The drill pipe market size was valued at $1,303.1 million in 2021, and is projected to reach $2,212.5 million by 2031, registering a CAGR of 5.4% from 2022 to 2031.
Drill pipe also known as drill rode or drill tube, is a seamless steel pipe used to transfer drilling fluid through a wellbore to the drill bit during rig drilling. There are two types of drill pipes: namely, standard drill pipe and heavy weight drill pipe (HWDP). Drill pipes are manufactured, sampled, inspected, and tested in accordance with the American Petroleum Institute (API) standards, under which drill pipes are classified in to grades such as E, X-95, G-105, and S-135. However, it is also available in premium grades, which are not included in the API standards.
Rise in popularity of horizontal drilling used for small-sized rigs, utilities, and pipeline installation, is expected to boost demand for drill pipes. Increase in focus on environmental regulations propels the need for sustainable drilling techniques. Moreover, rise in government investments on new exploration and drilling projects in the oil & gas industry, which is expected to drive growth of the global drill pipe market.
However, fluctuations in raw material prices have a negative impact on the market. Political instability in countries such as Latin America and the U.S. and trade war in China has affected the oil & gas projects and industries. Hence, such factors hamper the market growth. .
Rise in demand for oil & gas and fossil fuels, owing to growth in population and supportive government policies for increasing oil output in various countries including China, the U.S., India, and Russia boosts growth of oil processing & extraction activities. According to the International Energy Agency (IEA), global investments in upstream oil & gas activities increased by 5% from 2017 to 2018 and by 2% from 2018 to 2019. In 2021 and 2022, this spending is expected to increase significantly , which would boost growth of the drill pipe market.
The drill pipe market is segmented on the basis of type, grade, application, and region. Depending on type, the market is classified into standard drill pipe and heavy weight drill pipe (HWDP). According to grade, it is categorized into API grade and premium grade. On the basis of application, it is classified into offshore and onshore. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Russia, UK, Norway, and rest of Europe), Asia-Pacific (China, India, Indonesia, and rest of Asia-Pacific), and LAMEA (Saudi Arabia, the UAE, Brazil, Colombia, and rest of LAMEA). North America is expected to hold the largest market share. However, Asia-Pacific is expected to grow at the fastest rate throughout the forecast period.
Drill pipe also known as drill rode or drill tube, is a seamless steel pipe used to transfer drilling fluid through a wellbore to the drill bit during rig drilling. There are two types of drill pipes: namely, standard drill pipe and heavy weight drill pipe (HWDP). Drill pipes are manufactured, sampled, inspected, and tested in accordance with the American Petroleum Institute (API) standards, under which drill pipes are classified in to grades such as E, X-95, G-105, and S-135. However, it is also available in premium grades, which are not included in the API standards.
Rise in popularity of horizontal drilling used for small-sized rigs, utilities, and pipeline installation, is expected to boost demand for drill pipes. Increase in focus on environmental regulations propels the need for sustainable drilling techniques. Moreover, rise in government investments on new exploration and drilling projects in the oil & gas industry, which is expected to drive growth of the global drill pipe market.
However, fluctuations in raw material prices have a negative impact on the market. Political instability in countries such as Latin America and the U.S. and trade war in China has affected the oil & gas projects and industries. Hence, such factors hamper the market growth. .
Rise in demand for oil & gas and fossil fuels, owing to growth in population and supportive government policies for increasing oil output in various countries including China, the U.S., India, and Russia boosts growth of oil processing & extraction activities. According to the International Energy Agency (IEA), global investments in upstream oil & gas activities increased by 5% from 2017 to 2018 and by 2% from 2018 to 2019. In 2021 and 2022, this spending is expected to increase significantly , which would boost growth of the drill pipe market.
The drill pipe market is segmented on the basis of type, grade, application, and region. Depending on type, the market is classified into standard drill pipe and heavy weight drill pipe (HWDP). According to grade, it is categorized into API grade and premium grade. On the basis of application, it is classified into offshore and onshore. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Russia, UK, Norway, and rest of Europe), Asia-Pacific (China, India, Indonesia, and rest of Asia-Pacific), and LAMEA (Saudi Arabia, the UAE, Brazil, Colombia, and rest of LAMEA). North America is expected to hold the largest market share. However, Asia-Pacific is expected to grow at the fastest rate throughout the forecast period.
