipe market reached a value of US$ 1.2 Billion in 2021. Drill pipe refers to a hollow thick-walled tubular steel conduit that is widely utilized for horizontal drilling applications to enable drilling in a wellbore. Made using alloy and other composite materials, it connects the rig surface equipment and the bottom hole assembly. It consists of special threaded ends that are known as tool joints. It is commonly utilized for pumping drilling fluid to the rig drilling bit in an attempt to minimize the torque generated in the pipe. Since they are often subjected to torsional stress and fatigue at the time of drilling, they are seamless in nature and offer resistance to temperature variation.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Drill Pipe Market Trends:
The global market is primarily driven by significant growth in the oil and gas sector. The rising demand for a steady supply of oil and gas from industrial, transportation and residential sectors is contributing to the sales of drill pipes across the globe since they can withstand stress, heat and load during exploration and drilling activities. They are also being extensively utilized in well-drilling applications in geographically challenging areas on the global level due to their immense durability and strength. The market is further driven by the introduction of numerous innovative product variants in the market. For instance, drill pipes with higher torque connections and enhanced metallurgical properties that can function in areas with high temperatures, pressure, permafrost or with high concentrations of toxic substances are gaining widespread prominence among the end users. Moreover, the increasing investments in offshore exploration and production activities across the globe are creating a positive outlook for the market. On account of the aforementioned factors, the market is projected to grow at a CAGR of 4% during 2022-2027.
Market Summary:
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