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Global Drill Pipe Market to Grow at a CAGR of 5.40% During 2022-2027, Aided by the Rising Demand for Drill Pipes in Extreme Pressures and Conditions

According to a new report by EMR titled, ‘Global Drill Pipe Market Report and Forecast 2022-2027’, the global market for drill pipe attained a value of about USD 1.6 billion in 2021. The market is further expected to grow at a CAGR of 5.40% in the forecast period of 2022-2027 to reach a value of nearly USD 2.19 billion by 2027.

As drill pipes are tempered and hollow steel pipes, they provide protection against accidents and can withstand the pressure inherent to subterranean conditions, which is augmenting the market growth. Advancements in torsional and tensile strengths are leading to improvements in drill pipe connection technology, which is likely to propel the market growth. The rising availability of premium and high torque-connections drill pipes with large dimensions is also expected to positively impact the market growth.

 

In addition, the surging use of heavy-weight drill pipes that have long upsets and are thicker than conventional drill pipes, is anticipated to provide further impetus to the market expansion. With the growing launches of innovative drill pipes to mitigate service failures related to sulphide-stress cracking in acid-gas bearing formations and complex wells, the drill pipe market is likely to witness a healthy growth in the forecast period.

 

Some of the significant companies in the market for drill pipe are Oil Country Tubular Limited. (NSE: OILCOUNTUB) and Texas Steel Conversion (TSC). The latter announced in March 2022 that it had purchased the patents, intellectual property, licenses, associated trademarks, and various thread connection technology, variously known as the PTECH+ thread connection. The family of drill pipe thread connection combines fatigue resistance and exceptional torsional properties that are integral in extended gas and oil drilling.

 

The connection technology to the toolbox offers an innovative solution for demanding drilling environments. The company would manufacture, sell, and market the technology through its TSC Subsea Tubulars, TSC Drill Pipe, TSC Drill Pipe, and TSC Horizontal Directional Drilling (HDD).

 

Market Analysis by Type, Grade, Application, and Region:

  • The market, on the basis of type, can be divided into standard drill pipe and heavy weight drill pipe (HWDP).
  • Based on grade, the market can be divided into API and premium.
  • The major applications of drill pipe include offshore and onshore.
  • The regional markets for drill pipe include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Key Findings of the Report:

  • The growing focus on developing new oil and gas fields, along with the increasing oil and gas exploration activities, is bolstering the demand for drill pipe.
  • The increasing investments in the oil and gas sector by governments are invigorating the market growth.
  • The surging replacement activities of offshore drilling pipes are leading to an increase in the demand for drill pipes, hence augmenting the growth.
  • The market is being supported by the development of technologies to boost torsional properties and fatigue resistance of drill pipes.

 

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for drill pipe for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the types, grades, applications, and major regions of drill pipe.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

 

The major players in the global market are Drill Pipe International, LLC, RK Pipe and Supply, LLC, Premier Drill Products, Oil Country Tubular Limited., and PetroMaterials Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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