COMPETITION ANALYSIS
Key market players profiled in the report include Hilong Group of Companies, Jindal Saw Ltd. (Drill Pipes International LLC), NOV Inc., Oil Country Tubular Ltd., PetroMaterials Corporation, Tejas Tubular Products, Inc., Tenaris S.A., Texas Steel Conversion, Inc., TMK Steel Limited, and Weatherock Group Holding Limited.KEY BENEFITS FOR STAKEHOLDERS
- The report provides an extensive analysis of the current and emerging global drill pipe market trends and dynamics.
- In-depth analysis of the market is conducted by constructing market estimations for key market segments between 2022 and 2031.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The global drill pipe market forecast analysis from 2022 to 2031 is included in the report.
- Key players in the market are profiled in this report and their strategies are analyzed thoroughly, which helps to understand the competitive outlook of the drill pipe industry.
Key Market Segments
By Type
- Standard drill pipe
- Heavy weight drill pipe (HWDP)
By Grade
- API
- Premium
By Application
- Offshore
- Onshore
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Norway
- U.K.
- Russia
- Rest of Europe
- Asia-Pacific
- China
- India
- Indonesia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- hilong group of companies
- Jindal Saw Ltd. (Drill Pipes International LLC)
- NOV Inc.
- Oil Country Tubular Ltd.
- PetroMaterials Corporation
- Tejas Tubular Products, Inc.
- Tenaris S.A.
- TEXAS STEEL CONVERSION, INC.
- TMK Steel Limited
- WEATHEROCK GROUP HOLDING LIMITED
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: DRILL PIPE MARKET, BY TYPE
CHAPTER 5: DRILL PIPE MARKET, BY GRADE
CHAPTER 6: DRILL PIPE MARKET, BY APPLICATION
CHAPTER 7: DRILL PIPE MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Drill Pipe Market," the drill pipe market size was valued at $1.3 billion in 2021, and is estimated to reach $2.2 billion by 2031, growing at a CAGR of 5.4% from 2022 to 2031.A drill pipe is a seamless steel pipe that makes up around 95% of the length of drill string. Drill string is a tool that is used to drill into the earth to retrieve resources such as oil & gas, and petroleum. The Drill pipes are hollow, allowing drilling fluid to flow freely throughout a pipe and completing pumping operation properly.
The drill pipe market growth is dominated by North America and Asia-Pacific. Countries such as China, the U.S., Japan, and Russia hold majority of the drill pipe market share in production and consumption of drill pipe, owing to high investments in oil & gas exploration activities.
According to the report, the American Petroleum Institute (API) grade drill pipes generated high revenue in 2021, owing to standardized design and manufacturing of these pipes. However, the necessity for deep drilling of rigs is expected to boost demand for heavy weight drill pipes (HWDP). Hence, the segment is expected to exhibit significant growth during the drill pipe market forecast period.
However, the COVID-19 pandemic led to shutdown of the drill pipe market in many countries, such as China, the U.S., and India. This has directly impacted the sales of drill pipe companies. In addition, lack of manpower and raw materials also constricted supply of equipment of drilling pipes, which negatively impacted the growth of the drill pipes market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of drill pipe industry.
Key Findings of the Study
- The report provides an extensive analysis of the current and emerging global drill pipe market trends and dynamics.
- Depending on type, the standard drill pipe segment dominated the drill pipe market, in terms of revenue in 2021, and the heavy weight drill pipe segment is projected to grow at a significant CAGR during the forecast period.
- By grade, the API segment has registered highest revenue in 2021.
- Asia-Pacific is projected to register highest growth rate in the coming years.
- Key players within the global drill pipe market are profiled in this report, and their strategies are analyzed thoroughly, which helps understand competitive outlook of the global drill pipe industry.
- The report provides an extensive drill pipe market analysis of current trends and emerging drill pipe market opportunities.
Companies Mentioned
- Hilong Group of Companies
- Jindal Saw Ltd. (Drill Pipes International LLC)
- Nov Inc.
- Oil Country Tubular Ltd.
- Petromaterials Corporation
- Tejas Tubular Products, Inc.
- Tenaris S.A.
- Texas Steel Conversion, Inc.
- Tmk Steel Limited
- Weatherock Group Holding Limited
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 190 |
| Published | June 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 1303.1 million |
| Forecasted Market Value ( USD | $ 2212.5 million |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
