Drill Pipe Market Report 2025

The drill pipe market size has grown strongly in recent years. It will grow from $1.5 billion in 2024 to $1.58 billion in 2025 at a compound annual growth rate (CAGR) of 5.4%. 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 $2.01 billion in 2029 at a compound annual growth rate (CAGR) of 6.2%. 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.

The anticipated growth of the drill pipe market is expected to be driven by the increasing operations of drilling rigs. A drilling rig, which serves as an integrated system, is designed for penetrating the subsurface to create wells, including those for water or oil extraction, as well as holes for various construction purposes. Drill pipes, a type of pipeline used on these rigs, are hollow, thin-walled tubes typically made of steel or aluminum alloy. As an illustration, in February 2023, Baker Hughes Company, a US-based oil field services company, reported a rise in the number of drilling rigs operating in the US, reaching 761 rigs for the week ending February 10. This marked an increase of 126 units from the 635 rigs operating at the same time the previous year. Consequently, the growth in drilling rig operations is a significant driver for the drill pipe market.

The surge in the demand for crude oil and natural gas is poised to propel the growth of the drill pipe market. Crude oil, a liquid hydrocarbon mixture found in underground reservoirs, and natural gas, primarily composed of methane (CH4) with additional components such as ethane, propane, and butane, drive the continued demand for drill pipes in the oil and gas industry. These pipes play a crucial role in transmitting drilling fluid and facilitating efficient drilling operations. As an example, according to the US Energy Information Administration in March 2023, there is an anticipated increase in U.S. crude oil output to 12.4 million b/d in 2023 from the record-high of 11.7 million b/d in 2022. Additionally, in September 2022, the US witnessed the highest annual consumption of natural gas at an average of 86.6 billion cubic feet per day (Bcf/d), compared to the previous year. Therefore, the escalating demand for crude oil and natural gas is a key driver for the growth of the drill pipe market.

Technological advancements emerge as a prominent trend gaining traction in the drill pipe market, with major companies strategically embracing new technologies to maintain their market position. In April 2022, Vermeer Corporation, a US-based manufacturer of industrial and agricultural machines, introduced the D550 HDD (Horizontal directional drilling), a cutting-edge maxi rig drill equipped with HDD technology, weighing 550,000 pounds (249,475.8 kg). Horizontal directional drilling (HDD) is an intelligent drilling technology that involves creating a tunnel beneath a defined area, followed by the pulling of a pipeline or utility through the tunnel. This method ensures precise drilling along the chosen bore path, with back reaming to insert the necessary pipe. Importantly, HDD minimizes soil contamination above ground by pushing the excavated earth to one side, and the durable pipe connections prevent tainted soil from entering the system.

Major companies in the market are responding to evolving industry needs by developing innovative products such as the drill pipe swivel to enhance drilling efficiency, safety, and overall performance. The drill pipe swivel is a mechanical device used in drilling operations, enabling the rotation of the drill string while facilitating the flow of drilling mud, ensuring controlled and efficient drilling in the oil and gas sector. In May 2023, Deep Casing Tools, an energy development company based in Scotland, launched MechLOK-T, a fully mechanical drill pipe swivel designed to address challenges related to friction and buckling, particularly in long, horizontal extended reach drilling (ERD) wells. This advanced tool enhances efficiency, reliability, and offers significant time and cost savings by allowing operators to reach target depths on the first attempt. Operating independently of hydraulics, MechLOK-T effectively reduces drag, redistributes friction, and mitigates helical buckling of the work-string, enabling successful completions in complex well environments.

In June 2023, Knight Energy Services, a U.S.-based oilfield rental equipment company, acquired Platinum Pipe Rentals for an undisclosed sum. This acquisition aligns with Knight Energy Services' strategy of growth through consolidation within the energy sector, allowing the company to expand its service offerings and strengthen its position as a leading provider of rental tools for the oil and gas industry. Platinum Pipe Rentals, also based in the U.S., specializes in supplying drill pipes.

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.

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. The countries covered in the drill pipe market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A drill pipe is a seamless steel tube constituting the drill string and serves as a fundamental component of the entire drill string. It possesses a hollow structure, facilitating the circulation of drilling fluid through the bit and the annulus, both upward and downward through the hole.

The primary types of drill pipes include standard drill pipes, heavy-weight drill pipes, and drill collars. The standard drill pipe, constituting the major portion of the drill string, is a lengthy tubular element. Various materials, including alloys, composites, and others, are utilized for offshore and onshore applications in diverse industries such as oil and gas, mining, agriculture, and others.

The drill pipe market research report is one of a series of new reports that provides drill pipe market statistics, including drill pipe industry global market size, regional shares, competitors with drill pipe market share, detailed drill pipe market segments, market trends, and opportunities, and any further data you may need to thrive in the drill pipe industry. This drill pipe market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The drill pipe market consists of sales of drill strings, N-class pipes, P-class pipes, and C-class pipes. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 3-5 business days.