Global Drill Pipe Market to Grow at 3.3% During 2024-2032, Impelled by Increasing Oil and Gas Exploration Activities

According to the latest report by IMARC Group, titled "Drill Pipe Market Report by Type (Standard Drill Pipes, Heavy Weight Drill Pipes, Drill Collars), Material (Alloys, Composites), Grade (API Grade, Proprietary Grade), Application (Onshore, Offshore), Industry (Oil and Gas Industry, Mining Industry, Agriculture Industry, and Others), and Region 2024-2032," the global drill pipe market reached a value of US$ 1.3 Billion in 2023. 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.

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 3.3% during 2024-2032.

Market Summary:

• On the basis of the type, the market has been divided into standard drill pipes, heavy weight drill pipes, and drill collars.
• Based on the material, the market has been bifurcated into alloys and composites.
• On the basis of the grade, the market has been classified into API grade and proprietary grade.
• Based on the application, the market has been segmented into onshore and offshore.
• On the basis of the industry, the market has been divided into oil and gas industry, mining industry, agriculture industry, and others.
• On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include DP Master, Drill Pipe International LLC, Hilong Group, National Oilwell Varco, Oil Country Tubular Limited, Premier Drill Products, RK Pipe & Supply LLC, Superior Drilling Products Inc., Tejas Tubular Products Inc., Tenaris S.A., Texas Steel Conversion Inc., and Vallourec S.A.
   

Report Scope:

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